Bookkeeping Basics 2 Understand The Mechanics

After our first course, dig deeper into the actual “How” of recording bookkeeping activity.
Bookkeeping Basics 2 Understand The Mechanics
File Size :
2.65 GB
Total length :
3h 24m

Category

Instructor

Ron Trucks

Language

Last update

5/2023

Ratings

4.7/5

Bookkeeping Basics 2 Understand The Mechanics

What you’ll learn

Understand what “debits” and “credits” actually mean when it comes to bookkeeping and accounting
Learn the Fundamental Accounting Equation and how it applies to bookkeeping
How are transactions analyzed, recorded and posted
What steps are needed for End-of-the-Month adjustment entries and End-of-the-Year closing entries
What is depreciation? What are Prepaid Items? What is Accrued Payroll? How is Inventory booked?

Bookkeeping Basics 2 Understand The Mechanics

Requirements

As long as you know how to add and subtract (or can use a calculator!), you’re ready to begin!

Description

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 creditsWhen does each one mean an increase versus a decreaseHow do they relate to assets, liabilities and equityAlso, how do they relate to income and expensesWhat is a T-Account and how is it used in bookkeepingWhat 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 businessesa complete practice set that allows you to put all the new learning into usean overview of the largest small-business software in the worldand a course specifically designed to connect the concepts with personal finance.CPE (Continuing Professional Education)Learning ObjectivesUnderstand the main components of the Fundamental Accounting EquationDistinguish between bookkeeping accounts that increase as debits and ones that increase as creditsDiscuss the process of footing and balancing accounting T-accounts/ledgersExplain the Accounting Cycle’s stepsDefine the difference between Interim and Final financial reportsRecognize the need for Adjusting activities and Closing activities in the Accounting CycleDemonstrate the differences in recording adjusting entries for depreciation, accrued liabilities, inventory tracking, and prepaid assetsExplain why annual bookkeeping records are closed each yearList which types of accounts are closed, and which types remain open during the closing processFor 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.

Overview

Section 1: Introductions!

Lecture 1 Course Overview

Lecture 2 Tips for the Experience.

Lecture 3 Meet the Instructor and Resources

Lecture 4 The Set Up of the Course

Lecture 5 Accounting is a Process

Section 2: Let’s Learn Debits and Credits

Lecture 6 Intro & Let’s Refresh

Lecture 7 Finish Up The Refresh

Lecture 8 Seeing Double?

Lecture 9 Seeing MORE Than Double?

Lecture 10 Bob and the Equation

Lecture 11 More Equation (and Bob)

Lecture 12 Equation Practice

Lecture 13 T-Accounts & What Is A Debit?

Lecture 14 Transactions to T-Accounts

Lecture 15 Footing, Balancing and Trial Balancing

Lecture 16 Introducing The Quiz and Assignments

Lecture 17 “Homework” Activity, Instructions, and Work Papers

Lecture 18 AN IMPORTANT QUICK NOTE!!!

Lecture 19 Homework Answers – Part 1

Section 3: Accounting Is A Cycle

Lecture 20 Introducing “The Cycle”

Lecture 21 Interim vs Final

Lecture 22 What Are Adjustments and Closings?

Lecture 23 Setting Up The Worksheet

Section 4: Adjusting In The Cycle

Lecture 24 Why Adjust?

Lecture 25 Prepaid Assets

Lecture 26 Inventory Adjustments

Lecture 27 Depreciation…

Lecture 28 …More Depreciation

Lecture 29 Accrued Liabilities

Lecture 30 Wrapping The Adjustments

Lecture 31 Homework Assignment – Part 2

Lecture 32 Homework Answers – Part 2

Section 5: Closing Up The Cycle

Lecture 33 Closing? We’re Still In Business!

Lecture 34 What Gets Closed

Lecture 35 Revenue, Expenses and IS

Lecture 36 Closing The IS and Draw

Lecture 37 Homework Assignment – Part 3

Lecture 38 Homework Answers – Part 3

Section 6: So Now What?

Lecture 39 BONUS: Your Certificate and What’s Next?

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

Course Information:

Udemy | English | 3h 24m | 2.65 GB
Created by: Ron Trucks

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