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The business world we live and work in would not be able to operate without a reliable method for recording the effects of transactions. A systematic method of recording transactions is necessary if companies such as IBM and General Electric (and even local clothing stores and restaurants) are to generate information with which to make sound business decisions. This systematic method, termed the accounting cycle, has existed for centuries and still works well today. How does the system that captures and processes this information work and why do you need to know about it? This course addresses those questions.

Businesses buy and sell goods or services; borrow and invest money; pay wages to employees; purchase land, buildings, and equipment; distribute earnings to owners; and pay taxes to the government. These activities are referred to as “exchange transactions” because the entity is actually trading (exchanging) one thing for another.  To determine how well an entity is managing its resources, the results of transactions must be analyzed. The accounting cycle makes the analysis possible by recording and summarizing an entity’s transactions and preparing reports that present the summary results. 

In this course, the debit and credit technique of transaction analysis that has been used by accountants for over 500 years is explained. Although not necessary for an understanding of financial statements, debits and credits provide a useful shorthand for summarizing complex transactions. So get ready for a discussion of double-entry accounting, a system described by the German philosopher Goethe as “among the finest inventions of the human mind.”

Learning Objectives

  • Explore the process of transforming transaction data into useful accounting information. 
  • Explore how to analyze transactions and determine how those transactions affect the accounting equation 
  • Recognize how to record the effects of transactions using journal entries 
  • Explore how to summarize the resulting journal entries through posting and prepare a trial balance 
  • Identify how technology has affected the first three steps of the accounting cycle.
Last updated/reviewed: May 9, 2022

189 Reviews (808 ratings)Reviews

5
Member's Profile
A great introduction to accounting and basic 101 course. The lesson is structured well with sections flowing together. People who would get the most out of this course are those who are in the finance or business world but do not have strong backgrounds in accountancy.
5
Member's Profile
This course was a great refresher on the basics of accounting. The old saying debits must equal credits is adequately explained and the monthly accounting reports and processes are explained.
5
Anonymous Author
This was a very basic and very good training. Explained accounting 101 and brought home key points.
5
Member's Profile
Clear explanations and examples. Excellent course.
5
Member's Profile
Excellent course by an excellent instructor - my favorite on Illumeo by far. If I could, I'd rate this six stars! The material was thorough, easy to follow, well-organized, and engaging. I loved Dr. Stice's enthusiasm, passion, and humor. I laughed out loud several times during this course. My favorite moments were 1) the way he leans in to the camera to emphasize how the accounting equation works and 2) this line: "You're ready to go to an accounting party when you say: hey, debit cash!" I also loved the way he supports and inspires the learners throughout. Great refresher and some great ideas for explaining accounting concepts to non-accountants. Definitely recommend and will look for more courses by Dr. Stice!
5
Anonymous Author
This course provided an excellent overview of the accounting basics as well as many easy-to-follow examples and illustrations throughout the module. Although the presentation deck is somewhat busy, Professor Stice does an incredible job explaining each of the mechanics, keeping his audience engaged throughout the course. Great refresher for those who don't necessarily spend their day in the Finance department at work. Thanks - I'd recommend to others.
5
Member's Profile
The Best Accounting Basics Ever! The instructor, Mr. Stice, is well versed, so clear and precise. He presented each topic in a very interesting and engaging style, no boredom all throughout. You just want to listen in each and every word that he says. I wished he was my instructor during my first year in B.S. Accounting; I probably would have been a CPA by now and did not switched to B.S. Computer Science. Glad I took this webinar!
5
Member's Profile
Loved this course! I laughed so much that I cried. I have been a CPA for almost 40 years. I love the joy that the instructor brings to the underlying fundamentals of the mechanics of accounting. "If they would have taught this in first grade, life would have been good." "Like your mother taught you when you were young." Kay Stice is a true accountant to the core. Loved it!
5
Member's Profile
I'm a CPA but took this course to evaluate it for new staff coming into our organization who don't have an accounting degree (e.g. finance, economics, etc.). It's a great overview of the basics and refresher for those who may have had a few classes in college but haven't used the knowledge in awhile. The instructor is very engaging and clearly passionate about the subject.
5
Member's Profile
I have ALWAYS had a complete brain freeze when it came to the understanding of Debits & Credits. This is by far the BEST course I have ever reviewed. The presenter explains things SO clearly and gives many examples to get the point across. I like the presenter video included, it adds so much to the presentation.
4
Anonymous Author
The lectures are so much direct that anyone even not in accounting area can easily understand. So informative that you can use if you are about to start your own business. You can easily follow the instructions . I will highly recommend this course. You will learn in every minutes spend .
5
Member's Profile
I love the enthusiasm of Professor Kay Stice. He keeps things light and moving which can be hard for an online course. This is a great refresher for those that haven't taken an accounting class in many years and are looking to get back into the field.
5
Anonymous Author
The is a very informative course. The way in which the concepts are presented is helpful and it is easy to understand. The instructor was engaging and was able to keep this interesting. This course could be useful across many levels of an organization.
4
Member's Profile
Very basic but great for new accountants. The instructor explains the basic concepts in a very organized and fun manner. The examples helps bridge the educational knowledge with what the accountant can expect in their new accounting role.
5
Anonymous Author
I liked this course because it gave very informative information without going super in depth in regards to accounting. Gave a true 10,000 foot view approach and helped me understand the basics of accounting in a more clear and concise way.
5
Member's Profile
The professor did a great job of clearly explaining some basic concepts of accounting. I would definitely recommend this to people both new to accounting and people looking for a quick review of the first part of the accounting cycle.
5
Member's Profile
This is an excellent refresher course that I would recommend. It is a good suggestion to keep the slide materials for future reference and is also great for recertification of the CPP. I highly recommend this course.
5
Member's Profile
if you ever have to explain basic accounting concepts to someone, this is an excellent example on how to do it - introduction of accounting to novices done perfectly - very clearly, methodically and encouragingly.
5
Member's Profile
Nice analysis of the Accounting cycle and related mechanics. One of the downfalls of accounting software is that accountants can get away with not really knowing what's actually happening when they make an entry.
4
Member's Profile
I was pleasantly surprised at how much information was learned in only a two hour course. The course is a thorough explanation of the basics of accounting and the slides were detailed, yet clear. Thanks much!
5
Anonymous Author
Great course to really understand the "why" of accounting. Great complementary slides as well, and also a good opportunity to return to the basics of the accounting equation. The professor was awesome as well!
4
Anonymous Author
Great course for anyone who may be unfamiliar with the basic accounting process. Kay is charismatic in his lecture and makes accounting sound like fun stuff! Excellent overview touching on all the highlights.
5
Anonymous Author
Instructor did a great job at simplifying accounting processes/reporting.This was a great intro course for people new to accounting and also a great refresher course for those with accounting experience.
5
Member's Profile
I really love going back to basics with courses like this. I get so embedded in financial modelling I like to review my basic accounting principles which grounds me and helps me problem solve better.
5
Anonymous Author
Great summary of the mechanics of accounting for anyone who is starting. The slides sheets could be updated and improved to make them more visually friendly, but overall, this course is good.
5
Anonymous Author
Great overview of the theories that encompass accounting, and what each mechanic of accounting is generally used for. Helps reinforce why we do the processes we do, and is a good refresher.
5
Member's Profile
The course was easy to understand and follow along with. I appreciated the organization and the logical process that the instructor took to work through each part of the accounting cycle.
4
Anonymous Author
By the end of the course I felt some of the professors words and scribblings were unnecessary but overall a very good course to explain the fundamentals of accounting and good examples.
5
Member's Profile
Thank you, this course was great. I felt like it covered everything necessary and provided me with the tools to pass the exam at the end. Overall I would recommend this to a colleague.
5
Anonymous Author
This class had an abundant amount of examples to help me understand the difference between debits and credits on the asset side and equity/liability side of the accounting equation.
5
Anonymous Author
Very well taught. Great clarity about the fundamentals of Accounting. Good for those new to Accounting or in an need of a refresher. The instructor is clear, concise, and engaging.
5
Member's Profile
Very informative presentation, slides are helpful. Provides a great introduction to understanding the life cycle in accounting transactions and integrating the Accounting equation
4
Anonymous Author
A very good overview/refresher of accounting fundamentals. The presenter is really passionate about the course content and very knowledgeable. Highly recommend view this course.
5
Member's Profile
Instructor does a great job reviewing the material. Would like to see presentation as the initial references are from many years ago. Quick updates would make it more appealing.
5
Member's Profile
This course was very useful to review accounting principles. Any employee entering the finance/accounting field would find this survey useful to brush up on previous lessons.
5
Anonymous Author
An interesting and entertaining exploration of basic accounting principles. The instructor presents the material in such a way as to make this topic interesting and relevant.
5
Member's Profile
This was an enjoyable course. I wish Dr. Stice was my accounting instructor. It would have made learning about accounting more interesting and his enthusiasm was contiguous.
5
Anonymous Author
The course was easy to follow. It covered a great deal of material, and was a great refresher. It would be beneficial to know which questions were missed on the exam.
5
Member's Profile
I really enjoyed the graphics and examples in the slide presentation. They were very clear and easy to understand. I also appreciated Professor's Stice's enthusiasm!
5
Anonymous Author
Great course, very thorough. Really caused me to revisit some of the basic concepts that I hadn't thought through in a long time. Always good to experience a refresh!
5
Anonymous Author
Course was fantastic for an intro to accounting. The instructor was enthusiastic and well paced without lingering on any given subject too long. Highly recommend.
4
Anonymous Author
Good basic overview of the accounting process and the fundamental principles of accounting for transactions through accounting reports and financial statements.
5
Anonymous Author
This course was extremely helpful in solidifying accounting basics. The video slideshow was easy to follow along and left me with no questions at the end.
5
Member's Profile
Kay sure knows how to keep it interesting! Such useful information presented in an entertaining way. Planning on taking every course from this instructor!
5
Anonymous Author
Very detailed review of the mechanics accounting through debits and credits. Great explanations that can be used to help beginners or non accountants.
5
Member's Profile
Good course on the accounting cycle, foundational course on all the steps required to complete the entire process. Information on all CPAs should know.
5
Member's Profile
A comprehensive and detailed analytic presentation that should not be missed. Great refresher for us olds hands, lest we forget where we came from.
5
Anonymous Author
The seminar makes complicated accounting basic principles easy and fun to remember. The examples cover the majority basic transaction scenarios.
5
Anonymous Author
This course was very basic, a good overview for those getting started in the field. The instructor was very good and the slides were very helpful.
5
Member's Profile
Really liked the instructor, he had a good way of explaining things, liked his examples, made the material more relatable and easier to remember.
5
Anonymous Author
The instructor made this course fun. He enthusiastically repeated items of importance. I found his style easy to follow, understand, and retain.
5
Member's Profile
This course was a review for me. The presenter was very clear in his explanations, and the examples explained the ideas perfectly. Thank you!
4
Anonymous Author
The course was a good overview of basic accounting and helped me think about some of the accounting fundamentals from a different perspective
5
Member's Profile
Great overall review! very clear and concise. highly recommend to a new person or to someone who has been away from accounting for a while.
5
Member's Profile
Solid overview of the accounting process. The instructor provides good background on why accountants perform tasks in the way that they do.
5
Anonymous Author
Easy to understand the concepts. Enjoyed the way the material was presented. Shows the need for human knowledge in the world of business.
5
Anonymous Author
Mechanics, Basics, and Theory Accounting course is a great course. It is a good way to refresh my memory of many accounting concepts.
5
Anonymous Author
This is an excellent course! I love the flow and way the content is delivered. The presenter is very pleasing and easy to listen to.
4
Anonymous Author
Kay was excellent at getting the point across. He was a little happy with his wand drawings to the point it covered the presentation.
4
Anonymous Author
This course is very helpful. This course is very informative & helpful. This information will be very useful in my everyday duties.
4
Anonymous Author
Information was presented in manner that was easy to comprehend and follow. Overall a good course covering basic accounting concepts.
5
Anonymous Author
Loved this course! The instructor was very enthusiastic and explained everything well. A good refresher on the basics of accounting.
4
Member's Profile
This is a good review for accounting beginners. This course is at the entry level of accounting but provides good illustrations.
5
Anonymous Author
Good class, helps you understand difficult concepts in a short and effective way that would help anyone in their accounting journey
5
Member's Profile
This course was enthusiastically taught, thorough, and downright entertaining. Great instruction from a knowledgeable professor!
5
Member's Profile
I liked how the videos were broken up and none were over fifteen minutes. It made it easy to complete. Very clear explanations.
4
Anonymous Author
Good course explaining the mechanics and basics of accounting. Course gives a good overview of accounting theory and basics.
5
Anonymous Author
I really enjoyed the ease of use of the course. It was also a great refreshers of all too commonly overlooked fundamentals.
5
Anonymous Author
Good supplementary support summary. Helped reinforce the concepts. Quiz was a good preparation for the exam. Good length.
5
Anonymous Author
Great course. Very easy to follow and found the professor to make the topic very interesting throughout the whole course.
5
Member's Profile
Kay is the best at presenting concepts in an understandable and entertaining way - great theory of accounting course!
5
Member's Profile
good overview. content is relatively easy to digest. test uses the "not" frequently which I find is often confusing.
5
Anonymous Author
Instructor was very thorough and provided detailed yet simple explanations for the student to follow and comprehend.
5
Anonymous Author
I loved this class. It really made a lot of accounting transactions clearer in my head. I loved the teacher too.
5
Member's Profile
The material was well organized and easy to understand. this is a great way of completing credits needed for CPE.
5
Anonymous Author
Great course to assess basic knowledge among the accounting process from data entry to journal and report output.
5
Anonymous Author
This is a great overview course. The instructor is passionate and clearly cares about the class and the topic.
5
Anonymous Author
Good course. Instructor was motivated and excited about what he was teaching. He made accounting make sense.
5
Member's Profile
Very clear, but basic overview. Hots on all the major topics needed to begin accounting for simple transactions.
4
Member's Profile
Does a great job covering the basics of the accounting cycle and establishes great fundamentals for beginners.
5
Member's Profile
Quick and basic theory of accounting course. It touches the basics as the t accounts and debits and credits
5
Anonymous Author
The course contains plenty of relevant information about financial statements and accounting. Awesome course!
5
Member's Profile
Extremely well laid out presentation and easy to understand material. Detailed since it is a beginner course.
5
Member's Profile
great reminder and recap of key accounting concepts about debit and credits and journal entry preparation.
5
Member's Profile
Great overview of accounting and review of basics of Debits & Credits, Posting JE's, the GL, TB, F/S, etc.
5
Member's Profile
An excellent explanation of accounting terms and practices along with comprehensive examples of each step.
5
Anonymous Author
This was a good basics class and something I would recommend to my new staff, and for testing knowledge.
5
Member's Profile
The presentation fairly and accurately covered what was expected. If anything it was a little too basic.
5
Member's Profile
This professor is excellent! He explains accounting in a way that everything clicks! Thank you so much!
5
Anonymous Author
This is a good primer for people who don't know anything about accounting. It moves for in a clear way.
5
Anonymous Author
Great course. Instructor does a great job of simplifying the accounting process from the very basics.
5
Member's Profile
This course is excellent for the beginner. The instructor does a great job explaining the basics.
5
Anonymous Author
very good overview of basic accounting principles that are useful for even experienced accountants.
5
Anonymous Author
Truly the basics and presented in an efficient manner. A must for individuals new to accounting.
5
Anonymous Author
Good refresher of the basics. It is surprising how much you have to think through these concepts.
5
Anonymous Author
What you would expect for a foundation level course. The questions proved to be a nice refresher.
5
Anonymous Author
This is a great course for anyone looking for basic Accounting overview. Would highly recommend.
5
Anonymous Author
Good review of the basic concepts of the accounting equation and how it translates to reporting.
5
Member's Profile
Kay Stice is an outstanding instructor! I'll look for other courses that here that he teaches.
4
Member's Profile
Good basic understanding of the accounting process, would be good to those new to the industry.
5
Anonymous Author
This course was very well thought through and helped me grasp the basic concepts of accounting.
5
Anonymous Author
This is a great ground level review of the mechanics of accounting, presented in a nice format.
5
Member's Profile
Very intuitive and easy to understand. Slides were well laid out and instructor was very clear
5
Anonymous Author
This was a very good refresher on the basics of the accounting process. Very well explained.
5
Member's Profile
Great refresher on basic accounting topics. The materials were easy to follow, and navigate.
5
Member's Profile
A good basic refresher course. I recommend it for someone just coming back to the industry.
5
Anonymous Author
Great overview of the mechanics of accounting especially with automation of data these days.
5
Member's Profile
Succinct presentation by enthusiastic speaker. Would recommend to those new to accounting.
5
Anonymous Author
Thank you very much for the excellent presentation! It is nice to refresh my knowledge!
5
Anonymous Author
Excellent explanation of accounting system. Wish this was available when I was in college.
5
Anonymous Author
Loved this course - easy to follow and great information provided - would highly recommend
5
Anonymous Author
Great overview of the accounting process. helpful in understanding the background of it.
4
Member's Profile
Very basic introduction to accounting but thorough. Covers all of the important basics.
4
Member's Profile
Good refresh on the mechanics of accounting. Helpful for those needing a quick refresh.
5
Member's Profile
Excellent presenter, who makes understanding basic accounting principles simple and fun.
5
Anonymous Author
Enthusiastic instructor. Wish I had this instructor when I began my accounting studies.
5
Anonymous Author
I enjoyed this class very much!!! Broken down so that even lay people can understand!!!
5
Member's Profile
His explanations of the basics was clear. I train many clients and will use the handouts
3
Anonymous Author
the course is a good review of basic accounting theory. author explained in quite detail
5
Anonymous Author
Great course and accounting overview! very well explained. Definitely recommend it.
5
Anonymous Author
Grasping a better understanding on the importance of how data influences the company.
5
Member's Profile
Great presentation, very basic and instructor videos are interesting and animated.
5
Member's Profile
Very detailed explanations, great examples are used in the lecture, good wording...
5
Anonymous Author
Highly engaging instructor and material made the course enjoyable and informative.
5
Anonymous Author
Very talented instructor who simplifies key accounting concepts and transactions.
5
Member's Profile
Well organized and clear. Anyone teaching principles of accounting would benefit.
4
Member's Profile
Great introduction to accounting topics or a refresher to experienced accountants
5
Anonymous Author
Did not like the slides the font was too big and did not flow. Material was ok.
4
Member's Profile
A good review of the basics, which is always good to revisit from time to time.
3
Anonymous Author
Wish I had you as a professor in college! Very basic and easy to understand.
5
Member's Profile
The professor was very detailed and clear in his explanations of the concepts
5
Anonymous Author
Great course. Instructor was engaging and put my thought processes in order.
5
Anonymous Author
This course accomplish the goals of educating on the basics of accounting.
5
Anonymous Author
Very interesting presentation - you won't lose interest during the course.
5
Anonymous Author
Great overview of the basics of accounting. Great for new staff to review.
5
Anonymous Author
Instructor uses great examples and makes concepts very easy to understand.
5
Member's Profile
This course helped me to understand how to post journal entries properly
5
Member's Profile
great course content, well laid out in presentation . very informative!
5
Member's Profile
Nice way to explain the basic accounting concept in a layman's language.
5
Member's Profile
Good fundamentals course, lots of beginner content. Good refresher too.
5
Anonymous Author
This course did a good job of reviewing the fundamentals of Accounting.
4
Member's Profile
good overall basic course on accounting. Good basic accounting course.
5
Anonymous Author
Quick and simple review for those in need of a basic refresher course
5
Member's Profile
Very engaging instructor. Great energy and clear explanation of topic.
5
Anonymous Author
Clear and concise. I thought he did a great job and was entertaining.
5
Anonymous Author
very good the info of the course as a reminder. thank you so much Kay
5
Anonymous Author
Nice beginner course for accounting. Very basic but easy to follow.
5
Anonymous Author
Organized and well discussed topics, easy to follow and understand.
5
Anonymous Author
Great course on the mechanics of accounting and general accounting.
5
Anonymous Author
Well presented, easy to follow, not dull. Informative and relevant.
5
Member's Profile
This webinar was educational. Thank you for allowing to view it.
5
Anonymous Author
Brilliant course and tutor. Would like some more classes with him
5
Anonymous Author
This course was a good reminder of basic accounting fundamentals.
5
Anonymous Author
Nice introductory course. Professor was entertaining and thorough
5
Member's Profile
The course is a good overview of the basic theory of accounting.
5
Member's Profile
Course met stated objectives and was easy to follow along with.
5
Anonymous Author
This course was a helpful review and the slides are very useful.
5
Member's Profile
Instructor was very upbeat and easy to listen to and learn from.
4
Anonymous Author
Great refresher course. brings back memories of Accounting 101!
4
Member's Profile
Good course with basic accounting that I used to help my staff.
4
Anonymous Author
Upon consideration this was a good course. not much else to say
4
Anonymous Author
This course gave in depth details about the accounting cycle.
5
Anonymous Author
good course overview and I like the way it was all explained.
5
Anonymous Author
Wonderfully explained! You made this course very interesting.
5
Anonymous Author
Course provides a good overview of basic accounting material.
3
Member's Profile
This course was a good refresh on basics. I enjoyed the test
5
Anonymous Author
Instructor is very animated - good basic overview/refresher.
5
Anonymous Author
This is a fun and informative class that I would recommend.
5
Member's Profile
Great enthusiasm for topic and good explanations of concepts
5
Member's Profile
It's an effective accounting course that covers the basics.
5
Anonymous Author
This is a great review of accounting concepts. Pretty basic.
3
Member's Profile
A good course to refresh basic understanding of accounting.
5
Member's Profile
Great course giving an overview of the basics of accounting
4
Anonymous Author
The instructor really enjoys teaching this course. Thanks!
5
Anonymous Author
This course was a very good 'basics' to accounting course.
5
Anonymous Author
Very basic overview, but covers it all. Easy to listen to.
5
Member's Profile
Loved all the examples and the instruction was top notch.
5
Member's Profile
A goo review and right to the point. It may be too basic.
5
Anonymous Author
Great course by the instructor. Wow! Thank you so much!
5
Member's Profile
This was a very informative and easy to understand course
5
Anonymous Author
Very engaging instructor and well presented basic course
5
Member's Profile
That was a very enthusiastic presentation on accounting.
4
Member's Profile
Very comprehensive review of the Accounting Process.
5
Anonymous Author
Good refresher course for basics of accounting......
5
Member's Profile
Professor was very thorough and easy to understand.
5
Anonymous Author
instructor made this fun and was very informative.
5
Member's Profile
Really great review of the basics of accounting.
5
Anonymous Author
Great course ! Incredible instructor, thanks !
4
Anonymous Author
Good instructor and good content

Prerequisites

Course Complexity: Foundational

No Advanced Preparation or Prerequisites are needed 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
The Mechanics of Accounting
  13:04Which Items Should Be Entered?
  11:39T Account
  11:22Rules of Debits and Credits
  12:18Buying Inventory, Services, and Selling Inventory
  8:05The Power of Cash
  9:37The Journal Entry Process
  12:26Account Balance and Chart of Accounts
  12:06Posting Transactions and The Accounting Equation
  14:34Trial Balance
CONCLUSION
  2:32What About Computers?
Continuous Play
  1:55:02The Mechanics of Accounting
SUPPORTING MATERIALS
  PDFSlides: The Mechanics of Accounting
  PDFThe Mechanics of Accounting Glossary/Index
REVIEW and TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM