Financial Accounting One: Recording Accounting Transactions

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This course is designed for those interested to learn the basics of financial accounting; the core concepts, foundational accounting skills including accounting terms, double entry accounting system, and recording transactions using both the accounting equation and debits and credits.

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About This CourseBeginner

This course will cover accounting core concepts, foundational accounting skills needed for all levels of accounting including the accounting terms, the double entry accounting system, and recording transactions using both the accounting equation and debits and credits. These are the accounting fundamentals which most accounting courses spend far too little time on. The better we understand these accounting foundation topics, the better we will do in all accounting concepts.

Like practicing catch or going over those musical scales, practicing the accounting fundamentals is time well spent for beginners as well as experienced accountants. We are never too smart to practice accounting fundamentals. This course will thoroughly cover the fundamentals and will provide a foundation for learning concepts that limit the likelihood of learning rules that do not always apply.

This course will provide much more structure to the journal entry process than most courses, including a detailed step by step process for thinking about how to construct financial transactions. This process will eliminate the problem of getting stuck and not knowing how to move forward. The process will also help us understand the transactions we are recording and eliminate the problem of learning concepts that do not apply in all circumstances.

Our Promise to You

By the end of this course, you will have learned the fundamentals of financial accounting.

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Get started today and learn more about recording accounting transactions.

Course Curriculum

Course Sections

Course Overview

Downloadable Materials

Why Learn Accounting

Discussion Question

Accounting Objectives, Accounting Equation, And Ethics

Accounting Objectives

Accounting Equation

Ethic And Profession

Discussion Question

Financial Statements

Balance Sheet

Income Statement

Statement Of Owner’s Equity

Balance Sheet And Income Statement Relationship

Short Calculation Problems Accounting Equation

Discussion Question

Accrual Method Vs Cash Method

Revenue Recognition Principle

Cash Method Vs Accrual Method

Short Calculation Problems – Part 1

Discussion Question

Financial Transaction Rules And Thought Process

Financial Transaction Rules

Financial Transaction Thought Process

Short Calculation Test Question Accounting Equation

Discussion Question

Recording Transactions Using Accounting Equation

Cash Transaction – Accounting Equation

Worksheet – Accounting Equation Cash

Accounts Receivable Transactions Accounting Equation

Worksheet 3 – Accounting Equation Account Payable

Short Calculation Test Questions Accounting Equation

Discuss Question

Debits And Credits Defined

Debits And Credits

Rules For Using Debits And Credits

Discussion Question

Debit And Credit Rules – Thought Process

Journal Entry Thought Process

Trial Balance

Discussion Question

Record Cash Transactions Using Debits And Credits

Cash Journal Entries With Cash

Worksheet Prob 4 – Debits And Credits Cash

Discussion Question

Accounts Receivable Journal Entries

Worksheet Prob 5 – Debits And Credits Accounts Receivable

Discussion Question

Record Accounts Payable Transactions Using Debits And Credits

Accounts Payable Journal Entries

Worksheet Prob 6 – Debits And Credits Accounts Payable

Short Calculation Test Questions Debits And Credits

Discussion Question

General Ledger

Worksheet General Leger Cash

Worksheet Prob 8 – General Ledger Accounts Receivable

Worksheet Prob 8 – General Ledger Accounts Payable

Multiple Choice 1 – Questions Accounting Terms Accounting Equation

Discussion Questions

Comprehensive Problem

Comprehensive Problem Part 1

Comprehensive Problem Part 2

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