Overview
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Learn the basics of bookkeeping and how financial statements are created from ledgers in this essential accounting skills course.
Syllabus
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Introduction
- Introduction to bookkeeping
- The language of business
- How can we collect all this information?
- What you should know
- Introducing financial statements
- The balance sheet
- The income statement
- The statement of cash flows
- The importance of routine bookkeeping
- Analyzing transactions
- The accounting equation
- Using accounts to categorize transactions
- Debits and credits
- Examples of accounts to categorize transactions
- Including revenues, expenses, and dividends
- Words of caution
- Everything is recorded with debits and credits
- How do we record the effect of a transaction?
- Obtaining financing and buying equipment
- Buying supplies and inventory
- Providing services
- Selling inventory and providing services
- Incurring additional expenses
- Paying interest and dividends
- A note on journal entries
- The accuracy of debits and credits in the days of real ‘books’
- Posting journal entries to accounts
- Strangers and the power of financial statements
- Analyzing transactions
- Computing account balances
- The financial statements
- Who uses financial statements?
- The role of computers
- Where we have been and what is next
