Introductory Financial Accounting

Tags: Financial Accounting

Learn the basics of Accounting including: the accounting cycle, inventory, depreciation, receivables, and more!

Last updated 2022-01-10 | 4.4

- Understand the basics of Financial Accounting
- Practice using the included workbook

What you'll learn

Understand the basics of Financial Accounting

Practice using the included workbook

* Requirements

* Be ready to learn

Description

This course covers the basics of Financial Accounting:

The accounting cycle (transaction analysis, adjustments, closing)
Buying and selling inventory
Costing inventory
Internal controls and cash
Receivables
Fixed assets and depreciation
Financial statements: Income statement, Statement of retained earnings, Balance Sheet, and Statement of cash flows

The method of instruction is a combination of lecture and exercises we work through together. Also included in the course is a workbook that has problems to work through (answers in the back) as a way to practice practice practice!

Take this course now and learn financial accounting basics.

Who this course is for:

Anybody who is interested in learning about accounting
University students

Course content

10 sections • 52 lectures

The Accounting Equation 6 lectures

The Accounting Equation Resources Preview 00:03

Introduction to Introductory Financial Accounting Preview 20:30

This segment covers some of the most basic concepts of Financial Accounting. Lots of terms and definitions to get the ball rolling.

Accounting Equation exercise Preview 18:59

Assets = Liabilities + Equity. This is an accountant's version of E=MC^2. Always true and always there as a guiding light.

Financial Statements Preview 12:01

Financial Statements are the final result of all the hard work an accountant puts in. This segment covers the Income Statement, Statement of Retained Earnings, and Balance Sheet.

Financial Statements exercise Preview 06:04

This segment gives you an opportunity to practice putting together a set of financial statements.

The Accounting Equation Quiz

Journal Entries, Ledgers, and Trial Balance 6 lectures

Journal Entries, Ledgers, and Trial Balance Resources Preview 00:03

The Framework of Accounting Preview 16:33

This segment could very well be the key to the entire course. Be sure to understand what's going on here before continuing on.

T-Accounts Preview 21:10

Practice using T-Accounts as part of the transaction analysis process.

The Ledger Preview 12:59

Remember, the accounting cycles starts with analyzing/journalizing transactions. The next step (covered in this segment) is posting to the ledger. The ledger helps us see what's going on with an account.

The Trial Balance Preview 15:59

The next step in the accounting cycle is to create the trial balance from your account balances in the ledger. Be sure debits = credits.

Journal Entries, Ledgers, and Trial Balances Quiz

Adjusting Journal Entries 5 lectures

Adjusting Journal Entries Resources Preview 00:03

Introduction to Adjusting Journal Entries Preview 13:23

Adjusting Journal Entries (AJE) let you correct or update accounts that have changed but haven't had journal entries made yet to reflect those changes.

Adjusting Journal Entry exercise Preview 29:53

Practice practice practice! Put to use the AJE concepts from the prior segment.

Adjusted Trial Balance Preview 27:07

The Adjusted Trial Balance is prepared after you post adjusting journal entries to the ledger. The Adjusted Trial Balance is used to create financial statements.

Adjusting Journal Entries Quiz

Closing Journal Entries 4 lectures

Closing Journal Entries Resources Preview 00:03

Introduction to the Closing Process Preview 25:50

The Closing Process is the final phase in the accounting cycle. The good news is that closing entries will practically take care of themselves if you learn the basics.

Big Problem wrapping up with Closing Preview 21:19

Pull together many of the steps in the accounting cycle with this Big Problem.

Closing Journal Entries Quiz

Buying and Selling Inventory 5 lectures

Buying and Selling Inventory Resources Preview 00:03

Introduction to accounting for Merchandising companies Preview 14:55

In this segment we introduce merchandising companies - companies who buy and sell inventory.

Accounting for Buying and Selling inventory Preview 25:37

In this segment we see the specific types of transactions and related journal entries that buyers and sellers of inventory will encounter.

Final words about accounting for Merchandising companies Preview 06:58

A look at sales tax and inventory shrinkage to wrap up inventory issues and merchandising companies.

Buying and Selling Inventory Quiz

Inventory Costing 7 lectures

Inventory Costing Resources Preview 00:03

Introduction to Inventory costing Preview 07:37

There are three primary methods of inventory costing. A brief introduction to FIFO, LIFO, and Average Costing.

First-in First-out (FIFO) Preview 14:18

A detailed look at First-in, First-out (FIFO).

Last-in First-out (LIFO) Preview 09:51

A detailed look at Last-in, First-out (LIFO).

Weighted Average costing Preview 09:35

A detailed look at Weighted Average costing.

Wrap-up costing methods Preview 08:45

Compare and contrast the three methods of inventory costing and some tips.

Inventory Costing Quiz

Internal Controls and Cash 4 lectures

Internal Controls and Cash Resources Preview 00:03

Introduction to Internal Controls and Cash Preview 14:24

A brief discussion about internal controls. You could take an entire course on internal controls, so we just barely scratch the surface here. Introduction to Bank Reconciliations.