Introductory Financial Accounting from Udemy

What's inside

Learning objectives

Understand the basics of financial accounting

Practice using the included workbook

Understand the basics of financial accounting
Practice using the included workbook

Syllabus

The Accounting Equation

The Accounting Equation Resources

This segment covers some of the most basic concepts of Financial Accounting. Lots of terms and definitions to get the ball rolling.

Assets = Liabilities + Equity. This is an accountant's version of E=MC^2. Always true and always there as a guiding light.

Financial Statements are the final result of all the hard work an accountant puts in. This segment covers the Income Statement, Statement of Retained Earnings, and Balance Sheet.

This segment gives you an opportunity to practice putting together a set of financial statements.

The Accounting Equation Quiz

Journal Entries, Ledgers, and Trial Balance

Journal Entries, Ledgers, and Trial Balance Resources

This segment could very well be the key to the entire course. Be sure to understand what's going on here before continuing on.

Practice using T-Accounts as part of the transaction analysis process.

Remember, the accounting cycles starts with analyzing/journalizing transactions. The next step (covered in this segment) is posting to the ledger. The ledger helps us see what's going on with an account.

The next step in the accounting cycle is to create the trial balance from your account balances in the ledger. Be sure debits = credits.

Journal Entries, Ledgers, and Trial Balances Quiz

Adjusting Journal Entries

Adjusting Journal Entries Resources

Adjusting Journal Entries (AJE) let you correct or update accounts that have changed but haven't had journal entries made yet to reflect those changes.

Practice practice practice! Put to use the AJE concepts from the prior segment.

The Adjusted Trial Balance is prepared after you post adjusting journal entries to the ledger. The Adjusted Trial Balance is used to create financial statements.

Adjusting Journal Entries Quiz

Closing Journal Entries

Closing Journal Entries Resources

The Closing Process is the final phase in the accounting cycle. The good news is that closing entries will practically take care of themselves if you learn the basics.

Pull together many of the steps in the accounting cycle with this Big Problem.

Closing Journal Entries Quiz

Buying and Selling Inventory

Buying and Selling Inventory Resources

In this segment we introduce merchandising companies - companies who buy and sell inventory.

In this segment we see the specific types of transactions and related journal entries that buyers and sellers of inventory will encounter.

A look at sales tax and inventory shrinkage to wrap up inventory issues and merchandising companies.

Buying and Selling Inventory Quiz

Inventory Costing

Inventory Costing Resources

There are three primary methods of inventory costing. A brief introduction to FIFO, LIFO, and Average Costing.

A detailed look at First-in, First-out (FIFO).

A detailed look at Last-in, First-out (LIFO).

A detailed look at Weighted Average costing.

Compare and contrast the three methods of inventory costing and some tips.

Inventory Costing Quiz

Internal Controls and Cash

Internal Controls and Cash Resources

A brief discussion about internal controls. You could take an entire course on internal controls, so we just barely scratch the surface here. Introduction to Bank Reconciliations.

An example of one of the most important internal controls for cash - the Bank Reconciliation.

Internal Controls and Cash Quiz

Receivables

Receivables Resources

Introducing the concept of bad debts.

The allowance for bad debts - specifically looking at the Receivables Method

The allowance for bad debts - specifically looking at the Sales Method.

Receivables wrap-up

Receivables Quiz

Property, Plant, and Equipment

Property, Plant, and Equipment Resources

Property, Plant, and Equipment, also known as Fixed Assets. Introduced.

Calculating depreciation using the three primary methods found in the real world: straight-line, units of activity, declining balance.

How to account for the disposal of property, plant, and equipment.

Property, Plant, and Equipment Quiz

Statement of Cash Flows

Statement of Cash Flows Resources

Introduction to Statement of Cash Flows

How to setup a worksheet that will aid in the creation of a Statement of Cash Flows.

Statement of Cash Flows Quiz

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Beginners are assumed to have basic literacy in Financial Accounting terminology and concepts. This course will build on that foundation

This course matches topics commonly found in college introductory courses on Financial Accounting

Covers the basics of financial accounting including journal entries, ledgers, trial balances, adjusting journal entries, closing journal entries, inventory costing, internal controls, cash, receivables, fixed assets and depreciation, and financial statements

Provides practice exercises and problems to enhance conceptual understanding

Taught by Erik Slayter, who has experience in the field of Financial Accounting

Requires the use of a workbook for practice assignments, which may require additional purchase or printing costs

Reviews summary

Average online accounting course

According to students, this course provides fair and straightforward material but can be difficult to follow due to the online format.

Content is fair and straightforward.

"The course is pretty straight-forward and fair, but it has been difficult for me to adjust my learning style to that of an online class."

Material can be challenging to follow.

"The course is pretty straight-forward and fair, but it has been difficult for me to adjust my learning style to that of an online class."

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 Introductory Financial Accounting with these activities:

Review Basic Math Skills

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Brush up on basic math skills, such as addition, subtraction, multiplication, and division, which are essential for accounting calculations.

Browse courses on Arithmetic

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Practice solving simple math problems
Use a calculator to check your answers

Accounting Principles by Weygandt, Kimmel, and Kieso

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Review a comprehensive accounting textbook to reinforce your understanding of the fundamental concepts and principles.

View Accounting Principles on Amazon

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Read through the chapters and highlight key concepts
Complete the practice problems and exercises at the end of each chapter
Seek clarification from an instructor or tutor if needed

Online Accounting Tutorials

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Explore online tutorials and videos to supplement your learning and gain a deeper understanding of specific accounting topics.

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Search for tutorials on specific accounting concepts or topics
Watch the tutorials and take notes
Practice the concepts and techniques shown in the tutorials
Seek further clarification from the tutorial creators or other resources if needed

Four other activities

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Journal Entry Practice

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Practice different types of journal entries to improve your understanding of analyzing transactions and recording them in the accounting system.

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Review different types of transactions and their corresponding journal entries
Practice creating journal entries for a variety of transactions
Check your answers against a solution guide or ask for feedback from an instructor or tutor

Accounting Study Group

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Engage in discussions and problem-solving sessions with peers to enhance your understanding and identify areas where you need additional support.

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Find a group of classmates or fellow learners who are interested in studying together
Set regular meeting times and stick to them
Prepare and review materials before each meeting
Discuss course topics, practice problems, and share insights
Get support from others and help them in return

Accounting Simulation

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Put your accounting knowledge into practice by working on a simulation that mimics real-world accounting tasks and challenges.

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Choose a simulation software or online platform
Create a company and set up its chart of accounts
Record transactions and adjust entries
Generate financial statements
Analyze the financial statements and make decisions

Financial Statement Analysis Report

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Analyze a company's financial statements and write a report that provides insights into its financial health and performance.

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Gather and review the company's financial statements
Use accounting ratios and other techniques to analyze the financial data
Identify key trends and patterns
Write a report that summarizes your findings and provides recommendations
Present your report to your instructor or peers

Career center

Learners who complete Introductory Financial Accounting will develop knowledge and skills that may be useful to these careers:

Accountant

Accountants prepare, examine, and analyze financial records, ensuring that financial information is accurate and complete, and that transactions are properly recorded. This course introduces the basics of financial accounting, including the accounting cycle, inventory management, and financial statement preparation. These foundational concepts are essential for aspiring Accountants to understand and apply in their daily work.

See salaries and explore the career path for Accountant

Auditor

Auditors examine and evaluate the financial records of organizations to ensure accuracy and compliance with regulations. This course provides a solid foundation in financial accounting principles, including the accounting cycle, internal controls, and financial statement analysis. These concepts are crucial for Auditors to effectively assess financial data and identify any discrepancies or areas of concern.

See salaries and explore the career path for Auditor

Bookkeeper

Bookkeepers maintain and organize financial records, ensuring that transactions are accurately recorded and that financial information is up-to-date. This course covers the fundamentals of financial accounting, including the accounting cycle, journal entries, and trial balances. These concepts are essential for Bookkeepers to perform their daily tasks effectively.

