In this course we discuss debits and credits, the primary building blocks of accounting and financial statements.

Taught by a two time former Controller and noted accounting professor at Cal Poly San Luis Obispo, this course serves as review for accounting and finance professionals who need to sharpen their fundamental understanding of core accounting concepts and how they translate into the accounting and financial concepts used to run companies.

We cover:

  • A brief overview of core financial statements.
  • How each financial statement has accounts that are used to keep track of all business transactions.
  • “T-accounts,” debits and credits, and the behavior of those accounts, including recording a variety of transactions into a ledger represented by t-accounts.
  • Preparation of basic financial statements.

 

Course Series

This course is included in the following series:

11 CoursesBack to the Basics: Accounting Fundamentals

  1. Accounting Review: The Basics of Debits and Credits
  2. Transaction Analysis, T-Accounts, Debits and Credits, and Trial Balances
  3. Accounting Review: Overview of Financial Statements; P&L, Balance Sheet, and Cash Flow
  4. The Accounting Equation and Financial Statements
  5. Bank Reconciliations, Cash, and Internal Controls
  6. Accounts Receivable Training: Bad Debts
  7. Equipment and Depreciation
  8. Inventory Costing
  9. Purchase and Sale of Inventory
  10. The Adjusting Process
  11. The Closing Process

5 CoursesFinance for Non-Finance Professionals

  • Accounting 101: How To Do Basic Accounting In One Hour
  • Accounting Review: The Basics of Debits and Credits
  • Accounting Review: Overview of Financial Statements; P&L, Balance Sheet, and Cash Flow
  • Learn Finance Principles in 1 Hour
  • Enterprise Risk Management 101
Learning Objectives
  • Define the accounting terms debit and credit.
  • Record business transactions into an accounting ledger represented by t-accounts using debits and credits. 
  • Identify how a trial balance and the accounting equation provide a framework for companies to prepare financial statements.
 
 
Last updated/reviewed: March 15, 2024
71 Reviews (236 ratings)

Reviews

2
Anonymous Author
It was challenging to follow along and some concern as to whether this is a strong basics course. I'd like to recommend that this is reviewed and updated by the instructor; and, possibly re-recorded with better materials. I wish I could go back and adjust my rating for another course I took that was superior and more comprehensive than this one! Also, some of the preamble about the course and series was confusing as it is part of two course series and the instructor speaks about a course beforehand, but no idea which one that is (that apparently has better detail).. as for accounting basics, it is the first one, and for finance, it is a different instructor.

4
Anonymous Author
Was easy to follow and understandable. If there was one thing it was lacking, it was explaining how to determine what increases or decreases with a credit/debit. He gave examples, but I don't think he really explained HOW you know that.

5
Member's Profile
This was a great refresher course. If you ever need a quick reminder of what debits and credit means, then you might want to view this course. It's pretty tricky to relearn debits and credits when you've been taught a different way.

3
Anonymous Author
Definitely helpful, but the explanations on how you determine the framework of an account (whether debits or credits increase or decrease an account) I felt were inadequate, particularly with regard to the equity accounts.

3
Member's Profile
Disliked screens where instructor was writing (T"s) - not clear, not dark enough, hard to see. Like debit/credit handout sheet for reference. Disliked speed of explanations - too much to absorb instantly.

5
Anonymous Author
The overall course was well put together. The teacher did a great job in explaining all the journal entries and t accounts. The trial was well explained. Great course with rolling up your sleeves!

5
Member's Profile
The course was very good, I though it was very intensive about the accounting process, but I really likes all the step by step examples that really helped the concepts stick.

3
Anonymous Author
Great basic review. Not a lot to comment on. Definitely can get confusing when you think of debit and credit from a credit-card standpoint, this helped differentiate.

5
Anonymous Author
It was a very informative course.I never thought i'd learn so much off of a video, the real life examples really made it easy to remember the material. Thank you.

4
Anonymous Author
Would be nice to review any answers that were not correct on the exam the same as the quiz. If you get one wrong you are unable to go back in to see which one.

5
Anonymous Author
I thought this course was very interesting and helpful. I thought the instructor explained the topic very well. I would recommend this course to others.

5
Member's Profile
Simple beginners course for accounting. Good course if you have a non-accounting person moving into an role that involves some accounting principles.

5
Member's Profile
Fundamental course on accounting, going back to the nitty gritty, very foundational elements of accounting. Good instructor. Would take again.

5
Member's Profile
Enjoyed this most excellent course. The instructor was fabulous and articulate. It was both a personal and professional growth event for me.

5
Anonymous Author
Very helpful overview of the concepts of Debits and Credits. These fundmental conceptualizations of accounting are essential. Great Course.

5
Anonymous Author
Excellent review course. I liked all the examples and agree that using T-accounts is a great way to visual and understand transactions.

5
Anonymous Author
Very informative course and i found it very easy to follow. Will be very helpful as i move to a more accounting principles based role.

5
Anonymous Author
very clear to follow the steps to understand where to enter what. I liked all the examples that were shown in the material very much!

