Accounting Fundamentals

If you want to increase your financial awareness and gain a marketable skill, this course is for you. You will learn the double-entry bookkeeping, financial transactions, financial reporting, and more.
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6 Weeks / 24 Course Hrs
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Course code: fun

In this comprehensive course, you will learn the basics of double-entry bookkeeping, as well as how to analyze and record financial transactions. You will get hands-on experience with handling accounts receivable, accounts payable, payroll procedures, sales taxes, and various common banking activities.

Accounting Fundamentals covers all the bases, from writing checks to preparing an income statement and closing out accounts at the end of each fiscal period. Whether you're a sole proprietor looking to manage your business finances or you simply want to gain an understanding of accounting basics for career advancement or for personal use, this course will give you a solid foundation in financial matters.

What you will learn

  • Learn the basics of double-entry bookkeeping, as well as how to analyze and record financial transactions
  • Get hands-on experience with handing accounts receivable, accounts payable, payroll procedures, sales taxes, and various common banking activities
  • Learn about writing checks, preparing an income statement, and closing out accounts at the end of a fiscal period

How you will benefit

  • Learn everything you need to know to better manage your finances
  • Gain a solid understanding of accounting basics to be able to manage business finances or advance your career
  • Open the door to more career opportunities in the in-demand field of accounting and finance

How the course is taught

  • Instructor-led or self-paced online course
  • 6 Weeks or 3 Months access
  • 24 course hours

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

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

Now that you understand 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 will learn how to enter transactions into an 11-column journal and then post or transfer those amounts into appropriate General Ledger accounts.

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

In this lesson, you will learn about Accounts Receivable, which is another name for money owed to your company by its customers. You will 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.

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

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

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.

In this lesson, you will 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.

In this lesson, you will learn how to prepare various reports that are vital to the well-being of your company. You will 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.

In this lesson, you will 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.

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

Charlene Messier has more than 25 years of teaching experience. Throughout the course of her career, she has taught various business subjects to thousands of students. Now retired from her full-time teaching duties, Messier continues to teach courses online, specializing in accounting, word processing, business law, business economics, and finance.

Requirements:

Hardware Requirements:

  • This course can be taken on either a PC or Mac.

Software Requirements:

  • PC: Windows 8 or later.
  • Mac: macOS 10.6 or later.
  • Browser: The latest version of Google Chrome or Mozilla Firefox are preferred. Microsoft Edge and Safari are also compatible.
  • Adobe Acrobat Reader.
  • Software must be installed and fully operational before the course begins.

Other:

  • Email capabilities and access to a personal email account.
  • A calculator and a printer.

Prerequisites:

There are no prerequisites to take this course.

Instructional Material Requirements:

The instructional materials required for this course are included in enrollment and will be available online.

Instructor-Led: A new session of each course begins each month. Please refer to the session start dates for scheduling.
Self-Paced: You can start this course at any time your schedule permits.

Instructor-Led: Once a course session starts, two lessons will be released each week for the 6 week duration of your course. You will have access to all previously released lessons until the course ends.
Self-Paced: You have 3 month access to the course. After enrolling, you can learn and complete the course at your own pace, within the allotted access period.

Instructor-Led: The interactive discussion area for each lesson automatically closes two weeks after each lesson is released, so you're encouraged to complete each lesson within two weeks of its release.
Self-Paced: There is no time limit to complete each lesson, other than completing all lessons within the allotted access period.

Instructor-Led: The final exam will be released on the same day as the last lesson. Once the final exam has been released, you will have two weeks plus 10 days (24 days total) to complete the final and finish any remaining lessons in your course. No further extensions can be provided beyond these 10 days.
Self-Paced: Because this course is self-paced, no extensions will be granted after the start of your enrollment.

The Accounting Fundamentals course will give you the basic accounting knowledge you need to effectively manage your personal finances or even do some bookkeeping for your company. You'll understand how to keep accurate financial records and use software like QuickBooks to record transactions, produce reports, and check financial information for accuracy. You will also know how to handle expenses, receipts, payables, and accounts receivable.

Not exactly. There are five major parts to the accounting process and they include: recording, interpreting, classifying, analyzing, and reporting financial information. Bookkeeping is the first, foundational part of the accounting process — recording financial transactions.

Making a big investment, like buying a car, can be overwhelming for most of us. Basic knowledge of accounting fundamentals can help you understand how the business works and help you negotiate better deals with confidence. With this knowledge you'll understand inventory, profit margin, receivables, and how to negotiate a better deal—you may even gain the respect of the salesperson by speaking a language they understand.

Yes. Understanding the financial statements of a company, something you'll learn in detail during this accounting fundamentals course, will help you understand the best companies to invest in. This can help you with your retirement savings as you choose individuals stocks and portfolios where you will invest your hard earned money.

Absolutely! It's always good when you can explain where you money goes, how much you'll receive on your paycheck, and why it is never as high as you think—accounting knowledge can help you achieve this. You'll gain a deeper understanding what goes into your finances and learn how to track expenses and operate within a budget.

Yes. Accounting knowledge may help you impress your boss with understanding of financial statements and impacts to the company bottom line. It can also help you understand current events as there is no shortage of people who manipulate numbers to get what they want. Now, instead of relying on the bias of media outlets, you'll understand the impact of what was done wrong and how it affected those involved.