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Intuit Academy Team
In this third course, you will learn about liability and equity accounts and its effect on the balance sheet. If you have mastered bookkeeping basics and understand accounting assets, you are ready to jump into Liabilities and Equity in Accounting. You will explore the various types of liability, including: current and long term, payroll, and sales tax. Additionally, you will learn about the equity portion of the accounting equation and how to account for changes in owner’s equity.
Read more
In this third course, you will learn about liability and equity accounts and its effect on the balance sheet. If you have mastered bookkeeping basics and understand accounting assets, you are ready to jump into Liabilities and Equity in Accounting. You will explore the various types of liability, including: current and long term, payroll, and sales tax. Additionally, you will learn about the equity portion of the accounting equation and how to account for changes in owner’s equity.
Read more
In this third course, you will learn about liability and equity accounts and its effect on the balance sheet. If you have mastered bookkeeping basics and understand accounting assets, you are ready to jump into Liabilities and Equity in Accounting. You will explore the various types of liability, including: current and long term, payroll, and sales tax. Additionally, you will learn about the equity portion of the accounting equation and how to account for changes in owner’s equity.
By the end of this course, you will be able to:
-Describe the three main characteristics of liabilities.
-Demonstrate an understanding of the basic payroll accounting functions and tasks.
-Compare and contrast the different types of equity
-Use the accounting equation to describe the financial position of an organization.
Courses 1 and 2 in the Intuit Bookkeeping Professional Certificate, or the equivalent, are recommended prerequisites for this course.
Register for this course and see more details by visiting:
OpenCourser.com/course/50bhuz/liabilities
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What's inside
Syllabus
Liabilities and Equity in Accounting
In this module, you will be introduced to different liabilities and learn how to account for them. Additionally, you will learn how to work with the sales tax payable accounts.
Read more
Syllabus
Liabilities and Equity in Accounting
In this module, you will be introduced to different liabilities and learn how to account for them. Additionally, you will learn how to work with the sales tax payable accounts.
Read more
Payroll, Obligations, and Loans
In this module, you will gain an understanding and apply knowledge of accounting for sales tax and payroll liabilities.
Equity and Liabilities
In this module, you will learn how to work with different types of long term liabilities and shareholders equity.
Practice with Liabilities and Equity
In this final module for Course 3, you will apply your bookkeeping knowledge by working through common accounting scenarios that deal with liabilities, payroll, and equity.
Good to know
Good to know
Know what's good ,
what to watch for , and
possible dealbreakers
Builds on previous courses in the program, ensuring progression and continuity in learning bookkeeping
Specifically designed for learners with prior knowledge in bookkeeping basics and accounting assets
Facilitates deeper understanding of liabilities and equity in accounting
Provides practical examples and scenarios for learners to apply their bookkeeping knowledge
Course instructors are acknowledged experts from Intuit Academy Team, lending credibility to the content
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Save Liabilities and Equity in Accounting to your list so you can find it easily later:
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Reviews summary
Valued accounting course
Learners say these courses are largely positive and well received. The courses teach accounting concepts, such as liabilities and equity, from the perspectives of bookkeepers. There are lectures, readings, quizzes, and exams within the course and assignment deadlines. Assignments include double-entry exercises, and case studies. Some assignments integrate the course content with the QuickBooks software. Learners are generally satisfied with the instruction by subject matter experts. Overall, the sentiment is that learners are well prepared and confident in their knowledge and abilities after completing the courses.
Some assignments integrate the course content with the QuickBooks software.
"Some assignments integrate the course content with the QuickBooks software."
Assignments include double-entry exercises, and case studies.
"Assignments include double-entry exercises, and case studies."
There are lectures, readings, quizzes, and exams within the course and assignment deadlines.
"There are lectures, readings, quizzes, and exams within the course and assignment deadlines."
The courses teach accounting concepts, such as liabilities and equity, from the perspectives of bookkeepers.
"The courses teach accounting concepts, such as liabilities and equity, from the perspectives of bookkeepers."
Learners are generally satisfied with the instruction by subject matter experts.
"Learners are generally satisfied with the instruction by subject matter experts."
learners say these courses are largely positive and well received
"Learners say these courses are largely positive and well received."
Overall, the sentiment is that learners are well prepared and confident in their knowledge and abilities after completing the courses.
"Overall, the sentiment is that learners are well prepared and confident in their knowledge and abilities after completing the courses."
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 Liabilities and Equity in Accounting with these
activities:
Follow Tutorials on Sales Tax Accounting
Show steps
Gain a deeper understanding of sales tax accounting through guided video tutorials.
Browse courses on
Sales Tax
Show steps
-
Search for online tutorials or video courses on sales tax accounting.
-
Select a reputable source and follow the tutorial step-by-step.
-
Take notes and complete any exercises or practice problems provided.
-
Review the material regularly to reinforce your understanding.
Create a Glossary of Accounting Terms
Show steps
Compile a list of accounting terms covered in the course to reinforce understanding and provide a resource for reference.
Show steps
-
Review course materials and identify key accounting terms.
-
Define each term clearly and concisely.
-
Organize terms alphabetically or by category.
-
Consider providing examples or real-world applications for each term.
-
Review and revise the glossary regularly to ensure accuracy and comprehensiveness.
Discuss Case Studies on Liabilities and Equity
Show steps
Engage with peers to analyze real-world scenarios and apply course concepts.
Show steps
-
Form a study group with classmates.
-
Select case studies or scenarios related to liabilities and equity.
-
Research and prepare for the discussion.
-
Meet with the group to discuss the case studies, share insights, and answer questions.
-
Summarize the discussion and key takeaways.
Four other activities
Expand to see all activities and additional details
Show all seven activities
Solve Accounting Equation Practice Problems
Show steps
Engage in targeted practice to strengthen understanding of the accounting equation and its components.
Browse courses on
Accounting Equation
Show steps
-
Gather practice problems from textbooks or online resources.
-
Solve the problems using the accounting equation (Assets = Liabilities + Equity).
-
Check your answers and identify areas for improvement.
-
Repeat the process to reinforce your understanding.
Attend a Payroll Accounting Workshop
Show steps
Deepen understanding of payroll accounting concepts and gain hands-on practice.
Show steps
-
Research and locate a reputable payroll accounting workshop.
-
Register for the workshop and pay any necessary fees.
-
Attend the workshop and actively participate in discussions and exercises.
-
Take notes and ask questions to enhance your comprehension.
Participate in an Accounting Quiz Bowl
Show steps
Test your knowledge in a competitive setting and enhance your critical thinking skills.
Show steps
-
Locate or organize an accounting quiz bowl competition.
-
Form a team or participate individually.
-
Study and prepare for the competition.
-
Participate in the quiz bowl, answering questions on various accounting topics.
Contribute to an Open-Source Accounting Project
Show steps
Gain practical experience and contribute to the accounting community by participating in open-source projects.
Show steps
-
Identify open-source accounting projects that align with your interests.
-
Research the project's documentation and codebase.
-
Identify areas where you can contribute or improve the project.
-
Fork the repository and make your changes.
-
Submit a pull request with your contributions and provide clear documentation.
Follow Tutorials on Sales Tax Accounting
Show steps
Gain a deeper understanding of sales tax accounting through guided video tutorials.
Browse courses on
Sales Tax
Show steps
Show steps
Show steps
- Search for online tutorials or video courses on sales tax accounting.
- Select a reputable source and follow the tutorial step-by-step.
- Take notes and complete any exercises or practice problems provided.
- Review the material regularly to reinforce your understanding.
Create a Glossary of Accounting Terms
Show steps
Compile a list of accounting terms covered in the course to reinforce understanding and provide a resource for reference.
Show steps
Show steps
Show steps
- Review course materials and identify key accounting terms.
- Define each term clearly and concisely.
- Organize terms alphabetically or by category.
- Consider providing examples or real-world applications for each term.
- Review and revise the glossary regularly to ensure accuracy and comprehensiveness.
Discuss Case Studies on Liabilities and Equity
Show steps
Engage with peers to analyze real-world scenarios and apply course concepts.
Show steps
Show steps
Show steps
- Form a study group with classmates.
- Select case studies or scenarios related to liabilities and equity.
- Research and prepare for the discussion.
- Meet with the group to discuss the case studies, share insights, and answer questions.
- Summarize the discussion and key takeaways.
Four other activities
Expand to see all activities and additional details
Show all seven activities
Solve Accounting Equation Practice Problems
Show steps
Engage in targeted practice to strengthen understanding of the accounting equation and its components.
Browse courses on
Accounting Equation
Show steps
Show steps
Show steps
- Gather practice problems from textbooks or online resources.
- Solve the problems using the accounting equation (Assets = Liabilities + Equity).
- Check your answers and identify areas for improvement.
- Repeat the process to reinforce your understanding.
Attend a Payroll Accounting Workshop
Show steps
Deepen understanding of payroll accounting concepts and gain hands-on practice.
Show steps
Show steps
Show steps
- Research and locate a reputable payroll accounting workshop.
- Register for the workshop and pay any necessary fees.
- Attend the workshop and actively participate in discussions and exercises.
- Take notes and ask questions to enhance your comprehension.
Participate in an Accounting Quiz Bowl
Show steps
Test your knowledge in a competitive setting and enhance your critical thinking skills.
Show steps
Show steps
Show steps
- Locate or organize an accounting quiz bowl competition.
- Form a team or participate individually.
- Study and prepare for the competition.
- Participate in the quiz bowl, answering questions on various accounting topics.
Contribute to an Open-Source Accounting Project
Show steps
Gain practical experience and contribute to the accounting community by participating in open-source projects.
Show steps
Show steps
Show steps
- Identify open-source accounting projects that align with your interests.
- Research the project's documentation and codebase.
- Identify areas where you can contribute or improve the project.
- Fork the repository and make your changes.
- Submit a pull request with your contributions and provide clear documentation.
Career center
Learners who complete Liabilities and Equity in Accounting will develop knowledge and skills
that may be useful to these careers:
Bookkeeper
Bookkeeper
Bookkeepers are responsible for recording and maintaining the financial transactions of a business. The course's focus on the liabilities and equity in accounting, a day to day focus of bookkeepers, makes it a perfect entry point into the field.
Accountant
Accountant
Accountants must study the liabilities and equity of an organization to perform their day to day tasks. This course is a valuable tool for individuals looking to enter accounting. Accountants examine and analyze financial information, prepare tax returns, manage budgets, and audit financial statements.
Payroll Manager
Payroll Manager
Payroll managers are responsible for managing the payroll process for a company.
Auditor
Auditor
Auditors examine and evaluate the financial records of an organization to ensure accuracy and compliance with accounting standards. This course will give Auditors a proper foundation in the liabilities and equity side of accounting, which is crucial to performing their daily tasks.
Risk Manager
Risk Manager
Risk managers identify and assess risks that could affect an organization. This course may be useful for people interested in working as risk managers.
Tax Accountant
Tax Accountant
Tax accountants prepare and file tax returns for individuals and businesses. This course may be useful for people interested in working as tax accountants.
Venture Capitalist
Venture Capitalist
Venture capitalists provide funding to new and growing businesses. This course may be useful for people interested in working as venture capitalists.
Financial Manager
Financial Manager
Financial managers oversee the financial planning and operations of an organization. This course may be useful for people interested in working as financial managers.
Loan Officer
Loan Officer
Loan officers evaluate loan applications and make decisions on whether or not to approve loans. This course may be useful for people interested in working as loan officers.
Underwriter
Underwriter
Underwriters evaluate and assess the risk of insurance policies. This course may be useful for people interested in working as underwriters.
Management Consultant
Management Consultant
Management consultants provide advice to businesses on how to improve their operations. This course may be useful for people interested in working as management consultants.
Treasury Manager
Treasury Manager
Treasury managers oversee the financial resources of an organization. This course may be useful for people interested in working as treasury managers.
Financial Analyst
Financial Analyst
Financial analysts use their knowledge of accounting to evaluate the financial performance of companies and make investment recommendations. This course may be useful for people interested in working as financial analysts.
Operations Manager
Operations Manager
Operations managers oversee the day-to-day operations of a business. This course may be useful for people interested in working as operations managers.
Investment Banker
Investment Banker
Investment bankers provide financial advice to companies and governments. This course may be useful for people interested in working as investment bankers.
For more career information including salaries, visit:
OpenCourser.com/course/50bhuz/liabilities
Reading list
We've selected nine books
that we think will supplement your
learning. Use these to
develop background knowledge, enrich your coursework, and gain a
deeper understanding of the topics covered in
Liabilities and Equity in Accounting.
This annual publication provides a comprehensive guide to the latest Generally Accepted Accounting Principles (GAAP). It can be used as a quick reference for accounting professionals and learners who need to stay up-to-date with accounting standards.
Save
This textbook covers financial reporting and analysis techniques, providing a comprehensive understanding of how financial statements are prepared and used by investors and analysts. It can enhance the course material by delving deeper into financial statement analysis.
This textbook delves deeper into accounting principles, focusing on the preparation and analysis of financial statements. It can provide a more advanced understanding of the topics covered in the course.
This advanced textbook covers corporate finance concepts, including capital budgeting, cost of capital, and dividend policy. It can provide additional knowledge for learners who are interested in the financial management aspects of accounting.
Save
This textbook emphasizes the managerial perspective of accounting, focusing on how accounting information is used for decision-making. It can provide additional insights into the practical applications of accounting principles.
Save
This comprehensive textbook covers valuation techniques and principles used in finance and accounting. It can provide insights into the valuation of businesses and assets, which can be valuable knowledge for accountants involved in financial analysis and decision-making.
This textbook provides a comprehensive overview of the auditing process, including risk assessment, internal controls, and audit procedures. It can provide additional knowledge for learners interested in the auditing aspect of accounting.
This introductory textbook covers the fundamental concepts of accounting, including the recording and reporting of financial transactions. It can provide foundational knowledge for understanding the course material on liabilities and equity.
This user-friendly guide simplifies accounting concepts, making them accessible to beginners. It can provide a foundation for learners who are new to accounting or need a refresher on the basics.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/50bhuz/liabilities
Share
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This course belongs to a
collection
called
Intuit Academy Bookkeeping. It's comprised of four courses:
- Assets in Accounting
- Liabilities and Equity in Accounting (viewing)
- Bookkeeping Basics
- Financial Statement Analysis
Good to know
Builds on previous courses in the program, ensuring progression and continuity in learning bookkeeping
Specifically designed for learners with prior knowledge in bookkeeping basics and accounting assets
Facilitates deeper understanding of liabilities and equity in accounting
Provides practical examples and scenarios for learners to apply their bookkeeping knowledge
Course instructors are acknowledged experts from Intuit Academy Team, lending credibility to the content
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