Bookkeeping Basics #2: Understand The Mechanics
- Description
- Curriculum
- FAQ
- Reviews
Using simple, easy-to-understand discussion, illustrations and note sheets, this focused course with video lessons teaches you the basic understanding of the financial tools “debits” and “credits” along with allowing you to put your learning into practice.
Everyday examples, using common phrases and terms you already know, allows the instructor to break through the confusion and teach the concept and use of the tools on which everything else in bookkeeping and accounting is built. Then as each new concept is introduced, you will have the opportunity to apply those points using a short, customized practice activity. After completing your work, Ron will walk through the steps to allow you to understand what has taken place and identify areas you may need more practice or a better understanding.
After completing the course, students will feel more confident and knowledgeable on topics such as…
-
What’s the difference between debits and credits
-
When does each one mean an increase versus a decrease
-
How do they relate to assets, liabilities and equity
-
Also, how do they relate to income and expenses
-
What is a T-Account and how is it used in bookkeeping
-
What is an EASY way to remember when to use “debit” and use “credit”
This course works in conjunction with other courses in the series including:
-
an overview of the basic fundamentals of how bookkeeping works for small businesses
-
a complete practice set that allows you to put all the new learning into use
-
an overview of the largest small-business software in the world
-
and a course specifically designed to connect the concepts with personal finance.
CPE (Continuing Professional Education)
Learning Objectives
-
Understand the main components of the Fundamental Accounting Equation
-
Distinguish between bookkeeping accounts that increase as debits and ones that increase as credits
-
Discuss the process of footing and balancing accounting T-accounts/ledgers
-
Explain the Accounting Cycle’s steps
-
Define the difference between Interim and Final financial reports
-
Recognize the need for Adjusting activities and Closing activities in the Accounting Cycle
-
Demonstrate the differences in recording adjusting entries for depreciation, accrued liabilities, inventory tracking, and prepaid assets
-
Explain why annual bookkeeping records are closed each year
-
List which types of accounts are closed, and which types remain open during the closing process
For additional information, including refunds and complaints, please see Udemy Terms of Use, which is linked from the footer of this page.
For more information regarding administrative policies, please contact our support using the Help and Support link at the bottom of this page.
-
1
Course OverviewA quick overview of what the course is going to cover, and assumptions of students abilities.
-
2
Tips for the Experience.
Here are some tips to make the entire course-taking experience easier and more productive.
-
3
Meet the Instructor and Resources
Meet the instructor and learn what resources are available for the course IN ADDITION to the video lessons.
-
4
The Set Up of the Course
How the course is organized and how the Accounting Cycle will be used as a guide.
-
5
Accounting is a Process
Begin to understand the steps involved in working through any bookkeeping work.
-
6
Intro & Let's Refresh
Begin the journey of understanding credits and debits along with some quick refresher on some important fundamental concepts.
-
7
Finish Up The Refresh
Wrap up the refresher with one last topic.
-
8
Seeing Double?
Learn why every time there is ONE transaction, there are AT LEAST TWO different accounts effected.
-
9
Seeing MORE Than Double?
Finish up the introduction to learning what is meant by Double Entry Accounting.
-
10
Bob and the Equation
Time to meet Big Bob and his Bakery along with about his Fundamental Accounting Equation.
-
11
More Equation (and Bob)
Finish up learning about the Bakery's Fundamental Accounting Equation along with starting to enter transactions
-
12
Equation Practice
Continue entering Bob's Big Bakery transactions into the Equation.
-
13
T-Accounts & What Is A Debit?
Introduction to the T-Account tool along with exactly what a Debit is.
-
14
Transactions to T-Accounts
Practice recording all the transactions into debit and credit format
-
15
Footing, Balancing and Trial Balancing
Wrapping up the T-Accounts including finding each one's ending balance
-
16
Introducing The Quiz and Assignments
Learn about your Section Quizzes and the "Homework" Assignment you have to work on throughout the course!
-
17
CPE Review Quiz: Section 2 -
18
"Homework" Activity, Instructions, and Work PapersWelcome to your "homework" for the course. In the Resources section of this lesson are the work papers for the entire assignment and your instructions and data for Part 1.
-
19
AN IMPORTANT QUICK NOTE!!!
Let's clear up a little confusion BEFORE you get to it...
-
20
Homework Answers - Part 1
-
21
Introducing "The Cycle"
The process which bookkeepers and accountants organize all their work is introduced
-
22
Interim vs Final
Learn the difference between an Interim Report, a Final Report and when each one is appropriate
-
23
What Are Adjustments and Closings?
A quick overview of what Adjustment and Closing Entries are in the Accounting Cycle.
-
24
Setting Up The Worksheet
The tool that will keep everything organized through the last part of the Accounting Cycle.
-
25
CPE Review Quiz: Section 3
-
26
Why Adjust?
Learn exactly why Adjustments are necessary and important to financial records
-
27
Prepaid Assets
Dive into what Prepaid Assets are, why they are tracked and how to adjust them
-
28
Inventory Adjustments
Not everything that gets counted is inventory. Learn what and how inventory effects financials.
-
29
Depreciation...
Used up and old isn't the only reason what Depreciation entries are recorded on the books. Find out why.
-
30
...More Depreciation
Wrap up the Depreciation learning how, when and why.
-
31
Accrued Liabilities
No need to cut a special paycheck when Accrued Liabilities are entered correctly.
-
32
Wrapping The Adjustments
Examine the final steps in the adjustment process and how to avoid errors on financial statements.
-
33
Homework Assignment - Part 2
-
34
Homework Answers - Part 2
-
35
CPE Review Quiz: Section 4
-
36
Closing? We're Still In Business!
Why a business "closes" its book at the end of the year and how that works with computerized accounting.
-
37
What Gets Closed
Not all the accounts get closed but the ones that do are important.
-
38
Revenue, Expenses and IS
Learn to move the revenue and expense account balances for the closing process along with what and when to use the Income Summary.
-
39
Closing The IS and Draw
The last two steps of the closing process are covered.
-
40
Homework Assignment - Part 3
-
41
Homework Answers - Part 3
-
42
CPE Review Quiz: Section 5
