Accounting Fundamentals

Details

In this comprehensive course, you will learn the basics of double-entry bookkeeping, as well as how to analyze and record financial transactions. You will get hands-on experience with handling accounts receivable, accounts payable, payroll procedures, sales taxes, and various common banking activities.

Accounting Fundamentals covers all the bases, from writing checks to preparing an income statement and closing out accounts at the end of each fiscal period. Whether you're a sole proprietor looking to manage your business finances or you simply want to gain an understanding of accounting basics for career advancement or for personal use, this course will give you a solid foundation in financial matters.

Enrollment Options:

Instructor-Led
6 Weeks Access Course Code: fun
Start Dates* Mar 13 | Apr 17 | May 15 | Jun 19
*Choose start date in cart

$129.99

USD
Self-Paced
3 Months Access Course Code: T9186
No Instructor, Start Anytime

$129.99

USD

Enroll before 28th February and get high quality lamination on your hardcopy certificate absolutely free! Use your certificate to your advantage by showing your certified credentials to prospective employers and recruiters.

Syllabus

Account Classifications, Account Titles, T Accounts, and the Accounting Equation

Welcome to Accounting Fundamentals! In this first lesson, you will learn all about account classifications, debits, credits, and T accounts. You will learn the difference between a liability and an asset and find out how to determine an owner's equity.

General Ledger Accounts and the Balance Sheet

Here's where you will begin your hands-on accounting practice: You will start by creating an imaginary company for which you will be the accountant. You will learn how to analyze your company's transactions to determine which amounts go into which accounts, then you will create your company's own General Ledger forms and post a few transactions into those accounts.

Journalizing Transactions and Posting to the General Ledger

Now that you understand the functions of the General Ledger, you're ready to move on to the next phase of recording transactions: the Journal. In this lesson, you will learn how to enter transactions into an 11-column journal and then post or transfer those amounts into appropriate General Ledger accounts.

Journalizing and Posting Cash and Charge Purchases and Payments on Account

In this lesson, you will learn all about Accounts Payable--money that you owe your vendors and suppliers. You will practice journalizing cash purchases and purchases on account, and you will get hands-on practice transferring those purchases to their corresponding Accounts Payable Ledger accounts.

Journalizing and Posting Cash and Charge Sales and Cash Received on Account

In this lesson, you will learn about Accounts Receivable, which is another name for money owed to your company by its customers. You will learn how to journalize and post those sales on account, how to enter charge sales into the journal, and how to transfer the information into an Accounts Receivable Ledger.

Payroll and Various Deductions

It's payday! This lesson will teach you how to determine gross pay, deductions, and net pay. You will learn how to prepare a payroll, write payroll checks, and how to prepare and maintain accurate payroll records.

Banking Services and Reports

In this lesson, you will learn all about banks and banking services: You will learn the proper way to write checks, make out deposit tickets, and reconcile your company's checking account with the bank statement--skills you will find valuable in both your business and personal life!

Posting Journal Totals to the General Ledger and Schedule of Accounts Payable and Schedule of Accounts Receivable

This lesson will teach you how to prepare a Schedule of Accounts Payable and a Schedule of Accounts Receivable. These reports can be used to compare the amount of money your business owes its creditors with the amount of money your customers owe your business.

End-Of-Year Worksheet

In this lesson, you will prepare a worksheet showing the net income or net loss for the fiscal period. The worksheet will show all income and expenses for the fiscal period as well as the assets, liabilities, and owner's equity account balances.

End-Of-Year Financial Reports

In this lesson, you will learn how to prepare various reports that are vital to the well-being of your company. You will learn how these reports can be used to make sound financial decisions in the next fiscal period. You will discover how to put together an Owner's Equity Statement, an Income Statement, and a Distribution of Net Income.

Journalizing and Posting Adjusting Entries

In this lesson, you will prepare for the end of the fiscal period by adjusting your asset account balances to accurately reflect the assets remaining at the end of the year. You will also find out how to journalize and post adjusting and closing entries to bring your company's General Ledger up to date.

Journalizing and Posting Closing Entries and Preparing a Post Closing Trial Balance

In the final lesson, you will prepare a Post Closing Trial Balance report to ensure that all of your debits and credits in the General Ledger balance out in preparation for the new fiscal period.

Requirements

Hardware Requirements:

  • This course can be taken on either a PC or Mac.

Software Requirements:

  • PC: Windows 8 or newer.
  • Mac: OS X Snow Leopard 10.6 or later.
  • Browser: The latest version of Google Chrome or Mozilla Firefox are preferred. Microsoft Edge and Safari are also compatible.

Other:

  • Email capabilities and access to a personal email account.

Prerequisites

There are no prerequisites to take this course.

Instructor

Charlene Messier has more than 25 years of teaching experience. Throughout the course of her career, she has taught various business subjects to thousands of students. Now retired from her full-time teaching duties, Messier continues to teach courses online, specializing in accounting, word processing, business law, business economics, and finance.

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