5
Anonymous Author
This is a great class. It is part of the Back to the Basics: Accounting Fundamentals Course Series by Erik Slayter which I recommend.

5
Member's Profile
The light bulb went off my head, finally have a foundation of understanding the process behind debits and credits, great course.

5
Anonymous Author
Great example and walks through many scenarios. As someone who works in finance, this is a great way to get an understanding.

4
Anonymous Author
You'll be able to grasp the basics of accounting. This is a great starter for those new to the accounting world

4
Anonymous Author
Good details and the explanations are sufficient as a refresher course. The audio quality was below average.

5
Anonymous Author
great review and refresher since it's been a long time since I've reviewed this information! I recommend!

5
Member's Profile
As always enjoyed Erics cadence and tone. This course is a great intro acctg. Course. Highly recommended.

5
Member's Profile
Very well done presentation introducing someone to the basics. Examples and slides are a great resource

5
Anonymous Author
Great course for getting back into accounting. covers all the basics with great examples at a good pace.

5
Anonymous Author
I liked the course and found it informative. I liked the way the T accounts were set up and described.

4
Anonymous Author
Good basic brush up on the concept ob debits and credits relative to the accrual accounting method.

3
Member's Profile
clear and concise. audio was poor. A little advanced for a beginner, may require multiple viewings.

5
Anonymous Author
very well done. great review for me. great presentation of what could be a very confusing topic

4
Anonymous Author
I liked the additional materials that were provided (pdf of the slides, smaple questions, etc.)

5
Anonymous Author
Good basic course. The illustration with t-accounts makes things very easy to understand.

5
Anonymous Author
Informative break down and easy to follow course. Explains debits and credits more in depth

5
Member's Profile
Easy to understand. Would recommend to people with little to no accounting experience.

3
Anonymous Author
Course was fine. Wish there were more notes & explanations in the supporting materials.

5
Anonymous Author
Good to refresh because if you were on a long vacation or something to prepare for tests

5
Anonymous Author
I've been out of basic accounting for a while, and this was a good review of basics.

5
Member's Profile
Great review and quick and painless. Good explanations. Would recommend to others.

5
Member's Profile
The worksheets provided enabled me to understand the slides better and practice.

4
Member's Profile
A reasonably good course with informative material well-suited for the purpose.

4
Member's Profile
Nice to learn about accounting and numbers, wasn't hard to learn at all.

5
Anonymous Author
THE COURSE IS EASY TO FOLLOW, MAKING IT SIMPLE TO TRACK AND LEARN.

5
Anonymous Author
Easy course to serve as a refresher on the basics. Easy to follow.

5
Member's Profile
Another good video in a basic review of accounting fundamentals.

4
Member's Profile
Good review. Like the slides. Well laid out course. Thank you.

5
Anonymous Author
This was a really good overview about T-accounts. Very helpful.

3
Anonymous Author
Good summary of Debits and Credits. Great recap on T accounts.

5
Anonymous Author
Great overview of the topic. It is worth doing this course.

4
Anonymous Author
needs to show motre real life examples rather than definitions

5
Anonymous Author
Straightforward presentation of a simple accounting concept.

4
Anonymous Author
Really well laid out. Appreciated the exercises provided.

4
Anonymous Author
Good quick overview of T-accounts and debits and credits.

5
Anonymous Author
The example and explanation were relevant to real life.

5
Anonymous Author
Just back to basic lesson for me, usefule and thank you.

5
Anonymous Author
Great examples, with a steady speed for us new to this

5
Member's Profile
Course met expectations and stated objectives overall

5
Anonymous Author
Great refresher with good exercises and commentary

4
Anonymous Author
Well explained and good notes and study guides.

4
Member's Profile
Really liked having the supporting materials.

5
Member's Profile
I am now well versed in debits & credits!

5
Anonymous Author
Great course. Has lots of detail

5
Member's Profile
Great overview. Good examples.

5
Anonymous Author
Great class, easy to follow

5
Member's Profile
very usefull.Thank you !

5
Member's Profile
A decent review. Thanks!

5
Anonymous Author
Good quick review.

4
Member's Profile
Great basic course

4
Anonymous Author
Good basic course

5
Member's Profile
The sound is bad.

5
Member's Profile
good info

Prerequisites
Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course.

 

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to Debits and Credits1:35
  Overview of Financial Statements and T Accounts5:42
ALL ABOUT "T" ACCOUNTS
  "T" Accounts12:00
  Transaction Examples for T Accounts A - E10:14
  Transaction Examples for T Accounts F - K7:31
  Transaction Examples for T Accounts L - O8:18
PUTTING IT ALL TOGETHER
  Creating a Trial Balance 7:03
Continuous Play
  An Accounting Review: The Basics of Debits and Credits53:38
SUPPORTING MATERIALS
  The Basics of Debits and Credits Glossary/IndexPDF
  Slides: The Basics of Debits and CreditsPDF
  Work Sheet: The Basics of Debits and CreditsPDF
REVIEW & TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam