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
- Accounting Review: The Basics of Debits and Credits
- Transaction Analysis, T-Accounts, Debits and Credits, and Trial Balances
- Accounting Review: Overview of Financial Statements; P&L, Balance Sheet, and Cash Flow
- The Accounting Equation and Financial Statements
- Bank Reconciliations, Cash, and Internal Controls
- Accounts Receivable Training: Bad Debts
- Equipment and Depreciation
- Inventory Costing
- Purchase and Sale of Inventory
- The Adjusting Process
- 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)
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
.
Erik SlayterAccounting Professor at Cal Poly