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In this course, the accounting equation that stands at the core of double entry accounting, that Assets = Liabilities + Shareholder Equity, is presented along with exercises to practice using it to categorize transactions. Also, an introduction to the basic financial statements, the income statement, the balance sheet and the cash flow statement, provides context to the accounting equation. Retained earnings is explained in simple, straight-forward terms, which will help the student with closing journal entries when presented in a subsequent 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 elements of the primary accounting equation, including defining assets, liabilities and shareholders equity
- 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)
Last updated/reviewed: October 23, 2018
51 Reviews (192 ratings)Reviews
Ri Chan
(Financial Analyst at Cisco LIFT)
This was an okay training for those who have never had exposure to basic accounting. The spreadsheet notation was inconsistent and non-standard. Why add plus signs for positive amounts when negative amounts were indicated with brackets? The presentation was slow moving due to presentation software - the hand written notes lagged behind the verbal instruction. Very comprehensive notes template and work book and the glossary is a plus. Review questions were good, but the final exam is not a good reflection of the training content. I majored in Accounting and struggled with the ambiguity associated with the wording of the questions.
Ezgi Ustundag
(Financial Analyst at Cisco LIFT)
Explained very thoroughly and the handouts were extremely helpful. I also appreciated the time that the instructor took to write out explanations for each correct or incorrect answer (and how the incorrect answer was reached) in the "Review Questions" section of the course. Great refresher!
Jeremy Ratto
(Senior Accounts Receivable Representativ.. at Yelp)
The course pacing was perfect for me. I was able to follow along and understand all the concepts Erik was presenting. I was really glad to have the worksheets to have so I could follow along and practice in real time.
Sean Spero
(Financial Analyst at Cisco LIFT)
Although introductory accounting is typically a very boring topic, the instructor presented lots of real-world examples in different context which ended up making the course quite informative.
Anonymous
(Bookkeeper)
This was a great introductory course in accounting and a great refresher. I liked the notes template and the workbook that were provided which reinforced the concepts taught.
Anonymous
(Accountant)
I think the format of this class with the instructor writing as he was speaking might be better suited to a "live" class rather than a self study.
Trisha Wright(Rinderle)
(Consulting Accountant at EKS&H)
Course teaching moved slow due to writing out of each teaching point, it was helpful with a few points but overall drug out the lessons
Anonymous
(Accountant II)
Good way to get back to the basics. The presentation layout was a little slow with him having to handwrite definitions and such
Buen Rendon III
(Audit Manager at MRII)
Erik's teaching style is clear. This is a very good course on basic accounting and financial statements. Highly recommended!
Erin Bagley
(Receptionist/Admin Assistant at Landscape Services Inc)
I wish it would show me what answers I got wrong on the test. How will I ever learn if I can't see my mistakes?
Anonymous
(Program Management)
You'll be able to grasp the basics of accounting. This is a great starter for those new to the accounting world
Anonymous
(Consultant)
Quick easy course to cover technical accounting CPE. I would recommend for entry level staff.
MERSEDEH BASSARI
(Sr. Manager, Finance at Liaison Technologies)
the writing was too slow . It would have been better if writing was faster or already done.
Anonymous
(Accountant)
This class did a great job explaining the accounting equation and why you do what you do.
Anonymous
(-)
Debits and credits can be tricky for non accounting professionals. This course simplifies.
Tim Philips
(Controller at Self)
A good overview of transactional effects, even for seasoned financial statement users
George Welch
(Staff Accountant at Correct Care Solutions)
Slow paced but a good review of the basics. Always helps to hear the basics again.
Anonymous
(Apprentice)
There are good examples to help understand how to track and enter transactions.
Halina Kovel
(Sr Revenue Accountant at Yelp)
Very useful refresher on basic accounting equations and balance sheet.
Benjamen Adams
(Not Provided at Adams Group)
Great course on building a foundation for basic accounting knowledge.
Anonymous
(Self employed)
Some of the questions are unclear as to who you are referring to.
Anonymous
(Chief Financial Officer)
Did a good job but very basic if that is what you are looking for.
Monica Burgos
(- at Monica Burgos)
Different way of looking at the accounting entries. I liked it.
Anonymous
(Accountant)
Good information especially for someone new to accounting.
Corey Masters
(Risk Specialist at PNC Investments)
A good refersher course. Simple big picture concepts.
Margaret Reybitz
(Financial Analyst at Cisco Systems Inc.)
Exam was way too easy. And far too few questions.
Anonymous
(Controller)
Would like to see the incorrect questions marked.
Anonymous
(Chief Financial Officer)
very beginner - for non business professionals
Kevin Murray
(Manager of Finance at NYSTRS)
A basic course and it delivers as advertised.
Charles Elwis
(None at none)
Good short review of fundamental accounting.
Simon Adell
(Chief Financial Officer at Undisclosed)
Explained very clearly and succinctly.
Anonymous
(CPA)
A simple review of basic knowledge.
Matt Osmundsen
(Director of Financial Planning at Baldwin Technology Company, Inc.)
Great course! Very informative.
Anonymous
()
Easy to interpret. Good pace.
Steven Moore
(Certified Management Accountant; CMA at ArdentAccounting)
Excellent review. Thanks!
Anonymous
(Budget & Accounting Manager)
basic accounting overview
Anonymous
(VP, Finance)
basic and easy to follow
Anonymous
(None)
Basic accounting review.
Jim Woolwine
(Sr. Director of Finance and Administrati.. at The Gerontological Society of America)
Evenly paced lecture.
Anonymous
(Director - Transaction Services)
Good for introductory.
Anonymous
(None)
Good refresher course.
Anonymous
(CEO)
good basic accounting
Anonymous
(None)
Clear and concise.
Melvin Balberan
(Senior GL Accountant at Netsuite Philippines Inc.)
The course itself
Anonymous
(Vice President of Finance)
A bit monotonous
Lynne Bromley Holloman
(Accounting Manager at Woodside Equine Clinic)
Great refresher.
Anonymous
(Accountant II)
Good work!
Troy Kindle
(Learning and Development Manager at IFS )
great job
Patrenia McAbee
(Owner at McAbee Consulting)
Good
Anonymous
(Controller for Americas BU)
ok
Anonymous
(Sole Practitioner)
as
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 .