Bookkeeping Basics #2: Understand The Mechanics

Understand what debits and credits actually mean when it comes to bookkeeping and accountingLearn the Fundamental Accounting Equation and how it applies to bookkeepingHow are transactions analyzed, recorded and postedWhat steps are needed for End-of-the-Month adjustment entries and End-of-the-Year closing entriesWhat is depreciation? What are Prepaid Items? What is Accrued Payroll? How is Inventory booked?Using simple, easy-to-understand discussion, illustrations and note sheets, this focused course with video lessons teaches you the basic understanding of the financial tools debits and credits along with allowing you to put your learning into practice.Everyday examples, using common phrases and terms you already know, allows the instructor to break through the confusion and teach the concept and use of the tools on which everything else in bookkeeping and accounting is built.  Then as each new concept is introduced, you will have the opportunity to apply those points using a short, customized practice activity.  After completing your work, Ron will walk through the steps to allow you to understand what has taken place and identify areas you may need more practice or a better understanding.After completing the course, students will feel more confident and knowledgeable on topics such as…What’s the difference between debits and creditsWhen does each one mean an increase versus a decreaseHow do they relate to assets, liabilities and equityAlso, how do they relate to income and expensesWhat is a T-Account and how is it used in bookkeepingWhat is an EASY way to remember when to use debit and use creditThis course works in conjunction with other courses in the series including:an overview of the basic fundamentals of how bookkeeping works for small businessesa complete practice set that allows you to put all the new learning into usean overview of the largest small-business software in the worldand a course specifically designed to connect the concepts with personal finance.CPE (Continuing Professional Education)Learning ObjectivesUnderstand the main components of the Fundamental Accounting EquationDistinguish between bookkeeping accounts that increase as debits and ones that increase as creditsDiscuss the process of footing and balancing accounting T-accounts/ledgersExplain the Accounting Cycle’s stepsDefine the difference between Interim and Final financial reportsRecognize the need for Adjusting activities and Closing activities in the Accounting CycleDemonstrate the differences in recording adjusting entries for depreciation, accrued liabilities, inventory tracking, and prepaid assetsExplain why annual bookkeeping records are closed each yearList which types of accounts are closed, and which types remain open during the closing processFor additional information, including refunds and complaints, please see Udemy Terms of Use, which is linked from the footer of this page.For more information regarding administrative policies, please contact our support using the Help and Support link at the bottom of this page.Who this course is for:This course is designed for both new and established small business owners and managers who may be strong in their own fields but want a better understanding of the basic concepts of tracking their company finances as well as students beginning the journey of learning bookkeeping.