Introduction To Financial Accounting: The Accounting Cycle

Everything you need to understand the accounting cycle: Financial Statements, Journal entries, T-Accounts, and more.

What you'll learn

Understand the information that belongs on each financial statement

Understand how the financial statements relate to one another

Understand how to make journal entries

Understand how journal entries effect the financial statements

Requirements

No accounting experience is required. The course will be helpful for the student who has never taken accounting or the student who simply needs a refresher.

Description

In this course, we will review the accounting cycle to gain an understanding of how the financial statements are formed (i.e., Income Statement, Statement of Retained Earnings, Balance Sheet, and Cash Flow Statement. By the end of this course, each viewer will be able to do the following: 1) understand what is on each of the four primary financial statements, 2) understand how the four primary financial statements relate to one another, 2) record transactions by making general journal entries, by using the debits and credits, 3) understand how the journal entries affect the financial statements, 4) post journal entries to the general ledger (T-accounts), 5) solve for missing numbers in the t-accounts, 6) generally understand how the subsidiary ledger works, 7) create an unadjusted trial balance, 8) perform and understand adjusting entries at the end of the accounting period, 9) create an adjusted trial balance, 10) create the four primary financial statements from scratch, 11) perform closing entries at the end of the accounting period, 12) create a post closing trial balance. The course will be helpful for students taking any introductory accounting course as well as those who are trying to gain a basic understanding of how the four primary financial statements are formed.

Overview

Section 1: Brief Introduction

Lecture 1 Intro

Section 2: Understanding the 4 Major Financial Statements

Lecture 2 The flow of the financial statements

Lecture 3 Overview of the Income Statement, Retained Earnings, and Balance Sheet

Section 3: From Journal Entry to Financial Statements

Lecture 4 Making Journal Entries

Lecture 5 Ledgers and the Unadjusted Trial Balance

Lecture 6 Adjusting Entries and the Adjusted Trial Balance

Lecture 7 Making the Financial Statements from the Adjusted Trial Balance

Section 4: Closing the Books and the Post Closing Trial Balance

Lecture 8 Closing the books and the Post closing Trial balance

Students who have never taken accounting or need a refresher in intro to financial accounting