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Master bookkeeping basics with debits & credits, the accounting cycle, & adjusting/closing entries! This course is your guide to financial literacy & business success.

Course Instructor
Duration

4 hours, 22 minutes

Last updated

February 1, 2024

5
Students

4

£55.99 inc. VAT

More about the course

Using simple, easy-to-understand discussions, illustrations and note sheets, this focused course with video lessons teaches you the basic understanding of the financial tools "debits" and "credits" and allows you to practice your learning.
 
Everyday examples, using common phrases and terms you already know, allow 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 can apply those points using a short, customized practice activity.  After completing your work, Ron will walk you through the steps to allow you to understand what has taken place and identify areas you may need more practice or a better understanding.

What you will learn

  • 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

Is this course for you?

This course is designed for new and established small business owners and managers who may be strong in their fields but want a better understanding of the basic concepts of tracking their company finances and students beginning to learn bookkeeping.

Why choose this course?

  • Conducted by industry experts
  • Get Instant E-certificate
  • Fully online, interactive Text course
  • Developed by qualified professionals
  • Self-paced learning and laptop, tablet, smartphone-friendly
  • 24/7 Tutor Support

Industry Expert Instructor

Rated Excellent on Trustpilot

Course Content

    • Course Overview 00:04:00
    • Meet the Instructor and Resources 00:05:00
    • Tips for the Experience. 00:02:00
    • The Set Up of the Course 00:05:00
    • Accounting Is A Process 00:05:00
    • Intro & Let’s Refresh 00:06:00
    • Finish Up The Refresh 00:08:00
    • Seeing Double? 00:06:00
    • Seeing MORE Than Double? 00:04:00
    • Bob and the Equation 00:07:00
    • Bob and the Equation 2 00:08:00
    • Equation Practice 00:06:00
    • T-Accounts & What Is A Debit? 00:12:00
    • Transactions to T-Accounts 00:16:00
    • Footing, Balancing and Trial Balancing 00:06:00
    • Intro the Assignments 00:02:00
    • Bookkeeping Mechanics Quiz – Section 02 00:15:00
    • Homework Activity – Part 1 00:01:00
    • Homework Answers – Part 1 00:01:00
    • Introducing “The Cycle” 00:06:00
    • Interim vs Final 00:06:00
    • What Are Adjustments and Closings? 00:06:00
    • Setting Up The Worksheet 00:05:00
    • Bookkeeping Mechanics Quiz – Section 03 00:15:00
    • Why Adjust? 00:03:00
    • Prepaid Assets 00:07:00
    • Inventory Adjustments 00:08:00
    • Depreciation 00:08:00
    • More Depreciation 00:05:00
    • Accrued Liabilities 00:07:00
    • Wrapping The Adjustments 00:09:00
    • Bookkeeping Mechanics Quiz – Section 04 00:15:00
    • Homework Activity – Part 2 00:01:00
    • Homework Answers – Part 2 00:01:00
    • Closing? We’re Still In Business! 00:06:00
    • What Gets Closed 00:04:00
    • Revenue, Expenses and IS 00:07:00
    • Closing The IS and Draw 00:05:00
    • Bookkeeping Mechanics Quiz – Section 05 00:15:00
    • Homework Activity – Part 3 00:01:00
    • Homework Answers – Part 3 00:01:00
    • BONUS: Let’s Wrap Up 00:02:00
    • Get Your Certificate & Transcript 00:00:00

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