Instructor for this course
more

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

7 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
  • Module Three in Financial Intelligence: The 4 Financial Ratio Classifications – Back to Basics Series
  • Module Four in Financial Intelligence: Cash vs. Profit and Working Capital Strategies – Back to Basics Series

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.
 
 

24 Reviews (76 ratings)Reviews

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.
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.
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
Member's Profile
The light bulb went off my head, finally have a foundation of understanding the process behind debits and credits, great course.
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
5
Anonymous Author
I've been out of basic accounting for a while, and this was a good review of basics.
3
Anonymous Author
Good summary of Debits and Credits. Great recap on T accounts.
5
Anonymous Author
Straightforward presentation of a simple accounting concept.
4
Anonymous Author
Good quick overview of T-accounts and debits and credits.
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 ext. 106, or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  5:42Overview of Financial Statements and T Accounts
ALL ABOUT "T" ACCOUNTS
  12:00"T" Accounts
  10:14Transaction Examples for T Accounts A - E
  7:31Transaction Examples for T Accounts F - K
  8:18Transaction Examples for T Accounts L - O
PUTTING IT ALL TOGETHER
  7:03Creating a Trial Balance
Continuous Play
  53:38An Accounting Review: The Basics of Debits and Credits
SUPPORTING MATERIALS
  PDFThe Basics of Debits and Credits Glossary/Index
  PDFSlides: The Basics of Debits and Credits
  PDFWork Sheet: The Basics of Debits and Credits
REVIEW & TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM