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Financial Accounting One: Recording Accounting Transactions

This course is designed for those interested to learn the basics of financial accounting; the core concepts, foundational accounting skills including accounting terms, double entry accounting system, and recording transactions using both the accounting equation and debits and credits. Read more.

5.0( 1 REVIEWS )
276 STUDENTS
15h 18m
Course Skill Level
Beginner
Time Estimate
15h 18m

Robert (Bob) Steele CPA, CGMA, M.S. Tax, CPI

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About This Course

Who this course is for:

  • Aspiring accounting students who have an interest in the topic
  • Accounting professionals
  • Anyone who wants to learn accounting
  • Accounting and business students who want a reference source to the material they can actually keep, unlike most digital textbooks used in most accounting programs these days
  • Business professional who want a comprehensive reference to standard financial accounting topics they can refer to

What you’ll learn: 

  • Accounting Objectives, Accounting Equation, and Ethics
  • Financial Statements
  • Accrual Method, Cash Method, Revenue and Expense Recognition
  • Financial Transaction Rules and Thought Process
  • Recording Transactions Using Accounting Equation
  • Debit and Credit Rules, and Thought Process
  • Record Cash Transactions Using Debits and Credits
  • and much more

Requirements: 

  • This course is an excellent course for beginners as well as advanced learners. We start from the basics and move all the way through financial accounting topics in a systematic way. We will be using some Microsoft Excel worksheet, but we will start off slow as we learn Excel as well. If you do not have Excel, you may be able to open the files using Google Sheets, which is free. If you do not have either of these options, you can move forward without this component of the course. However, Excel worksheets are where learners get to really engage with the material and work through problems. Therefore, we do suggest getting access to Excel or Google Sheets at all possible.

This course will cover accounting core concepts, foundational accounting skills needed for all levels of accounting including the accounting terms, the double entry accounting system, and recording transactions using both the accounting equation and debits and credits. These are the accounting fundamentals which most accounting courses spend far too little time on. The better we understand these accounting foundation topics, the better we will do in all accounting concepts.    

Like practicing catch or going over those musical scales, practicing the accounting fundamentals is time well spent for beginners as well as experienced accountants. We are never too smart to practice accounting fundamentals. This course will thoroughly cover the fundamentals and will provide a foundation for learning concepts that limit the likelihood of learning rules that do not always apply.    

This course will provide much more structure to the journal entry process than most courses, including a detailed step by step process for thinking about how to construct financial transactions. This process will eliminate the problem of getting stuck and not knowing how to move forward. The process will also help us understand the transactions we are recording and eliminate the problem of learning concepts that do not apply in all circumstances.   

Our Promise to You

By the end of this course, you will have learned the fundamentals of financial accounting.

10 Day Money Back Guarantee. If you are unsatisfied for any reason, simply contact us and we’ll give you a full refund. No questions asked.

Get started today and learn more about recording accounting transactions.

