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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

  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 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: August 05, 2017

47 Reviews (171 ratings)Reviews

4
Anonymous Author
Quick easy course to cover technical accounting CPE. I would recommend for entry level staff.
2
Member's Profile
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.
5
Member's Profile
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!
4
Member's Profile
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.
4
Anonymous Author
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.
3
Anonymous Author
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.
4
Member's Profile
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
5
Member's Profile
Erik's teaching style is clear. This is a very good course on basic accounting and financial statements. Highly recommended!
3
Member's Profile
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?
4
Member's Profile
the writing was too slow . It would have been better if writing was faster or already done.
5
Anonymous Author
Debits and credits can be tricky for non accounting professionals. This course simplifies.
4
Member's Profile
A good overview of transactional effects, even for seasoned financial statement users
5
Member's Profile
Slow paced but a good review of the basics. Always helps to hear the basics again.
4
Anonymous Author
There are good examples to help understand how to track and enter transactions.
5
Member's Profile
Very useful refresher on basic accounting equations and balance sheet.
5
Member's Profile
Great course on building a foundation for basic accounting knowledge.
3
Anonymous Author
Some of the questions are unclear as to who you are referring to.
4
Anonymous Author
Did a good job but very basic if that is what you are looking for.
5
Member's Profile
Different way of looking at the accounting entries. I liked it.
4
Anonymous Author
Good information especially for someone new to accounting.
5
Member's Profile
A good refersher course. Simple big picture concepts.
3
Member's Profile
Exam was way too easy. And far too few questions.
5
Anonymous Author
Would like to see the incorrect questions marked.
3
Anonymous Author
very beginner - for non business professionals
Member's Profile
A basic course and it delivers as advertised.
5
Member's Profile
Good short review of fundamental accounting.
5
Member's Profile
Explained very clearly and succinctly.
5
Anonymous Author
A simple review of basic knowledge.
5
Member's Profile
Great course! Very informative.
5
Anonymous Author
Easy to interpret. Good pace.
5
Member's Profile
Excellent review. Thanks!
5
Anonymous Author
basic accounting overview
5
Anonymous Author
basic and easy to follow
4
Anonymous Author
Basic accounting review.
5
Member's Profile
Evenly paced lecture.
4
Anonymous Author
Good for introductory.
4
Anonymous Author
Good refresher course.
5
Anonymous Author
good basic accounting
4
Anonymous Author
Clear and concise.
5
Member's Profile
The course itself
4
Anonymous Author
A bit monotonous
5
Member's Profile
Great refresher.
5
Anonymous Author
Good work!
5
Member's Profile
great job
4
Member's Profile
Good
3
Anonymous Author
ok
Anonymous Author
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 .
Course Syllabus
INTRODUCTION AND OVERVIEW
Accounting Equation
  13:14Core Accounting Principles
  10:22Tracking Transactions
  7:24Totaling Transactions
Financial Statements
  7:44Exploring Financial Statements
  13:05Preparing Financial Statements
Continuous Play
  1:02:57The Accounting Equation and Financial Statements
SUPPORTING MATERIALS
  PDFNotes Template
  PDFWork Book Including Glossary
REVIEW & TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM