Accounting Review: The Basics of Debits and Credits

In this course we will discuss debits and credits, the primary building blocks of accounting and financial statements. We will start with a brief overview of the core financial statements. From this we will discuss how each financial statement has accounts that are used to keep track of all the transactions a business takes part in. This leads to a conversation about “t-accounts”, debits and credits, and the behavior of accounts. Then we will work through an example by recording a variety of transactions into a ledger represented by t-accounts. Finally, we will prepare basic financial statements. This basic level online self-study course will serve 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 we use to run companies.