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In this course, you will :
- An Introduction to Accounting, The Double Entry Accounting System, & Recording Transactions using Debits and Credits.
- Analyze, use, and create from scratch financial statements including a balance sheet, income statement, statement of equity, and statement of cash flows.
- Use the concepts of the double entry accounting system.
- Record financial transactions using the accounting equation.
- Record financial transactions using debits and credits.
- Learn when and how to use accounting methods such a the accrual method and cash method.
- Apply the concepts related to the revenue recognition principle and the matching principle to recording transactions and reading financial statements.
- Record period end adjusting entries and be able to explain why adjusting entries are necessary is a well designed accounting system.
- Record merchandising transactions. Record transactions involving inventory.
- Track inventory using cost flow methods like FIFO, LIFO, and Weighted Average Methods.
- Create and use subsidiary ledgers like accounts receivable by customer and accounts payable by vendor subsidiary ledgers.
- Learn how to create and use special journals and how they can be part of an accounting system.
- Construct and interpret a bank reconciliation, one of the most critical internal controls.
- Be able to implement internal controls over cash.
- Value account receivable and record bad debt expense using either the allowance method or direct write off method.
- Calculate depreciation using different depreciation methods including straight line depreciation, double declining balance, & units of production depreciation.
- Record payroll transactions and calculate net pay and income tax withholding.
- Record transaction specific to partnerships including methods to allocate net income to the partners, adding a new partner, and a partner leaving or selling a partnership interest.
- Record transaction specific to a corporation including selling capital stock, selling preferred stock, buying treasury stock, issuing cash dividends, and issuing stock dividends.
- Record transactions related to the issuance of bonds.
- Record transactions related to notes payable. Learn to create an amortization table.
- Construct a statement of cash flows using the direct method and indirect method. We go into more detail about best practices to construct a statement of cash flows than any other course we have seen.
