1 CPE 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: August 8, 2023
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- 2. Standard Costs and Variances - Simplified
- 3. Corporate External Financial Reporting Decisions
- 4. Revenue Recognition (ASC Topic 606): Transaction Price Part 1
- 5. Internal Control Fundamentals - Satisfying Audit Requirements for Evaluating Design and Implementation
- 6. Performing Auditing and Other Assurance Services
- 7. Designing and Performing Sampling Plans – An Auditor’s Perspective on Monitoring Internal Controls, Compliance, and the Reasonableness of Account Balances
- 8. Not-for-Profit Financial Statements Part 2
- 9. Classification, Debt and Equity
- 10. Sarbanes-Oxley (SOX) - Assessing Data Impact
70 Reviews (229 ratings)
Reviews
Anonymous
(CPA)
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.
Anonymous
(Assistant Controller)
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.
Nancy Hernandez
(Collector at Yelp)
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.
Anonymous
(Office Manager)
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.
Catherine \"Kit\" ..
(Executive Director at Hospice of McDowell County)
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.
Anonymous
(disabled)
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!
Jeremy Ratto
(Senior Accounts Receivable Representativ.. at Yelp)
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.
Anonymous
(Financial Analyst)
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.
Anonymous
(Jr Collector)
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.
Anonymous
(Bookkeeper)
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.
Anonymous
(Accountant)
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.
Ethan Young
(Assistant Controller at Lunda Construction Company)
Simple beginners course for accounting. Good course if you have a non-accounting person moving into an role that involves some accounting principles.
Sean Flynn
(Accounting Manager at Rosemawr Management)
Fundamental course on accounting, going back to the nitty gritty, very foundational elements of accounting. Good instructor. Would take again.
Chris Alario
( at Liberty Utilities)
Enjoyed this most excellent course. The instructor was fabulous and articulate. It was both a personal and professional growth event for me.
Anonymous
()
Very helpful overview of the concepts of Debits and Credits.
These fundmental conceptualizations of accounting are essential. Great Course.
Anonymous
(Accounting Manager)
Excellent review course. I liked all the examples and agree that using T-accounts is a great way to visual and understand transactions.
Anonymous
(Accountant)
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.
Anonymous
(Finance)
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!
Anonymous
(-)
This is a great class. It is part of the Back to the Basics: Accounting Fundamentals Course Series by Erik Slayter which I recommend.
Benjamen Adams
(Not Provided at Adams Group)
The light bulb went off my head, finally have a foundation of understanding the process behind debits and credits, great course.
Anonymous
(Accounts Payable Specialist)
Great example and walks through many scenarios. As someone who works in finance, this is a great way to get an understanding.
Anonymous
(Consultant - Process Specialist)
You'll be able to grasp the basics of accounting. This is a great starter for those new to the accounting world
Anonymous
(Director)
Good details and the explanations are sufficient as a refresher course. The audio quality was below average.
Anonymous
(Auditor)
great review and refresher since it's been a long time since I've reviewed this information! I recommend!
Rahman Ullah
(Senior Accountant at Cardtronics)
As always enjoyed Erics cadence and tone. This course is a great intro acctg. Course. Highly recommended.
Mary Oconnor
( at Scribcor Global Lease Administration)
Very well done presentation introducing someone to the basics. Examples and slides are a great resource
Anonymous
()
Great course for getting back into accounting. covers all the basics with great examples at a good pace.
Anonymous
(accountant)
I liked the course and found it informative. I liked the way the T accounts were set up and described.
Anonymous
()
Good basic brush up on the concept ob debits and credits relative to the accrual accounting method.
John Grande
(Collections Specialist at Yelp)
clear and concise. audio was poor. A little advanced for a beginner, may require multiple viewings.
Anonymous
(Unemployed)
very well done. great review for me. great presentation of what could be a very confusing topic
Anonymous
(Financial Analyst)
I liked the additional materials that were provided (pdf of the slides, smaple questions, etc.)
Anonymous
(Accounting Manager)
Good basic course. The illustration with t-accounts makes things very easy to understand.
Anonymous
(Accounts Payable Specialist)
Informative break down and easy to follow course. Explains debits and credits more in depth
Karen Misaki
( at N/A)
Easy to understand. Would recommend to people with little to no accounting experience.
Anonymous
(Associate Accountant)
Course was fine. Wish there were more notes & explanations in the supporting materials.
Anonymous
()
Good to refresh because if you were on a long vacation or something to prepare for tests
Anonymous
()
I've been out of basic accounting for a while, and this was a good review of basics.
Jennifer Hubbard
( at Scribcor Global Lease Administration)
Great review and quick and painless. Good explanations. Would recommend to others.
chantel smith
(accounts receivable - bookkeeper at kmac vacuum truck service)
The worksheets provided enabled me to understand the slides better and practice.
Muhammad Baig
(Managing Director at N/A)
A reasonably good course with informative material well-suited for the purpose.
Pierre Cloud
(Collection Associate at Yelp)
Nice to learn about accounting and numbers, wasn't hard to learn at all.
Anonymous
(Senior Chargeback Representative)
THE COURSE IS EASY TO FOLLOW, MAKING IT SIMPLE TO TRACK AND LEARN.
Anonymous
(Assistant Controller)
Easy course to serve as a refresher on the basics. Easy to follow.
Corey Masters
(Accountant, Internal Auditor, Risk Speci.. at Self)
Another good video in a basic review of accounting fundamentals.
Tania Roberts
(Revenue Accountant at OEConnection, LLC)
Good review. Like the slides. Well laid out course. Thank you.
Anonymous
(Accountant)
This was a really good overview about T-accounts. Very helpful.
Anonymous
(Associate Manager)
Good summary of Debits and Credits. Great recap on T accounts.
Anonymous
(Corporate Controller)
Great overview of the topic. It is worth doing this course.
Anonymous
(Collector)
needs to show motre real life examples rather than definitions
Anonymous
(-)
Straightforward presentation of a simple accounting concept.
Anonymous
(Collections Specialist)
Really well laid out. Appreciated the exercises provided.
Anonymous
(Senior Internal Auditor)
Good quick overview of T-accounts and debits and credits.
Anonymous
()
The example and explanation were relevant to real life.
Anonymous
(finance controller /Director)
Just back to basic lesson for me, usefule and thank you.
Anonymous
(payroll mgr)
Great examples, with a steady speed for us new to this
Kendra Willson
( at SSA PC)
Course met expectations and stated objectives overall
Anonymous
(Jr Staff Accountant)
Well explained and good notes and study guides.
Patricia Calzadilla
(Junior Collector at Yelp)
Really liked having the supporting materials.
Kristen Bernal
(Junior collector at Yelp)
I am now well versed in debits & credits!
Anonymous
(Consulant)
Great course. Has lots of detail
Leanne Maloney, CPA
(Accountant at EBMUD)
Great overview. Good examples.
Anonymous
(Account Executive)
Great class, easy to follow
Irina Manga
(Deputy Head of Control and Revision Serv.. at Borets)
very usefull.Thank you !
Steven Moore
(Certified Management Accountant; CMA at ArdentAccounting)
A decent review. Thanks!
Anonymous
(Insurance Broker)
Good quick review.
Monica Burgos
(- at Monica Burgos)
Great basic course
Anonymous
(Administrator)
Good basic course
Sergey Boroznyak
(Finance Controller at Novomet)
The sound is bad.
Amy Sell
(Franchise Elite Account Executive at Yelp)
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
.
Erik SlayterAccounting Professor at Cal Poly
About Illumeo
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- Email: info@illumeo.com
- Phone: 408-400-3993
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- Av #221, Campbell, CA 95008
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