Accounting Fundamentals

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.

Lesson List:

• Lesson 1 - Account Classifications, Account Titles, T Accounts, and the Accounting Equation
  Learn all about account classifications, debits, credits, and T accounts. Identify the difference between a liability and an asset and find out how to determine an owner's equity.
   
• Lesson 2 - General Ledger Accounts and the Balance Sheet
  Begin your hands-on accounting practice: start by creating an imaginary company for which you will be the accountant. 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.
   
• Lesson 3 - Journalizing Transactions and Posting to the General Ledger
  Move on to the next phase of recording transactions: the Journal. Enter transactions into an 11-column journal and then post or transfer those amounts into appropriate General Ledger accounts.
• Lesson 4 - Journalizing and Posting Cash and Charge Purchases and Payments on Account
  Cover Accounts Payable--money that you owe your vendors and suppliers. 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.
   
• Lesson 5 - Journalizing and Posting Cash and Charge Sales and Cash Received on Account
  Cover Accounts Receivable, which is another name for money owed to your company by its customers. 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 6 - Payroll and Various Deductions
  This lesson will teach you how to determine gross pay, deductions, and net pay. Learn how to prepare a payroll, write payroll checks, and how to prepare and maintain accurate payroll records.
   
• Lesson 7 - Banking Services and Reports
  Learn all about banks and banking services. Engage in the proper way to write checks, make out deposit tickets, and reconcile your company's checking account with the bank statement. These skills you will find valuable in both your business and personal life.
   
• Lesson 8 - Posting Journal Totals to the General Ledger and Schedule of Accounts Payable and Schedule of Accounts Receivable
  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.
   
• Lesson 9 - End-Of-Year Worksheet
  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
  Learn how to prepare various reports that are vital to the well-being of your company. Reports can be used to make sound financial decisions in the next fiscal period. Discover how to put together an Owner's Equity Statement, an Income Statement, and a Distribution of Net Income.
   
• Lesson 11 - Journalizing and Posting Adjusting Entries
  Get ready 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
  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.
   

Upon registering, you have six (6) weeks to complete the program.

Course Dates and Times

Course Hours: 24 Hours

This workshop is offered through our continuing education online partner.