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Tax Accountant

Tax Accountants specialize in tax laws and regulations, ensuring that organizations comply with tax requirements and minimize tax liability. This course provides an introduction to financial accounting, including the accounting cycle, financial statement preparation, and tax-related transactions. These concepts are crucial for Tax Accountants to understand the financial implications of tax laws and advise clients accordingly.

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Financial Analyst

Financial Analysts evaluate and interpret financial data to make investment recommendations and provide insights into financial markets. This course covers the basics of financial accounting, including financial statement analysis, cash flow analysis, and valuation techniques. These concepts are essential for Financial Analysts to analyze financial performance, assess risk, and make informed investment decisions.

See salaries and explore the career path for Financial Analyst

Cost Accountant

Cost Accountants analyze and manage the costs of an organization, providing insights into cost behavior and profitability. This course provides a foundation in financial accounting, including inventory costing, cost allocation, and overhead analysis. These concepts are critical for Cost Accountants to effectively control costs, improve efficiency, and support decision-making.

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Forensic Accountant

Forensic Accountants investigate financial crimes and provide expert testimony in legal proceedings. This course introduces the basics of financial accounting, including auditing techniques, fraud detection, and financial statement analysis. These concepts are essential for Forensic Accountants to analyze financial data, uncover irregularities, and assist in legal investigations.

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Management Accountant

Management Accountants provide financial information and analysis to support decision-making within an organization. This course covers the fundamentals of financial accounting, including budgeting, variance analysis, and performance measurement. These concepts are crucial for Management Accountants to analyze financial data, provide insights, and support strategic planning.

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Financial Manager

Financial Managers oversee the financial operations of an organization, ensuring financial stability and profitability. This course provides an introduction to financial accounting, including financial planning, capital budgeting, and risk management. These concepts are essential for Financial Managers to make sound financial decisions, manage cash flow, and achieve organizational goals.

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Budget Analyst

Budget Analysts develop and manage budgets, ensuring that financial resources are allocated effectively and efficiently. This course covers the principles of financial accounting, including budgeting techniques, cost-benefit analysis, and performance evaluation. These concepts are crucial for Budget Analysts to analyze financial data, make informed recommendations, and support decision-making.

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Controller

Controllers are responsible for managing the financial operations of an organization, ensuring financial accuracy and compliance. This course introduces the core concepts of financial accounting, including financial reporting, internal controls, and risk management. These concepts are essential for Controllers to effectively manage financial resources, maintain financial integrity, and support organizational decision-making.

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Chief Financial Officer (CFO)

CFOs are the highest-ranking financial executives within an organization, responsible for overseeing all financial operations and strategic decision-making. This course provides an overview of financial accounting fundamentals, including financial planning, capital structure, and mergers and acquisitions. These concepts are crucial for CFOs to make informed financial decisions, manage risk, and drive organizational growth.

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Investment Banker

Investment Bankers provide financial advice and services to corporations and governments, assisting in capital raising and mergers and acquisitions. This course introduces the basics of financial accounting, including financial statement analysis, valuation techniques, and capital markets. These concepts are essential for Investment Bankers to analyze financial data, provide sound advice, and facilitate financial transactions.

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Financial Planner

Financial Planners help individuals and families manage their finances, plan for retirement, and achieve their financial goals. This course provides a foundation in financial accounting, including budgeting, investment analysis, and tax planning. These concepts are crucial for Financial Planners to understand financial markets, make sound recommendations, and support clients in achieving financial well-being.

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Credit Analyst

Credit Analysts assess the creditworthiness of borrowers, determining the risk associated with lending money. This course covers the basics of financial accounting, including financial statement analysis, credit scoring, and risk management. These concepts are essential for Credit Analysts to evaluate financial data, make informed lending decisions, and manage credit risk.

See salaries and explore the career path for Credit Analyst