Bb2 Mechanics

After our first course, dig deeper into the actual "How" of recording bookkeeping activity.

Last updated 2022-01-10 | 4.5

- Understand what "debits" and "credits" actually mean when it comes to bookkeeping and accounting
- Learn the Fundamental Accounting Equation and how it applies to bookkeeping
- How are transactions analyzed
- recorded and posted

What you'll learn

Understand what "debits" and "credits" actually mean when it comes to bookkeeping and accounting

Learn the Fundamental Accounting Equation and how it applies to bookkeeping

How are transactions analyzed

recorded and posted

What steps are needed for End-of-the-Month adjustment entries and End-of-the-Year closing entries

What is depreciation? What are Prepaid Items? What is Accrued Payroll? How is Inventory booked?

* Requirements

* As long as you know how to add and subtract (or can use a calculator!)
* you're ready to begin!

Description

National Association of State Boards of Accountancy (NASBA)

NASBA CPE credits: 5.4

Recommended NASBA field of study: Accounting

Program level: Basic

To earn NASBA CPE credits:

Complete all videos
Score 70% or higher on final exam

Glossary: Find PDF attached to the first lecture of this course.

Completion to obtain CPE should be accomplished a year after purchase date.

If you undertake this course for NASBA CPE credits, please complete the Self Study Course Evaluation.

Udemy is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. For additional information including refunds and complaints, please see Udemy Terms of Use. For more information regarding administrative policies, please contact our support.

Course content

6 sections • 44 lectures

Introductions! 5 lectures

Course Overview Preview 04:00

A quick overview of what the course is going to cover, and assumptions of students abilities.

Tips for the Experience. Preview 01:33

Here are some tips to make the entire course-taking experience easier and more productive.

Meet the Instructor and Resources Preview 04:42

Meet the instructor and learn what resources are available for the course IN ADDITION to the video lessons.

The Set Up of the Course Preview 04:37

How the course is organized and how the Accounting Cycle will be used as a guide.

Accounting is a Process Preview 05:10

Begin to understand the steps involved in working through any bookkeeping work.

Let's Learn Debits and Credits 15 lectures

Intro & Let's Refresh Preview 06:13

Begin the journey of understanding credits and debits along with some quick refresher on some important fundamental concepts.

Finish Up The Refresh Preview 08:12

Wrap up the refresher with one last topic.

Seeing Double? Preview 05:51

Learn why every time there is ONE transaction, there are AT LEAST TWO different accounts effected.

Seeing MORE Than Double? Preview 03:36

Finish up the introduction to learning what is meant by Double Entry Accounting.

Bob and the Equation Preview 06:41

Time to meet Big Bob and his Bakery along with about his Fundamental Accounting Equation.

More Equation (and Bob) Preview 07:30

Finish up learning about the Bakery's Fundamental Accounting Equation along with starting to enter transactions

Equation Practice Preview 05:34

Continue entering Bob's Big Bakery transactions into the Equation.

T-Accounts & What Is A Debit? Preview 12:07

Introduction to the T-Account tool along with exactly what a Debit is.

Transactions to T-Accounts Preview 16:23

Practice recording all the transactions into debit and credit format

Footing, Balancing and Trial Balancing Preview 06:12

Wrapping up the T-Accounts including finding each one's ending balance

Introducing The Quiz and Assignments Preview 02:26

Learn about your Section Quizzes and the "Homework" Assignment you have to work on throughout the course!

CPE Review Quiz: Section 2

"Homework" Activity, Instructions, and Work Papers Preview 00:24

Welcome to your "homework" for the course. In the Resources section of this lesson are the work papers for the entire assignment and your instructions and data for Part 1.

AN IMPORTANT QUICK NOTE!!! Preview 01:24

Let's clear up a little confusion BEFORE you get to it...

Homework Answers - Part 1 Preview 00:31

Accounting Is A Cycle 5 lectures

Introducing "The Cycle" Preview 05:50

The process which bookkeepers and accountants organize all their work is introduced

Interim vs Final Preview 05:30

Learn the difference between an Interim Report, a Final Report and when each one is appropriate

What Are Adjustments and Closings? Preview 05:29

A quick overview of what Adjustment and Closing Entries are in the Accounting Cycle.

Setting Up The Worksheet Preview 04:35

The tool that will keep everything organized through the last part of the Accounting Cycle.

CPE Review Quiz: Section 3

Adjusting In The Cycle 10 lectures

Why Adjust? Preview 03:30

Learn exactly why Adjustments are necessary and important to financial records

Prepaid Assets Preview 06:51

Dive into what Prepaid Assets are, why they are tracked and how to adjust them

Inventory Adjustments Preview 08:04

Not everything that gets counted is inventory. Learn what and how inventory effects financials.

Depreciation... Preview 07:58

Used up and old isn't the only reason what Depreciation entries are recorded on the books. Find out why.

...More Depreciation Preview 04:50

Wrap up the Depreciation learning how, when and why.

Accrued Liabilities Preview 07:02

No need to cut a special paycheck when Accrued Liabilities are entered correctly.

Wrapping The Adjustments Preview 08:49

Examine the final steps in the adjustment process and how to avoid errors on financial statements.

Homework Assignment - Part 2 Preview 00:13

Homework Answers - Part 2 Preview 00:31

CPE Review Quiz: Section 4

Closing Up The Cycle 7 lectures

Closing? We're Still In Business! Preview 05:55

Why a business "closes" its book at the end of the year and how that works with computerized accounting.

What Gets Closed Preview 03:38

Not all the accounts get closed but the ones that do are important.

Revenue, Expenses and IS Preview 07:18

Learn to move the revenue and expense account balances for the closing process along with what and when to use the Income Summary.

Closing The IS and Draw Preview 05:23

The last two steps of the closing process are covered.

Homework Assignment - Part 3 Preview 00:13

Homework Answers - Part 3 Preview 00:31

CPE Review Quiz: Section 5

So Now What? 2 lectures

BONUS: Let's Wrap Up Preview 02:17

Review the course, learn the final resources and find out what comes next.

CPE Qualified Assessment

In order to receive CPE credit for this course, you must a) complete all course content, and b) pass this qualified assessment with 70% or greater.