Accounting Fundamentals

Accounting Fundamentals

Los Angeles Valley College

$97.00 Enroll Now!

Instructor-Led Course
Hours: 24
Duration of Access: 6 weeks
Start Dates: Sep 14, Oct 12, Nov 09, Dec 14
102,363 Students
have taken this course.

Syllabus

A new session of each course opens each month, allowing you to enroll whenever your busy schedule permits!

How does it work? Once a session starts, two lessons will be released each week, for the six-week duration of your course. You will have access to all previously released lessons until the course ends.

Keep in mind that the interactive discussion area for each lesson automatically closes 2 weeks after each lesson is released, so you’re encouraged to complete each lesson within two weeks of its release.

The Final Exam will be released on the same day as the last lesson. Once the Final Exam has been released, you will have 2 weeks plus 10 days to complete the Final and finish any remaining lessons in your course. No further extensions can be provided beyond these 10 days.

Week 1

Lesson 01 - Account Classifications, Account Titles, T Accounts, and the Accounting Equation

Wednesday

Welcome to Accounting Fundamentals! In this first lesson, you'll learn all about account classifications, debits, credits, and T accounts. You'll learn the difference between a liability and an asset, and you'll find out how to determine an owner’s equity.

Lesson 02 - General Ledger Accounts and the Balance Sheet

Friday

Here's where you'll begin your hands-on accounting practice: You'll start by creating an imaginary company for which you'll be the accountant. You'll learn how to analyze your company's transactions to determine which amounts go into which accounts, then you'll create your company's own General Ledger forms and post a few transactions into those accounts. You'll also prepare a Balance Sheet to prove your accounting equations.

Week 2

Lesson 03 - Journalizing Transactions and Posting to the General Ledger

Wednesday

Now that you have an understanding of the functions of the General Ledger, you're ready to move on to the next phase of recording transactions: the Journal. In this lesson, you'll learn how to enter transactions into an 11-column journal and then post or transfer those amounts into appropriate General Ledger accounts.

Lesson 04 - Journalizing and Posting Cash and Charge Purchases and Payments on Account

Friday

In this lesson, you'll learn all about Accounts Payable--money that you owe your vendors and suppliers. You'll practice journalizing cash purchases and purchases on account, and you'll get hands-on practice transferring those purchases to their corresponding Accounts Payable Ledger accounts.

Week 3

Lesson 05 - Journalizing and Posting Cash and Charge Sales and Cash Received on Account

Wednesday

In this lesson, you'll learn about Accounts Receivable, which is another name for money owed to your company by its customers. You'll learn how to journalize and post those sales on account, how to enter charge sales into the journal, and how to transfer the information into an Accounts Receivable Ledger.

Lesson 06 - Payroll and Various Deductions

Friday

It's payday! This lesson will teach you how to determine gross pay, deductions, and net pay. You'll learn how to prepare a payroll, write payroll checks, and how to prepare and maintain accurate payroll records.

Week 4

Lesson 07 - Banking Services and Reports

Wednesday

In this lesson, you'll learn all about banks and banking services: You'll learn the proper way to write checks, make out deposit tickets, and reconcile your company's checking account with the bank statement--skills you'll find valuable in both your business and personal life!

Lesson 08 - Posting Journal Totals to the General Ledger and Schedule of Accounts Payable and Schedule of Accounts Receivable

Friday

This lesson will teach you how to prepare a Schedule of Accounts Payable and a Schedule of Accounts Receivable. These reports can be used to compare the amount of money your business owes its creditors with the amount of money your customers owe your business.

Week 5

Lesson 09 - End-of-Year Worksheet

Wednesday

In this lesson, you'll prepare a worksheet showing the net income or net loss for the fiscal period. The worksheet will show all income and expenses for the fiscal period as well as the assets, liabilities, and owner’s equity account balances.

Lesson 10 - End-of-Year Financial Reports

Friday

In this lesson, you will learn how to prepare various reports that are vital to the well-being of your company. You'll learn how these reports can be used to make sound financial decisions in the next fiscal period. You will discover how to put together an Owner’s Equity Statement, an Income Statement, and a Distribution of Net Income.

Week 6

Lesson 11 - Journalizing and Posting Adjusting Entries

Wednesday

In this lesson, you'll prepare for the end of the fiscal period by adjusting your asset account balances to accurately reflect the assets remaining at the end of the year. You will also find out how to journalize and post adjusting and closing entries to bring your company's General Ledger up to date.

Lesson 12 - Journalizing and Posting Closing Entries and Preparing a Post Closing Trial Balance

Friday

In our final lesson, we will prepare a Post Closing Trial Balance report to ensure that all of our debits and credits in the General Ledger balance out in preparation for the new fiscal period.


Review

Thank you for the well-organized, self-paced learning environment. I've taken many online courses, including my education masters, and this is the best class and learning experience. I'm trying to decide between Accounting Fundamentals II or QuickBooks. I'm leaving education and did accounting 30 years ago and am looking for future employment. Thanks again, Charlene.

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