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Intuit Academy Team
In this second course, you will dive deeper into the world of bookkeeping and focus on accounting for assets. If you are familiar with bookkeeping basics, such as double entry accounting, you are ready for this course. You will gain an understanding of common asset types, learn how to account for inventory, calculate cost of goods sold, and work with Property, Plant, and Equipment (PP&E). Upon completing this course, you will use your new knowledge of assets to record transactions and produce financial statements for increasingly complex business situations.
By the end of this course, you will be able to:
Read more
In this second course, you will dive deeper into the world of bookkeeping and focus on accounting for assets. If you are familiar with bookkeeping basics, such as double entry accounting, you are ready for this course. You will gain an understanding of common asset types, learn how to account for inventory, calculate cost of goods sold, and work with Property, Plant, and Equipment (PP&E). Upon completing this course, you will use your new knowledge of assets to record transactions and produce financial statements for increasingly complex business situations.
By the end of this course, you will be able to:
Read more
In this second course, you will dive deeper into the world of bookkeeping and focus on accounting for assets. If you are familiar with bookkeeping basics, such as double entry accounting, you are ready for this course. You will gain an understanding of common asset types, learn how to account for inventory, calculate cost of goods sold, and work with Property, Plant, and Equipment (PP&E). Upon completing this course, you will use your new knowledge of assets to record transactions and produce financial statements for increasingly complex business situations.
By the end of this course, you will be able to:
-Summarize the common types of assets a business may have
-Describe the importance of control over inventory
-Outline how depreciation expense is reported on an income statement
-Illustrate how transactions can be recorded in terms of the resulting change in the elements of the accounting equation.
Course 1 Bookkeeper Basics, or the equivalent, is a recommended prerequisite for this course.
Register for this course and see more details by visiting:
OpenCourser.com/course/9r44t2/assets
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What's inside
Syllabus
Accounting Concepts and Measurement
In this module, you'll begin to work with assets and understand how to account for sales, notes receivable, and uncollectible accounts.
Read more
Syllabus
Accounting Concepts and Measurement
In this module, you'll begin to work with assets and understand how to account for sales, notes receivable, and uncollectible accounts.
Read more
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possible dealbreakers
Teaches common asset types, inventory, cost of goods sold, and property, plant, and equipment, which are fundamental accounting concepts that support bookkeeping basics
Explores accounting for assets, a critical aspect for financial reporting and analysis, which is essential for business operations
Provides learners with a deeper understanding of bookkeeping, enabling them to advance their knowledge in the field
Taught by Intuit Academy Team, who are recognized for their expertise in accounting and financial management
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Reviews summary
Assets in accounting: practical deep dive
According to learners, 'Assets in Accounting' is a highly practical and well-structured course that effectively builds on foundational bookkeeping. Students particularly praise its clear explanations of complex topics like inventory methods (FIFO/LIFO), Property, Plant, and Equipment (PP&E), and depreciation calculations, often supported by engaging real-world examples. While most find the course comprehensive and easy to follow, a minority of reviewers found the pace fast or the explanations too high-level if their bookkeeping foundation wasn't exceptionally strong, even after taking the recommended prerequisite. Some noted a desire for more practice problems or a less theoretical approach to quizzes.
Assessments are fair, but some wish for more practice problems.
"The quizzes were fair, but I wish there were more practice problems for depreciation calculations."
"My only minor critique is that some quizzes felt a bit too theoretical and less practical, but overall, it's a valuable course."
The instructor provides clear and engaging explanations.
"The instructor's approach was very engaging."
"Everything was explained with clarity and supported by good examples."
"I enjoyed how the instructor broke down complex concepts."
Well-organized modules offer thorough coverage of key asset topics.
"The structure made it easy to follow."
"The course is well-structured and covers the key asset topics comprehensively. The explanation of depreciation methods was particularly helpful."
"A very useful course focusing on tangible and intangible assets. I found the course material to be comprehensive and well-organized, making it easy to navigate."
Excellent real-world examples clarify complex accounting concepts.
"The practical examples using real-world scenarios made complex topics easy to grasp. I especially appreciated the module on PP&E."
"Absolutely essential for understanding asset accounting. The examples provided were top-notch, allowing me to apply the concepts immediately."
"I enjoyed how the instructor broke down complex concepts. The practical examples were key to my learning."
Requires a strong bookkeeping foundation; may be too fast for beginners.
"As someone without a strong bookkeeping background, I found this course challenging, even with the 'prerequisite' mentioned. It jumps right into advanced topics."
"The pace is fast, and sometimes the explanations assume prior knowledge that I didn't have. Definitely for those already familiar with accounting principles."
"I completed Bookkeeper Basics, but this felt like a huge leap. The explanations were too high-level for me, and I needed more detailed breakdowns."
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 Assets in Accounting with these
activities:
Network with professionals in accounting
Show steps
Connect with professionals in the accounting field to gain insights, expand your knowledge, and explore potential career opportunities.
Show steps
-
Attend industry events and conferences.
-
Join professional organizations and participate in their activities.
-
Reach out to professionals on LinkedIn and other social media platforms.
Review accounting for sales of goods
Show steps
Refresh your understanding on how to account for the sale of goods transactions in order to easily pick up the more complex accounting concepts in this course.
Browse courses on
Sales
Show steps
-
Review the different types of sales transactions.
-
Walk through a sales of goods transaction and journal entry example.
Mentor a junior accounting student
Show steps
Enhance your understanding of accounting principles while helping others grasp the concepts, and solidify your knowledge through teaching.
Show steps
-
Identify a junior accounting student who needs guidance.
-
Set up regular study sessions to review course materials and provide support.
-
Answer questions, clarify concepts, and provide encouragement.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Compose a summary table for different types of assets
Show steps
Create a comprehensive summary table to categorize and understand the various types of assets and their characteristics.
Browse courses on
Assets
Show steps
-
List down different types of assets and their definitions.
-
Classify each asset as current or non-current, tangible or intangible.
-
Provide examples of each asset type.
Follow tutorials for inventory costing methods
Show steps
Walk through step by step tutorials to clearly understand how different inventory costing methods impact financial statements and cost of goods sold.
Browse courses on
Costing
Show steps
-
Explore different inventory costing methods like FIFO, LIFO, and Weighted Average.
-
Learn how costing decisions can impact gross profit and net income.
Calculate cost of goods sold
Show steps
Strengthen your grasp of cost of goods sold calculations, a key line item on a business's income statement, with repetitive practice.
Browse courses on
Cost of Goods Sold
Show steps
-
Practice computing cost of goods sold for different periods.
-
Analyze how COGS fluctuations affect gross profit and net income.
Develop a depreciation schedule
Show steps
Create a comprehensive depreciation schedule to gain a practical understanding of how depreciation expense is recognized over time.
Browse courses on
Depreciation
Show steps
-
Select an asset and determine its useful life.
-
Calculate depreciation expense for each period using different methods.
-
Record depreciation expense and accumulate depreciation on the balance sheet.
Read 'Financial Accounting Theory' by Richard Mattessich
Show steps
Deepen your understanding of the theoretical foundations of accounting to better grasp the practical applications covered in this course.
View
Two Hundred Years of Accounting Research
on Amazon
Show steps
-
Study the key concepts and principles of financial accounting theory.
-
Analyze the different theories and their implications for accounting practice.
Network with professionals in accounting
Show steps
Connect with professionals in the accounting field to gain insights, expand your knowledge, and explore potential career opportunities.
Show steps
Show steps
Show steps
- Attend industry events and conferences.
- Join professional organizations and participate in their activities.
- Reach out to professionals on LinkedIn and other social media platforms.
Review accounting for sales of goods
Show steps
Refresh your understanding on how to account for the sale of goods transactions in order to easily pick up the more complex accounting concepts in this course.
Browse courses on
Sales
Show steps
Show steps
Show steps
- Review the different types of sales transactions.
- Walk through a sales of goods transaction and journal entry example.
Mentor a junior accounting student
Show steps
Enhance your understanding of accounting principles while helping others grasp the concepts, and solidify your knowledge through teaching.
Show steps
Show steps
Show steps
- Identify a junior accounting student who needs guidance.
- Set up regular study sessions to review course materials and provide support.
- Answer questions, clarify concepts, and provide encouragement.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Compose a summary table for different types of assets
Show steps
Create a comprehensive summary table to categorize and understand the various types of assets and their characteristics.
Browse courses on
Assets
Show steps
Show steps
Show steps
- List down different types of assets and their definitions.
- Classify each asset as current or non-current, tangible or intangible.
- Provide examples of each asset type.
Follow tutorials for inventory costing methods
Show steps
Walk through step by step tutorials to clearly understand how different inventory costing methods impact financial statements and cost of goods sold.
Browse courses on
Costing
Show steps
Show steps
Show steps
- Explore different inventory costing methods like FIFO, LIFO, and Weighted Average.
- Learn how costing decisions can impact gross profit and net income.
Calculate cost of goods sold
Show steps
Strengthen your grasp of cost of goods sold calculations, a key line item on a business's income statement, with repetitive practice.
Browse courses on
Cost of Goods Sold
Show steps
Show steps
Show steps
- Practice computing cost of goods sold for different periods.
- Analyze how COGS fluctuations affect gross profit and net income.
Develop a depreciation schedule
Show steps
Create a comprehensive depreciation schedule to gain a practical understanding of how depreciation expense is recognized over time.
Browse courses on
Depreciation
Show steps
Show steps
Show steps
- Select an asset and determine its useful life.
- Calculate depreciation expense for each period using different methods.
- Record depreciation expense and accumulate depreciation on the balance sheet.
Read 'Financial Accounting Theory' by Richard Mattessich
Show steps
Deepen your understanding of the theoretical foundations of accounting to better grasp the practical applications covered in this course.
View
Two Hundred Years of Accounting Research
on Amazon
Show steps
Show steps
Show steps
- Study the key concepts and principles of financial accounting theory.
- Analyze the different theories and their implications for accounting practice.
Career center
Learners who complete Assets in Accounting will develop knowledge and skills
that may be useful to these careers:
Accountant
Accountant
An Accountant is a crucial part of any business' financial health. They analyze financial records and prepare financial statements, ensuring accuracy and compliance with all regulations. The Assets in Accounting course is a valuable resource for aspiring Accountants, offering a strong foundation in essential accounting concepts, including asset recording, depreciation expense reporting, and inventory management techniques.
Auditor
Auditor
Auditors ensure financial accuracy and compliance for organizations of all sizes. They play a vital role in maintaining trust and transparency in the business world. The Assets in Accounting course is highly relevant to Auditors, providing in-depth knowledge of asset accounting, inventory valuation methods, and depreciation calculations. By understanding these key concepts, Auditors can effectively assess financial statements and ensure the accuracy of financial reporting.
Bookkeeper
Bookkeeper
Bookkeepers are responsible for maintaining accurate financial records for businesses. They record transactions, prepare financial reports, and ensure compliance with accounting standards. The Assets in Accounting course is essential for Bookkeepers seeking to advance their careers, offering comprehensive coverage of asset management, inventory accounting, and property and equipment accounting. With a strong foundation in these areas, Bookkeepers can make significant contributions to the financial well-being of any organization.
Certified Public Accountant (CPA)
Certified Public Accountant (CPA)
Certified Public Accountants (CPAs) are highly skilled professionals who provide a wide range of financial services, including auditing, tax preparation, and consulting. They play a critical role in ensuring the accuracy and reliability of financial information. The Assets in Accounting course is a valuable resource for aspiring CPAs, providing a comprehensive foundation in asset accounting, inventory management, and financial reporting. CPAs who take this course will gain a deeper understanding of the accounting principles and practices that are essential for success in their field.
Financial Analyst
Financial Analyst
Financial Analysts assess the financial health and performance of companies and make recommendations on investments and other financial decisions. They use their knowledge of accounting principles and financial markets to identify opportunities and risks. The Assets in Accounting course is highly beneficial for Financial Analysts, providing them with a strong understanding of asset management, inventory valuation, and financial statement analysis. By taking this course, Financial Analysts can enhance their ability to make informed investment decisions and provide valuable insights to their clients.
Management Accountant
Management Accountant
Management Accountants play a vital role in the decision-making process of organizations. They provide financial analysis and insights to help managers understand the financial implications of their decisions. The Assets in Accounting course is a valuable resource for Management Accountants, offering a comprehensive overview of asset management, cost accounting, and financial reporting. By taking this course, Management Accountants can enhance their ability to provide timely and accurate financial information and support the strategic direction of their organizations.
Staff Accountant
Staff Accountant
Staff Accountants are responsible for performing various accounting tasks, such as preparing financial statements, recording transactions, and maintaining accounting records. They provide support to senior accountants and managers in the accounting department. The Assets in Accounting course is highly beneficial for Staff Accountants, providing them with a solid foundation in asset accounting, inventory management, and financial reporting. By taking this course, Staff Accountants can enhance their skills and contribute more effectively to the financial operations of their organizations.
Tax Accountant
Tax Accountant
Tax Accountants specialize in the complex field of taxation. They prepare tax returns, advise clients on tax matters, and represent clients before tax authorities. The Assets in Accounting course is a valuable resource for Tax Accountants, providing them with a deep understanding of asset accounting, depreciation, and tax implications. By taking this course, Tax Accountants can enhance their ability to navigate the complexities of tax laws and provide valuable guidance to their clients.
