Accounting for Beginners

From beginner to making your own financial statements in just a few hours

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Course in English

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Teacher: Eric Knight

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Description

Do feel left out of business discussions that involve financial reports?
Does accounting seem impossible to learn?
Do you want to a quick, easy course to teach you accounting?

Anyone involved in business will eventually need to use financial statements. Businesspeople that understand accounting have an edge over those that do not. You need to speak the accounting language to improve your business potential.

You may think gaining an understanding of the financial reports will take you months. Some courses take weeks and weeks of long, drawn-out discussions of accounting. However, to gain a foundation of understanding you don’t need a mega course.

Join me to learn the basics in a few hours.

In this course learn:
• Transactions
• Debits and Credits
• Journal Entries
• General Ledgers
• Trial Balances
• Income Statements
• Balance Sheets

Accounting for Beginnings was designed for busy individuals who need to understand accounting but don’t have big chunks of time available in their daily schedule. Each lecture is concise and to the point. The course follows a group of small business owners and explains how accounting works.

The small business examples we follow include:
• a small service business
• a food service business
• a manufacturer
• and a retailer

Instead of just memorizing how to do accounting you will understand why it is done that way. That gives you the tools to discuss accounting in a dynamic world.

This course also includes a project called a ‘practice set’. A practice set is a set of Excel spreadsheets with a list of transactions to practice what you learned. With the practice set, you will actually be doing accounting and building a set of financial statements on your own!

Imagine going from complete beginner to making financial statements in such a short time!
Don’t make accounting stressful. Instead make it your strength! Take some time to start my program today!

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Objectives

Learn: Transactions
Learn: Debits and Credits
Learn: Journal Entries
Learn: General Ledgers
Learn: Trial Balances
Learn: Income Statements
Learn: Balance Sheets

Instructional level

Introductory

Chapter 1: Introduction
- 1 Welcome to Accounting Basics! 01:43 min
  
  DescriptionIn this first lesson you are introduced to me, the instructor! I’ll explain the course, what you should expect and what you will gain from this valuable course. I’ll introduce you to the four example small businesses that we will follow throughout this course. You see, in this course you don’t just get the information but you get to see it used on the types of small businesses that are most common.
Chapter 2: Transactions
- 1 Transactions
  
  DescriptionA mistake many students make is that they don’t learn some of the key concepts that are necessary before diving into the journal entries and debits and credits. That may explain some of the challenges people have with accounting. We won’t make that mistake here. We start by understand 2 key concepts in accounting which include the term transaction and account. These terms are used all the time but seldom understood.
Chapter 3: Financial Statements
- 1 Financial Statements 07:29 min
  
  DescriptionThe goal is to provide information to those individuals interested in the business. To communicate just how good or bad things are going in the business, accountants use two primary financial statements. These are the balance sheet and income statement. The balance sheet gives some information on what the business has available to use. The resources that managers in the business can use to do the work of the company. The income statement helps us understand the profitability of the business. These together shape our initial understanding of how well the business is operating.
Chapter 4: Balance Sheet
- 1 Balance Sheet 07:21 min
  
  DescriptionIn this lesson we’ll look closer at the balance sheet. The balance sheet is an important document that offers the businesses value at a point in time. The balance sheet uses the accounting formula which is assets = liabilities + equity. This formula is key to everything done in financial accounting. Well look at each element in detail and explain these concepts using a couple small business examples. The examples include a yard service and a coffee kiosk business.
Chapter 5: Assets
- 1 Assets 04:53 min
  
  DescriptionWe introduced assets in a previous lesson as an account that is found on the balance sheet. That account contains the information on the resources available in that business. In this lesson we’ll consider if all balance sheets have the same assets and if not why. We’ll look at how differences in how management will influence what kind and how much of an asset is reported on the balance sheet.
Chapter 6: Liabilities
- 1 Liabilities 06:35 min
  
  DescriptionIn this lesson we will look at various transactions that can lead to liabilities. Liabilities are obligations, meaning that the business owes someone something. An easy example is a loan. If the business manager takes a loan out for the business, that loan is an obligation and therefore a liability. We’ll look at other liabilities and see how managers use liabilities to run their business.
Chapter 7: Equity
- 1 Equity 06:53 min
  
  DescriptionLoans are not the only way that a business can get funds to buy their assets. Another way is to get investors interested in the business. When a business attracts an investor, the money received goes into the business as equity. Then the business can use that to buy resources needed to run the show. We’ll discuss interesting concepts like corporations, common stock, and retained earnings. We’ll see why managers might want to find investors rather than take out loans.
Chapter 8: Income Statement
- 1 Income Statement 08:34 min
  
  DescriptionOne of the biggest questions in business relates to net income. Managers, owners, bankers, investors, etc. want to know the profitability. Intuitively even people that do not have a business background understand profits are important. In our lesson we don’t just cover how to calculate the profit, but we understand each element and how the income statement offers the user a glimpse into operations.
Chapter 9: Accrual Basis
- 1 Accrual Basis 07:50 min
  
  DescriptionAccounting uses the accrual basis to measure revenue and expenses. This can be confusing to non-accountants because the accrual basis ignores the movement of cash and instead follows when a revenue is earned or an expense is incurred. However, by the time you complete this lesson you will understand the accrual basis and why it is so important to the accounting process
Chapter 10: Debits and Credits
- 1 Debits and Credits 06:31 min
  
  DescriptionMost people that learn basic accounting are confused by the use of debits and credits. In accounting the debit and credit columns are used to increase the value of accounts impacted in transactions. The short answer is that a debit is just the left column and the credit is the right column. But the key to understanding this is when to use the debit column or credit column.
Chapter 11: Accounts
- 1 Accounts 04:40 min
  
  DescriptionIn business when business activity happens, we call that a transaction. We need to show that transaction’s impact on the business. To do this we use accounts to categorize the transaction. In this lesson we learn how to increase and decrease accounts based on the account’s placement on the balance sheet or income statement.
Chapter 12: Journal Entries
- 1 Journal Entries 05:52 min
  
  DescriptionAs business activities occur, they must be input into the accounting system. This is accomplished by using journal entries. Journal entries use debits and credits to increase or decrease accounts that are impacted in a transaction. This lesson will look at a couple examples from the coffee shop. We’ll see how the coffee shop can use journal entries for common business transactions.
Chapter 13: Posting
- 1 Posting 11:09 min
  
  DescriptionThe journal entry is an excellent source of information for specific transactions. But the journal entry does not show the current balance in each account. To do that you will need to look into the General Ledger. Accountants call the transfer of information from the journal entry into the general ledger “posting”. In this lesson we will learn how to post information for various transactions that are commonly found in business.
Chapter 14: Trial Balance
- 1 Trial Balance 03:54 min
  
  DescriptionThe next step in the basic accounting cycle is to take the ending balances from each of the accounts in the general ledger and transfer these amounts to a report called the “Trial Balance”. The trial balance is a useful step in the preparation process of the financial statements. This lesson will walk through how the transfer occurs and the importance of a trial balance.
Chapter 15: Financial Statements
- 1 Financial Statements 06:08 min
  
  DescriptionIn our final lesson we close the loop on the accounting cycle. Using the totals from the trial balance we can build both the Balance Sheet and Income Statement.
Chapter 16: Conclusion
- 1 Congratulations! 00:48 min

The Teachlr

Eric Knight

CPA and Educator

Hello! My name is Eric Knight. Simply stated I am a teacher. I have taught students in classrooms, in online colleges, and with online courses I developed. I am a life-long learner. I completed both Bachelor and Master degrees in Accounting before earning a Doctorate in Business Administration. I am also certified first as a CPA and later a CGMA (Managerial Accounting). My education is a big factor in my success in life and I want to help others gain success through their own learning