Course Curriculum

Section 1 - Introduction
Course Overview 00:00:00
Downloadable Materials 00:00:00
Section 2 - Why Learn Accounting
Why Learn Accounting 00:00:00
Discussion Question 00:00:00
Section 3 - Accounting Objectives, Accounting Equestion, & Ethics
Accounting Objectives, Accounting Equation, And Ethics 00:00:00
Accounting Objectives 00:00:00
Accounting Equation 00:00:00
Ethic And Profession 00:00:00
Discussion Question 00:00:00
Section 4 - Financial Statements
Financial Statements 00:00:00
Balance Sheet 00:00:00
Income Statement 00:00:00
Statement Of Owner’s Equity 00:00:00
Balance Sheet And Income Statement Relationship 00:00:00
Short Calculation Problems Accounting Equation 00:00:00
Discussion Question 00:00:00
Section 5 - Accural Method, Cash Method, Revenue & Expense Recognition
Accrual Method Vs Cash Method 00:00:00
Revenue Recognition Principle 00:00:00
Cash Method Vs Accrual Method 00:00:00
Short Calculation Problems – Part 1 00:00:00
Discussion Question 00:00:00
Section 6 - Financial Transation Rules & Thought Process
Financial Transaction Rules And Thought Process 00:00:00
Financial Transaction Rules 00:00:00
Financial Transaction Thought Process 00:00:00
Short Calculation Test Question Accounting Equation 00:00:00
Discussion Question 00:00:00
Section 7 - Recording Transactions Using Accounting Equation
Recording Transactions Using Accounting Equation 00:00:00
Cash Transaction – Accounting Equation 00:00:00
Worksheet – Accounting Equation Cash 00:00:00
Accounts Receivable Transactions Accounting Equation 00:00:00
Worksheet 3 – Accounting Equation Account Payable 00:00:00
Short Calculation Test Questions Accounting Equation 00:00:00
Discuss Question 00:00:00
Section 8 - Debits and Credits Defined
Debits And Credits Defined 00:00:00
Debits And Credits 00:00:00
Rules For Using Debits And Credits 00:00:00
Discussion Question 00:00:00
Section 9 - Debit & Credit Rules & Thought Process
Debit And Credit Rules – Thought Process 00:00:00
Journal Entry Thought Process 00:00:00
Trial Balance 00:00:00
Discussion Question 00:00:00
Section 10 - Record CashTransactions Using Debits and Credits
Record Cash Transactions Using Debits And Credits 00:00:00
Cash Journal Entries With Cash 00:00:00
Worksheet Prob 4 – Debits And Credits Cash 00:00:00
Discussion Question 00:00:00
Section 11 - Record Accounts Receivable Transactions Using Debits and Credits
Accounts Receivable Journal Entries 00:00:00
Worksheet Prob 5 – Debits And Credits Accounts Receivable 00:00:00
Discussion Question 00:00:00
Section 12 - Record Accounts Payable Transactions Using Debits and Credits
Record Accounts Payable Transactions Using Debits And Credits 00:00:00
Accounts Payable Journal Entries 00:00:00
Worksheet Prob 6 – Debits And Credits Accounts Payable 00:00:00
Short Calculation Test Questions Debits And Credits 00:00:00
Discussion Question 00:00:00
Section 13 - Record Transactions to General Ledger
General Ledger 00:00:00
Worksheet General Leger Cash 00:00:00
Worksheet Prob 8 – General Ledger Accounts Receivable 00:00:00
Worksheet Prob 8 – General Ledger Accounts Payable 00:00:00
Multiple Choice 1 – Questions Accounting Terms Accounting Equation 00:00:00
Discussion Questions 00:00:00
Section 14 - Comprehensive Problem
Comprehensive Problem 00:00:00
Comprehensive Problem Part 1 00:00:00
Comprehensive Problem Part 2 00:00:00

About This Course

Who this course is for:

  • Aspiring accounting students who have an interest in the topic
  • Accounting professionals
  • Anyone who wants to learn accounting
  • Accounting and business students who want a reference source to the material they can actually keep, unlike most digital textbooks used in most accounting programs these days
  • Business professional who want a comprehensive reference to standard financial accounting topics they can refer to

What you’ll learn: 

  • Accounting Objectives, Accounting Equation, and Ethics
  • Financial Statements
  • Accrual Method, Cash Method, Revenue and Expense Recognition
  • Financial Transaction Rules and Thought Process
  • Recording Transactions Using Accounting Equation
  • Debit and Credit Rules, and Thought Process
  • Record Cash Transactions Using Debits and Credits
  • and much more

Requirements: 

  • This course is an excellent course for beginners as well as advanced learners. We start from the basics and move all the way through financial accounting topics in a systematic way. We will be using some Microsoft Excel worksheet, but we will start off slow as we learn Excel as well. If you do not have Excel, you may be able to open the files using Google Sheets, which is free. If you do not have either of these options, you can move forward without this component of the course. However, Excel worksheets are where learners get to really engage with the material and work through problems. Therefore, we do suggest getting access to Excel or Google Sheets at all possible.

This course will cover accounting core concepts, foundational accounting skills needed for all levels of accounting including the accounting terms, the double entry accounting system, and recording transactions using both the accounting equation and debits and credits. These are the accounting fundamentals which most accounting courses spend far too little time on. The better we understand these accounting foundation topics, the better we will do in all accounting concepts.    

Like practicing catch or going over those musical scales, practicing the accounting fundamentals is time well spent for beginners as well as experienced accountants. We are never too smart to practice accounting fundamentals. This course will thoroughly cover the fundamentals and will provide a foundation for learning concepts that limit the likelihood of learning rules that do not always apply.    

This course will provide much more structure to the journal entry process than most courses, including a detailed step by step process for thinking about how to construct financial transactions. This process will eliminate the problem of getting stuck and not knowing how to move forward. The process will also help us understand the transactions we are recording and eliminate the problem of learning concepts that do not apply in all circumstances.   

