In this course, the accounting equation of Assets = Liabilities + Shareholder Equity is expanded upon to understand how debits and credits are used to stay in balance.  Core accounting tools are presented, including t-accounts, ledgers, journals and trial balances. 

You will gain an understanding of how each of these tools interacts with one another and its distinct purpose in an accounting system.  There are many opportunities for hands-on practice in this course.

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
Learning Objectives
  • Identify 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
  • Discover how to use journal entries to record transactions
  • Recognize how to perform transaction analysis using journal entries
  • Identify the steps of the accounting cycle
Last updated/reviewed: August 23, 2023
49 Reviews (177 ratings)

Reviews

Anonymous Author
Found the course to be a great refresher course on the fundamentals of financial accounting. The instructor is clear and easy to understand. However there is one aspect of these courses that I really dislike. The instructor writes on the screen and it is very slow. This wastes time and is annoying to the viewer. I found the workbook to be very helpful in applying the concepts taught.

5
Member's Profile
Erik Slayter is one of my favorite presenters. He breaks down the material into manageable parts, has excellent examples and live "On Demand" courses which keeps the viewed engaged. In addition, the time he gives you to work though a problem of definition to guage your understanding is great way to present this type of accounting material.

4
Anonymous Author
this course was very 'beginner-friendly' and provided several examples. I agree with some of the other reviews that the format used with the instructor writing/drawing out everything could have been better. A simple power point presentation would have been easier to read and would have allowed plenty of space to include everything.

5
Anonymous Author
Very good review of debits and credits. For more experienced accountants, I found it useful to listen to the instructors explanations so I can use similar language when explaining to the accountants I manage.

4
Anonymous Author
Much more clear than a general accounting course on here. Useful & understandable ... again the exam was a bit difficult for what was explained in the lessons, but it wasn't unmanageable.

5
Anonymous Author
Excellent overview of accounting especially for beginners. I like the instructors use of the "big T account" method. I also liked the part where I had to find the mistakes.

4
Member's Profile
Great overview of the transaction cycles in accounting. Really enjoyed the overview of T-accounts. I feel like they are not sued enough anymore.

5
Anonymous Author
Demonstrates how to account for standard daily transactions. How to go from the entry to the scenario represented and vice versa.

5
Anonymous Author
very basic, easy to follow - individuals with no accounting or finance backgrounds will get the most out of this course

4
Anonymous Author
You'll be able to grasp the basics of accounting. This is a great starter for those new to the accounting world

5
Anonymous Author
Great to use as a review after a break in employment or studies. Better to use with 1st course in the series.

5
Member's Profile
I appreciate the rationale and thoroughness provided in the type of reports and transactions made.

5
Anonymous Author
What you would expect for a foundation level course. The questions proved to be a nice refresher.

4
Anonymous Author
Great Refresher course of accounting fundamentals, presented by a very clear and solid instructor

5
Anonymous Author
Good overview in relation to transactions and how they relate to the trial balance accounts.

5
Member's Profile
Excellent course going through basic accounting concepts. A very good introductory course.

4
Member's Profile
it seems kind of dry in the presentation. I would love some info on not using T-accounts.

5
Anonymous Author
Foundational course on t-accounts, very basic but an obvious course everyone should know.

5
Anonymous Author
Good overview of the basics of debits and credits and useful examples of trial balances.

5
Anonymous Author
Good course full of lots of information for a quick review. Would recommend to others.

3
Member's Profile
The instructor was able to explain concepts in a manner that is easy to understand

4
Anonymous Author
Pretty basic accounting here, but nice to solidify the knowledge. Easy to follow.

3
Member's Profile
A reasonably good course with informative material well-suited for the purpose.

4
Member's Profile
The instructor was clear and concise, examples and explanations were adequate.

4
Member's Profile
Course was a good review of debit and credit functions and was explained well.

5
Member's Profile
A good refresher course on accounting basics. Good for my new job position.

4
Anonymous Author
Good review and examples. I suggest a few more exercises like at the end.

4
Member's Profile
Good course for basic accounting 101, especially if you like T-accounts

3
Member's Profile
Some of the exam questions need to be reevaluated as they are unclear.

3
Member's Profile
Use new technology instead of writing accounts. PPT is helpful , too.

5
Member's Profile
I found this course to be very informative and easy to follow.

4
Anonymous Author
Good review of basic principles to keep me in shape !

5
Member's Profile
Another great course and so much knowledge gained.

5
Member's Profile
A decent basic accounting review. Thanks!

4
Anonymous Author
Good working examples of the concepts.

3
Anonymous Author
Took too long to write words.

Member's Profile
A good entry level program.

5
Member's Profile
Solid overview of the topic.

5
Member's Profile
Good review of bookkeeping

4
Member's Profile
good basic refresher course

5
Anonymous Author
Review of journal entries

5
Member's Profile
Very informative course.

5
Member's Profile
Enjoyed the course.

5
Anonymous Author
Good basic review.

5
Anonymous Author
Good course

4
Anonymous Author
Very NICE

5
Anonymous Author
Good pace

4
Member's Profile
Done

4
Member's Profile
Good

Prerequisites
Course Complexity: Foundational

No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.

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 .
Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to Day to Day Transactions4:11
Day to Day Transactions
  Basics of Debits and Credits12:02
  Utilizing T Accounts 14:04
  Exploring Journal Entries 9:57
  Journal Vs. Ledger 9:43
  Example: Posting Journal Entries to Ledger6:25
  Review of Journal Entry and Ledger Posting4:47
CONCLUSION
  Creating a Trial Balance14:50
CONTINUOUS PLAY
  Transaction Analysis, T-Accounts, Debits and Credits, and Trial Balances ful video Udemy1:15:59
SUPPORTING MATERIALS
  Notes Template: Day to Day TransactionsPDF
  Workbook: Day to Day TransactionsPDF
REVIEW & TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam