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Taught by a two time former Controller and noted accounting professor at Cal Poly San Luis Obispo, this course begins 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.
The course then dives deeper into accounting topics like transaction analysis, financial statements, the accounting equation, reconciliations, accounts receivable, depreciation, inventory accounting, and the adjusting and closing processes. Consider this an entire accounting education neatly summed up in one course.
Learning Objectives
- Define the accounting terms debit and credit and 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 and the classification of accounts and recognize how they are impacted by debits and credits
- Discover how to implement t-accounts and ledgers to perform transaction analysis and how to use journal entries to record transactions, recognize how to perform transaction analysis using journal entries, and identify the steps of the accounting cycle
- Demonstrate what each financial statement does and how they are utilized by companies both large and small.
- Measure your company’s performance through the use of financial statements.
- Sharpen your understanding of how financial statements work together.
- Identify the elements of the primary accounting equation, including defining assets, liabilities and shareholders equity and recognize various transactions and their impact on the accounting equation
- Discover how to prepare 3 of the 4 primary financial statements (income statement, statement of retained earnings, balance sheet)
- Discover Internal Controls and their objectives
- Recognize how to prepare a bank reconciliation and prepare adjusting entries from a bank reconciliation
- Define key terms regarding receivables and bad debts and the sequence of events related to the three primary journal entries related to accounting for bad debts
- Recognize the impact of accounting for bad debts on the related accounts
- Discover how to calculate values used in the Allowance Method of accounting for bad debts, how to calculate simple interest on notes receivable
- Identify the characteristics of property, plant and equipment, how to calculate and record straight-line depreciation, units of activity depreciation, and declining balance depreciation, and how to calculate and record the sale of equipment, as well as basic concepts associated with inventory costing
- Recognize how to perform calculations on a sequence of inventory purchases and sales under the FIFO system, the LIFO system, and the Average Cost system
- Discover core concepts related to inventory for a merchandising business
- Recognize how to perform transactions for the sales of inventory cycle, the purchase of inventory cycle, and other transactions associated with inventory such as sales tax and physical inventory counts
- Discover the adjusting process and its place in the accounting cycle
- Recognize the proper accounting treatment for prepayments made, prepayments received, expenses accrued prior to payment, and revenue earned prior to payment
- Discover the reason to perform closing journal entries and identify how they fit in the accounting cycle
- Recognize how to prepare the four closing journal entries
- Identify the closing entries and discover how they compare to the statement of retained earnings
Last updated/reviewed: October 15, 2018
59 Reviews (231 ratings)Reviews
Anonymous
(Auditor)
I stepped away from accounting for some time and this course helped review a lot of information clearly. I recommend this course.
Anonymous
(Not Provided)
Lengthy but a great refresher for accounting basics.
Rahman Ullah
(General Ledger Accountant at Lloyds Register)
Very comprehensive for a back to basics course. This sort of longer course has it's inherit drawbacks. You will want to take notes on this one as key concepts will be tested and having to go back an review is difficult without a better fast forward button or nice reference slides. The supporting material needs to be improved for this course as it would complement the course nicely and be more useful for those of us having to do this in stages (we forget a few things).
Overall a must see and one of the best on Illumeo.
Karen Harper
(- at JLL)
excellent refresher for everyone especially those that teach college level classes, manage accounting departments, train peers and subordinates or anyone in the profession so they can speak to clients, peers, teams about the financial statement process and help them understand the process an resulting statements!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Anonymous
(Financial Analyst)
I liked the pace and that there was supplemental workbook activities. I did not like that for the workbook there was not a explanation for how an answer was reached- don't just give me the answer but tell me why and how to get there. Also more information is needed on questions about how different accounts are affected if information is omitted/changed (under/overstated NI and RE etc)
Anonymous
()
Found this to be a great refresh on financial accounting activities, especially for activities you don't perform on a regular basis or fall outside of our your role. As some others have mentioned, there is some repetition in the earlier sections. Supplemental materials provide an additional opportunity for practice. Wish I had this instructor when I first took accounting courses.
Anne Heredia
(Sr. Assistant Controller, GBUs at Oracle)
Great introductory class and refresher. It was easy to listen to and had some great examples.
Some of the final exam questions should be reviewed:
-One had a duplicate answer
-I have a hard time believing straight line isn't used the most for depreciation expense calculations
-Supplies are very rarely an asset usually classified as an expense
Anonymous
(None)
I don't think it's wise to tell students that they can skip writing memos. It's necessary in the real world in simple and complex companies. Also, gross margin is a percentage, gross profit is the term that should be used when trying to teach people. I'm a little frustrated with some of the details but overall it was a good refresher course.
Wendi Finn
View Instructor Profile
The course was a very good accounting refresher and would also server as a great introduction to accounting. I did not like the 64 question exam at the end only because it took so long and being on-line I was afraid I might lose my work (the questions were fair and well written).
Anonymous
(Accountant)
The information in this course was a good overview of basic accounting. The only reason I didn't give it five stars was because the format of the presentation made it difficult to go back and find topics that needed repeating and it felt like it jumped around between topics.
Amber Irwin
(Internal Audit Lead at Intuit)
Awesome summary of accounting fundamentals, delivered in a great amount of detail but not too convoluted to be able to consume. Review questions were so helpful and the exam questions were tough but fair to ensure comprehension of the material.
Heather Messam
( at Mortgage Bankers Association)
Course was good and provided an excellent refresher for me. I was surprised at the final exam as it really challenged me to work out the answers...I was expecting to blaze through the exam but it was not that easy.
Anonymous
(Financial Analyst)
If I had Erik Slayter as my accounting professor in college, perhaps I would have chosen accounting as my major! He simplifies difficult accounting concepts so well! I definitely recommend this course!
Monique Bryant
(Financial Consultant at DLC)
I liked the examples that were given and the content was good. there were many topics that are good for the beginner in the accounting field and a good refresher for those with experience.
Anonymous
(Accounting Manager)
Excellent accounting review course. The 64 question final exam was a little daunting though. I appreciate how Erik Slayter explains the fundamentals in ways that are easy to remember.
Anonymous
(Accounting Supervisor)
This course definitely help refresh some of the basic accounting concepts. this course would definitely be beneficial to someone that has been out of the accounting world for a while
Tania Roberts
(Revenue Accountant at Axway, Inc.)
Great review and very comprehensive. I didn't realize how much I had forgotten about Retained Earnings. The reveiw was good.
I liked working the examples throughout the course.
Anonymous
()
I thought the instructor did a good job teaching the concepts. By breaking it down from the beginning to the end. I think overall he did a great job teaching this subject.
Anonymous
()
This class was great. I liked all of the great videos and all of the supporting materials. Most classes don't include supporting materials, so that was a nice surpirse.
Dowton Martin
(Accounting and Finance Consultant at DLC Inc)
I liked the overall content and the manner in which it is presented. What surprised me was how much depth was covered and this course helped me to refresh my knowledge.
Anonymous
(Sr Assistant Financial Controller)
Good basic refresher to take. I recommend to anyone who wants to learn the basic accounting concepts, especially if you need CPE credits to renew your CPA license.
Thomas Hayes
(Clinical Associate Professor at University of Arkansas)
I loved that it was comprehensive. I found several questions that I can utilize in my classes. Anyone teaching financial accounting would benefit from this course.
Anonymous
(Finance and IT Consultant)
Great course!!! The instructor has put in great efforts to cover the course in a very orderly way. He is thorough with the concepts and is a great teacher.
Anonymous
(Senior Accountant)
It is a good refresher on accounting basics. It is a large time commitment and the final test is 64 multiple choice questions that include calculations.
Anonymous
()
This would actually be pretty simple for most CPAs. Was a good review of some areas that normally I don't work in such as inventory and sales.
Anonymous
()
This course is a good recap of accounting basics. It doesn't hurt to make sure you still understand the ins and outs of accounting.
Anonymous
(Consulting Senior)
The course was an excellent review of accounting basics, many of which you don't realize you didn't remember! Very good refresher.
Shaila Shankar
( at Minted)
This course would be helpful to an individual who is learning accounting for the first time, or as a refresher for professionals.
Doug Slaybaugh
( at The CPA Coach)
Great perspective on fundamental accounting and a solid refresher for some of the basics that can be long forgotten. Thank you!
Julian Byles
(Financial Analyst at Cisco)
Good course with good pacing. Anyone looking for a refresher on basic accounting principles would benefit from this.
Peter Abader
(- at BMO)
Nice refresh course; good for beginners or people who are not using accounting skills frequently as a refresher...
Andrew Theis
(Risk Manager at US Bank)
There was one repeated question, and one question with repeated answer choices; otherwise, the course was good.
Bryan Oliver
(Senior Accounting Analyst at UMB Financial Corporation)
Solid refresher course on accounting basics. Always good to go back and be sure to have everything straight.
David Cuppett
(Financial Analyst at Cisco)
Video quality was not always great and didn't always feel tailored for this class. Very repetitive at times.
Michael Johansen
(SOX Testing Specialist at Cisco Systems Inc.- FCRM)
Closing Process presentation did not work! All other presentations worked well. Examples were excellent.
Charles Howery
(- at Versona)
sometimes the screen was hard to read. Concepts were presented clearly. more typed summaries would help
Vanessa Almeida
( at Cisneros Group)
It was a good overview and review of the accounting process. Brings you back to the good solid basics.
Anonymous
(CFO)
Like the videos to watch, easy to navigate. Great refresher course to get back to the basics.
Mercedes Watkins
(Chief Strategist at Meveau)
Excellent refresher course. The professor created an easy-to-follow, no-nonsense lecture.
Anonymous
(Assistant Controller)
Good presentation of accounting basics. Course was easy to understand and follow along.
Linda Jacobs
(acct at n/a)
A few of the beginning sections were a bit repetitive, but overall a good review.
Anonymous
()
Good refresh I enjoyed the overall knowledge. I think the videos are helpful.
Nicole Goodwin
(Director of Chemistry, Stress & Repair D.. at GSK)
Great review of some basic principles.Like having to recalculate a few things.
Anonymous
(Senior Accountant)
Good review of basic concepts, used a refresher to brush up on my skills.
Tyler Harmon
(Financial Analyst at Cisco LIFT)
The first few videos seemed very repetitive, everything else was great.
CJ Halsey
(Revenue Manager at Apttus)
The pace is slow, but this is a thorough review of basic accounting.
Anonymous
(Consultant)
Fast and fair, this is a great refresher! Fun to review the basics!
Mei Tang
(Accountant, Realtor at self employed)
It would be better to show the answers to the Final Exam questions.
Ramakrishna Nalluri
(Senior Financial Analyst at Morneau Shepell Inc)
Allowed to refresh fundamentals in Accounting and financials close
Michael Solomon
(Financial Analyst at Cisco)
It was good, the first few videos were a little too easy and slow.
Anonymous
(Sole Practitioner)
good enough for me as continuing cpa and cia to keep my license
Timothy Au
(Associate at GT)
Very good review on fundamentals of accounting/book keeping.
Anonymous
()
great review of retained earnings and the income statement
Eric Oosta
(Senior Associate at Grant Thornton LLP)
Good review course. Fairly simple accounting concepts.
Anonymous
(Director of Accounting)
Course did enough to refresh basic accounting concepts
Anonymous
()
Nice one. Very nice. Liked this course very much so.
Anonymous
()
Enjoyed this review of financial accounting basics.
Bettie McCarthy
( at Bridgepoint Consulting)
Great refresher course or those new to accounting.
Melissa Embry
( at TDI Fleet Services)
very good summary of the entire accounting process
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 .