Accounting in 60 Minutes - A Brief Introduction

This is not your typical accounting course.

Professor Turner has taught thousands of students basic accounting. He has developed shortcuts and analogies to make learning accounting easy. If you want to understand this subject in a simple, fun way then this brief introductory course is for you.

This is not your typical accounting course.

This course will show you the very basics of accounting. You can complete it in about an hour. The course includes videos of the instructor at the whiteboard. You will complete simple quizzes to reinforce what you have learned. This course is intended for business owners, business students, managers or anyone who wants to understand basic accounting. It presents the information in an understandable format. Even if you have taken an accounting course you will find the material insightful.

The course introduces

The Accounting Equation (One you can understand. )
Balance Sheets
Income Statements
Debits and Credits (And how to know which is which. )
Why Profit Does Not Equal Cash.

If you have dreaded the thought of learning accounting, this is exactly the introduction you will welcome.

Why should take this course?

You are a business owner. You want your business to succeed and you know that you need a better understanding of how the numbers are put together.

You are a manager. You deal with accounting staff, bookkeepers, owners and subordinates. You hear accounting terms daily but you want to know more about what accounting means.

You are a business student. You dread taking your first accounting course. Or maybe you are in an introductory class right now. It all sounds so complicated. You want to find a simple explanation of what you are trying to learn.

You are an accounting student. You feel that you really did not get a firm grasp of the basics. You would like to start from scratch in an easy to learn format.

CPE (Continuing Professional Education)

Learning Objectives

Apply the basic accounting formula
Identify assets, liabilities and equity
Describe how the income statement and balance sheet are connected
Recognize why profit does not equal cash
Interpret a balance sheet
Predict when an account increases with a debit or increase with a credit
Summarize the purpose of a trial balance
Differentiate income statement accounts from balance sheet accounts

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What's inside

Learning objectives

Understand the basic accounting equation
Know the difference between a debit and a credit

See how to prepare a balance sheet and income statement
Understand why profit does not equal cash

Understand the basic accounting equation
Know the difference between a debit and a credit
See how to prepare a balance sheet and income statement
Understand why profit does not equal cash

Syllabus

The Accounting Equation

The accounting equation is the basis of accounting. However, the formal equation can be confusing. In this lecture you will learn the simplified equation (What=Who) and how it is the foundation of the accounting profession. By the end of the lecture you will understand the more formal accounting equation.

The best way to learn the accounting equation is to look at an example that we are all familiar with. In this lecture we will buy a car. We will look at this purchase from two views: what are our assets and who has claim to them. Please excuse my car drawing skills! By the end of the lecture you will have a clearer understanding of the accounting equation.

This lecture will begin to use specific accounts. Accounts summarize similar activities. You will begin to see which accounts are assets, which are liabilities and which are equity.

Let's review what you've learned in Section 1.

Everything Balances

Debits and credits give accounting students fits. In this lecture you will get a clear understanding of what is a debit and what is a credit. You will know by the end of the lecture when to debit and when to credit. You will find that this is a painless activity!

A trial balance is just that: we try to balance. In this lecture we will set up a trial balance and see why it is an important tool for accountants. And you will understand why it can save us a lot of time before we prepare our financial statements.

I've developed a one page scratch sheet that you can use when entering debits and credits. You will see that the T-account is shaded on the side that reflects its normal balance. Print these out and keep them near by!

Let's review what you've learned in Section 2.

The Balance Sheet

In this lecture we prepare our first financial statement! It is the Balance Sheet. You might have seen balance sheets before. You will see how they are prepared and what they mean. Your knowledge from the previous lectures will give you the skill to understand the details on this statement.

Let's review what you've learned in Section 3.

Let's Make Some Money!

In the very early days of accounting, business managers did not have an easy mechanism for keeping track of income and expenses. In this lecture you will see why we developed income and expense accounts. You will understand their impact on equity. You will see how they are related to the balance sheet.

In this lecture you will learn the connection between net income and the balance sheet. By the end of the lecture you will see how income (and expense) affects the balance sheet.

The income statement! In this lecture you will see how it is prepared and how it contrasts the balance sheet. This is a major financial statement and by the end of the lecture you will understand it's use.

Let's review what you've learned in Section 4.

Let's Put Together a Financial Statement

Here is a valuable extra! I've placed this short ebook for you that will reinforce much of the information that we have covered so far! I even did the artwork myself!

Let's review what you've learned in Section 5.

Profit Does Not Equal Cash!

Many business owners and managers believe that profit equals cash. That mistaken belief can jeopardize their businesses. In this lecture you will see why profit does not equal cash. You will also understand when we recognize income and when we recognize expenses.

This lecture will show you that cash can come in before we recognize income, when we recognize income or after we recognize income. By understanding this, you will see that cash flow does not follow income. This knowledge is not only valuable as a student of accounting but it can also save your business!

This lecture will explain why cash can go out of our business before we make an expense, when we make an expense or after we make an expense. Again you will gain insights to why profit does not equal cash. This information along with what you learned in the previous lecture will demonstrate how important it is for a business to manage cash flow.

Let's review what you've learned in Section 6

Conclusion

It's wrap up time! In just few lessons you have learned some very important basic accounting concepts! We will review the major points. This was a fun adventure! You have acquired valuable information that can help you in business. And you have a good introduction that can help you pursue accounting coursework.

Extras!

A cupcakes store recently opened in our town. It was located in the new section of the city. The owner did not spare any expense in setting up the store. But alas. Twelve months later the store closed and the owner's dreams were vanquished.

I thought to myself: "They didn't figre out how many cupcakes to sell to pay the rent!"

Every day entrepreneurs launch their dream and look forward to the day when their operation is a thriving business. However, they don't calculate how many cupcakes do they have to sell to pay the rent!

What is takes to break even is the single most important number in your enterprise. Without it, you do not have a targe to reach for.

This ebook "Who To Increase Your Profits with Break Even Analysis" will show you not only how to compute your break even point, but it will give you four strategies to increase your profits.

Whether you have been in business for some time or if you are just thinking about starting a business, this fun to read booklet provides you the tools to formulate a profitable strategy!

It is my gift to you! Enjoy! I hope that it makes for ever expanding profits!

In order to receive CPE credit for this course, you must a) complete all course content, and b) pass this qualified assessment with 70% or greater.

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Introduces crucial accounting topics

Well-organized and easy-to-digest materials

The course is suitable for individuals looking for a basic understanding of accounting

The bite-sized lessons facilitate a flexible learning pace

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Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Accounting in 60 Minutes - A Brief Introduction with these activities:

Read a book on accounting

Show steps

Reading a book on accounting can provide you with a comprehensive overview of the subject.

View Bookkeeping All-in-One For Dummies (For Dummies... on Amazon

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Find a book on accounting that is appropriate for your level of knowledge.
Read the book and take notes on the key concepts.

Review key accounting concepts

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Reviewing key accounting concepts will help you understand the course material more easily.

Browse courses on Accounting Concepts

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Read through your old notes or textbooks on accounting.
Take a practice quiz or exam to test your knowledge.

Find a mentor or tutor

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Having a mentor or tutor can provide you with support and guidance as you learn about accounting.

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Ask your friends, family, or colleagues if they know any accountants.
Contact local accounting firms or universities to see if they offer mentoring programs.

One other activity

Expand to see all activities and additional details

Show all four activities

Attend industry events

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Attending industry events can help you network with other accountants and learn about the latest trends in the field.

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