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
- 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
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
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Prerequisites
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.