Our Promise to You

By the end of this course, you will have learned the fundamentals of financial accounting.

10 Day Money Back Guarantee. If you are unsatisfied for any reason, simply contact us and we’ll give you a full refund. No questions asked.

Get started today and learn more about recording accounting transactions.

Course Curriculum

Section 1 - Introduction
Course Overview 00:00:00
Downloadable Materials 00:00:00
Section 2 - Why Learn Accounting
Why Learn Accounting 00:00:00
Discussion Question 00:00:00
Section 3 - Accounting Objectives, Accounting Equestion, & Ethics
Accounting Objectives, Accounting Equation, And Ethics 00:00:00
Accounting Objectives 00:00:00
Accounting Equation 00:00:00
Ethic And Profession 00:00:00
Discussion Question 00:00:00
Section 4 - Financial Statements
Financial Statements 00:00:00
Balance Sheet 00:00:00
Income Statement 00:00:00
Statement Of Owner’s Equity 00:00:00
Balance Sheet And Income Statement Relationship 00:00:00
Short Calculation Problems Accounting Equation 00:00:00
Discussion Question 00:00:00
Section 5 - Accural Method, Cash Method, Revenue & Expense Recognition
Accrual Method Vs Cash Method 00:00:00
Revenue Recognition Principle 00:00:00
Cash Method Vs Accrual Method 00:00:00
Short Calculation Problems – Part 1 00:00:00
Discussion Question 00:00:00
Section 6 - Financial Transation Rules & Thought Process
Financial Transaction Rules And Thought Process 00:00:00
Financial Transaction Rules 00:00:00
Financial Transaction Thought Process 00:00:00
Short Calculation Test Question Accounting Equation 00:00:00
Discussion Question 00:00:00
Section 7 - Recording Transactions Using Accounting Equation
Recording Transactions Using Accounting Equation 00:00:00
Cash Transaction – Accounting Equation 00:00:00
Worksheet – Accounting Equation Cash 00:00:00
Accounts Receivable Transactions Accounting Equation 00:00:00
Worksheet 3 – Accounting Equation Account Payable 00:00:00
Short Calculation Test Questions Accounting Equation 00:00:00
Discuss Question 00:00:00
Section 8 - Debits and Credits Defined
Debits And Credits Defined 00:00:00
Debits And Credits 00:00:00
Rules For Using Debits And Credits 00:00:00
Discussion Question 00:00:00
Section 9 - Debit & Credit Rules & Thought Process
Debit And Credit Rules – Thought Process 00:00:00
Journal Entry Thought Process 00:00:00
Trial Balance 00:00:00
Discussion Question 00:00:00
Section 10 - Record CashTransactions Using Debits and Credits
Record Cash Transactions Using Debits And Credits 00:00:00
Cash Journal Entries With Cash 00:00:00
Worksheet Prob 4 – Debits And Credits Cash 00:00:00
Discussion Question 00:00:00
Section 11 - Record Accounts Receivable Transactions Using Debits and Credits
Accounts Receivable Journal Entries 00:00:00
Worksheet Prob 5 – Debits And Credits Accounts Receivable 00:00:00
Discussion Question 00:00:00
Section 12 - Record Accounts Payable Transactions Using Debits and Credits
Record Accounts Payable Transactions Using Debits And Credits 00:00:00
Accounts Payable Journal Entries 00:00:00
Worksheet Prob 6 – Debits And Credits Accounts Payable 00:00:00
Short Calculation Test Questions Debits And Credits 00:00:00
Discussion Question 00:00:00
Section 13 - Record Transactions to General Ledger
General Ledger 00:00:00
Worksheet General Leger Cash 00:00:00
Worksheet Prob 8 – General Ledger Accounts Receivable 00:00:00
Worksheet Prob 8 – General Ledger Accounts Payable 00:00:00
Multiple Choice 1 – Questions Accounting Terms Accounting Equation 00:00:00
Discussion Questions 00:00:00
Section 14 - Comprehensive Problem
Comprehensive Problem 00:00:00
Comprehensive Problem Part 1 00:00:00
Comprehensive Problem Part 2 00:00:00

Course Review

5.0

5.0
1 Ratings
  1. Anonymous

    Beginner Accounting

    5.0

    The Teacher, Bob Steele made this seem very easy, his pace was easy to follow as was his explanations and directions. I really like having the tables available to work on as we were teaching.

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