Accounting Principles

Accounting Principles

Accounting Principles

Learn Basics of Accounting, Bookkeeping, and Financial Statements

Language: english

Note: 4.5/5 (122 notes) 8,724 students

Instructor(s): Mutaz Alshoweiki, CMA

Last update: 2022-03-12

What you’ll learn

  • Accounting from scratch
  • Full Accounting cycle
  • Closing the books
  • Financial statements
  • Multiple-step income statement
  • Inventory perpetual system
  • Inventory costing methods
  • All about cash and receivables
  • Fixed assets and depreciation
  • Basic analysis for financial statements
  • And much more

 

Requirements

  • No prior experience is required

 

Description

Accounting is very important subject that convert all financial events of the business into figures which allow managers and other users to report, analyze, and take decisions that help to read the financial position of a business and project future results.

I built this course using multiple reliable resources in Accounting. The content is based on U.S. GAAP Accounting standards, I also used my own knowledge and experience which I earned throughout my career for more than 15 years. Currently, I am working as Finance Manager in a contracting company. At the same time, I like to teach and share my knowledge with everyone interested in Accounting. It took me two years to make this content available for you, I made sure each information is valid and trustworthy.

This course will walk you through all the basics of Accounting for proprietorship companies which are owned by one individual or entity. We will start with the basics from scratch for service companies, and then all the way up to merchandising operations including major topics of inventory costing, cash and cash equivalent, trade receivables, plant assets, natural resources, intangibles, and basic financial analysis. After each section, I will practice with you a complete exercise. Together, we will learn and practice the details step by step. There are also seven quizzes available to test your understand.

Course Content

This course is comprehensive, it covers the basics of Accounting as follow:

  • What is Accounting? And how it identifies, record, and report financial events.

  • Who are the users of Accounting? That include both internal and external users.

  • What is GAAP? And why it is important to follow Accounting standards in recording and reporting financial data.

  • Basic concepts of Accounting including historical cost, accrual basis, matching principle, and much more!

  • Accounting equation, and it represent how assets are financed by both liabilities and owners’ equity.

  • Debits and credits and double-entry system.

  • Chart of accounts.

  • Journalizing, posting, trial balance.

  • Adjusting entries for accruals and deferrals.

  • Closing entries and post-closing trial balance to close the period.

  • Prepare financial statements including income statement, classified balance sheet, and statement of changes in equity.

  • Accounting for inventory purchases and sales using perpetual system.

  • Closing entries in merchandising operations, and how it is different than closing entries for service companies.

  • How multiple-step income statement is required for merchandising companies.

  • Inventory costing methods including specific identification, first-in first-out, last-in first-out, and weighted average method.

  • Inventory valuation using β€œlower of cost or market (LCM)”.

  • What is cash and cash equivalent? And how to account for restricted cash, bank overdrafts, and petty cash.

  • How to prepare bank reconciliation.

  • What are the types of receivables?

  • Valuing account receivables using direct write-off, and allowance methods.

  • Notes receivable and how to record & report them.

  • How to determine the cost of plant assets?

  • What is depreciation, depletion, and amortization?

  • Methods of depreciation including straight-line, units-of-activity, and declining-balance methods.

  • How to account for natural resources and intangibles?

  • Basic financial statements analysis using both vertical and horizontal analysis.

 

Who this course is for

  • Students in any educational institution
  • Professionals who are interested in Accounting
  • Accountants who want to expand their skills
  • Business Owners
  • Everyone seek to learn Accounting and all about how it works

 

Course content

  • Introduction to Accounting
    • What is Accounting?
    • Users of Financial Information
    • What is GAAP?
    • Basic Concepts of Accounting Part 1
    • Basic Concepts of Accounting Part 2
    • Basic Concepts of Accounting Part 3
    • Business Legal Forms
    • Accounting Equation
    • Transaction Analysis Using Accounting Equation
    • Debits and Credits
    • Introduction to Financial Statements
    • Chart of Accounts
    • Accounting Introduction Quiz
  • The Accounting Cycle
    • What is Accounting Cycle?
    • Journalizing
    • Posting to General Ledger
    • Using Subsidiary Ledgers
    • Trial Balance
    • Accrual vs Cash Basis
    • Why Adjusting Entries
    • Structure of Adjusting Entries
    • Deferrals – Prepaid Expenses
    • Deferrals – Unearned Revenues
    • Accruals – Accrued Expenses
    • Accruals – Accrued Revenues
    • Adjusted Trial Balance
    • Closing The Books
    • Closing Entries
    • Post-Closing Trial Balance
    • Reversing Entries
    • The Classified Balance Sheet
    • Accounting Cycle Quiz
  • Exercise One: Full Accounting Cycle
    • Exercise One: Introduction
    • Exercise One: Journal Entries
    • Exercise One: Posting to General Ledger
    • Exercise One: The Trial Balance
    • Exercise One: Adjusting Entries
    • Exercise One: Adjusted Trial Balance
    • Exercise One: Financial Statements
    • Exercise One: Closing Entries
    • Exercise One: Post-Closing Trial Balance
  • Accounting for Merchandising Operations
    • Introduction to Merchandising Operations
    • Perpetual vs Periodic Systems
    • Accounting for Inventory Purchases
    • Accounting for Inventory Sales
    • Closing Entries under Perpetual System
    • Multiple-Step Income Statement
    • Merchandising Operation Quiz
  • Inventory Costing and Valuation
    • Importance of Inventory Valuation
    • Specific Identification
    • First-in First-out (FIFO)
    • Last-in First-out (LIFO)
    • Weighted Average Method
    • Income Statement Effects
    • Lower of Cost or Market
    • Inventory Costing Quiz
  • Exercise Two: Inventory Costing Methods
    • Exercise Two: Introduction
    • Exercise Two: FIFO Method
    • Exercise Two: LIFO Method
    • Exercise Two: Moving-Average Method
    • Exercise Two: Journal Entries
    • Exercise Two: Mutiple-Step Income Statement
  • Cash & Cash Equivalents
    • What is Cash?
    • Cash Equivalent
    • Restricted Cash
    • Bank Overdrafts
    • Petty Cash Fund
    • Using Bank Account
    • Bank Reconciliation
    • Cash & Cash Equivalents Quiz
  • Exercise Three: Bank Reconciliation
    • Exercise Three: Introduction
    • Exercise Three: Bank Reconciliation
    • Exercise Three: Journal Entries
  • Accounting for Receivables
    • Types of Receivables
    • Direct Write-off Method
    • The Allowance Method
    • Estimating Bad Debts
    • Selling Receivables
    • Credit Cards Sales
    • Notes Receivables
    • Recording Notes Receivable
    • Accounts Receivable Quiz
  • Exercise Four: Estimating Bad Debts
    • Exercise Four: Introduction
    • Exercise Four: Aging Report
    • Exercise Four: Adjusting Entry
  • Plant Assets, Natural Resources, and Intangibles
    • The Cost of Plant Assets
    • What is Depreciation?
    • Straight-Line Method
    • Units-of-Activity Method
    • Declining-Balance Method
    • Change in Estimate for Depreciation
    • Expenditures During Useful Life
    • Retirement of Plant Assets
    • Sales of Plant Assets
    • Natural Resources
    • Intangible Assets
    • Fixed Assets Quiz
  • Exercise Five: Depreciation
    • Exercise Five: Introduction
    • Exercise Five: Journal Entries
    • Exercise Five: Balance Sheet
  • Basic Financial Statements Analysis
    • Importance of Financial Statements Analysis
    • Vertical Analysis
    • Horizontal Analysis

 

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