Controller
Controller
Controllers are responsible for overseeing the financial operations of an organization. They manage accounting teams, prepare financial statements, and ensure compliance with accounting regulations. The Assets in Accounting course is highly beneficial for Controllers, providing them with a comprehensive understanding of asset management, financial reporting, and internal controls. By taking this course, Controllers can enhance their ability to lead their accounting teams and contribute to the overall financial success of their organizations.
Financial Manager
Financial Manager
Financial Managers oversee the financial activities of organizations. They develop financial plans, analyze financial data, and make investment decisions. The Assets in Accounting course may be useful for Financial Managers, providing them with a strong understanding of asset management, financial analysis, and risk assessment. By taking this course, Financial Managers can enhance their ability to make informed financial decisions and contribute to the long-term success of their organizations.
Investment Banker
Investment Banker
Investment Bankers provide financial advice to corporations and governments, helping them to raise capital and make investment decisions. The Assets in Accounting course may be useful for Investment Bankers, providing them with a foundation in asset valuation, financial analysis, and capital markets. By taking this course, Investment Bankers can enhance their ability to evaluate investment opportunities and provide valuable guidance to their clients.
Private Equity Analyst
Private Equity Analyst
Private Equity Analysts evaluate and manage investments in private companies. They conduct financial analysis, develop investment strategies, and monitor portfolio companies. The Assets in Accounting course may be useful for Private Equity Analysts, providing them with a foundation in asset valuation, financial modeling, and risk management. By taking this course, Private Equity Analysts can enhance their ability to identify and evaluate investment opportunities and contribute to the success of their firms.
Risk Manager
Risk Manager
Risk Managers identify and manage risks that can impact an organization's financial performance and reputation. They develop risk management plans and implement strategies to mitigate risk. The Assets in Accounting course may be useful for Risk Managers, providing them with a foundation in asset management, financial analysis, and risk assessment. By taking this course, Risk Managers can enhance their ability to identify and manage risks and contribute to the protection of their organizations.
Securities Analyst
Securities Analyst
Securities Analysts evaluate and make recommendations on stocks and other securities. They conduct financial analysis, develop investment strategies, and provide guidance to investors. The Assets in Accounting course may be useful for Securities Analysts, providing them with a foundation in asset valuation, financial modeling, and risk assessment. By taking this course, Securities Analysts can enhance their ability to identify and evaluate investment opportunities and provide valuable insights to their clients.
Venture Capitalist
Venture Capitalist
Venture Capitalists provide funding and support to early-stage and high-growth companies. They evaluate investment opportunities, conduct due diligence, and monitor portfolio companies. The Assets in Accounting course may be useful for Venture Capitalists, providing them with a foundation in asset valuation, financial analysis, and risk management. By taking this course, Venture Capitalists can enhance their ability to identify and evaluate investment opportunities and contribute to the success of their portfolio companies.
For more career information including salaries, visit:
OpenCourser.com/course/9r44t2/assets
Reading list
We've selected ten 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
Assets in Accounting.
Provides a comprehensive overview of financial accounting using the International Financial Reporting Standards (IFRS) framework. It covers all the topics included in the course, including assets, inventory, and property, plant, and equipment.
Provides a practical guide to inventory management. It good choice for students who want to learn more about how to manage inventory effectively.
Provides a practical guide to using accounting information for decision making and control. It good choice for students who want to learn how to use accounting to improve their business decisions.
Save
Provides a comprehensive overview of auditing. It good choice for students who want to learn more about how to audit financial statements.
Provides a guide to financial statement analysis. It good choice for students who want to learn how to analyze financial statements to make investment decisions.
Provides a very basic overview of accounting. It good choice for students who have no prior knowledge of accounting.
Provides a very basic overview of financial intelligence. It good choice for students who have no prior knowledge of finance.
Provides insights into the financial habits of millionaires. It good choice for students who are interested in learning how to become financially successful.
Save
Provides financial advice for young people. It good choice for students who are interested in learning how to manage their money wisely.
Provides financial advice in the form of parables. It good choice for students who are interested in learning about the importance of saving and investing.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/9r44t2/assets
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This course belongs to a
collection
called
Intuit Academy Bookkeeping. It's comprised of four courses:
- Assets in Accounting (viewing)
- Liabilities and Equity in Accounting
- Bookkeeping Basics
- Financial Statement Analysis
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