Accounting–Financial Accounting Total-Beginners to Advanced

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Accounting–Financial Accounting Total-Beginners to Advanced

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Accounting–Financial Accounting Total-Beginners to Advanced

Accounting–Financial Accounting Total-Beginners to Advanced

Including well over 100 hours of content, e-book (EPUB, MOBI, PDF) ,Excel worksheet, & PDF files, this is comprehensive.
  • An Introduction to Accounting, The Double Entry Accounting System, & Recording Transactions using Debits and Credits
  • Analyze, use, and create from scratch financial statements including a balance sheet, income statement, statement of equity, and statement of cash flows
  • Use the concepts of the double entry accounting system
  • Record financial transactions using the accounting equation
  • Record financial transactions using debits and credits
  • Learn when and how to use accounting methods such a the accrual method and cash method
This course is an excellent supplement for students or anybody who wants to learn accounting and also have something they can refer back to in the future. Udemy generally provides lifetime access to the course.

Many accounting students do not receive a physical book, they get to keep from their school, and even if they did, the information could become dated. Students who want a useful reference tool they can keep, and one that can be more easily updated then a textbook, will benefit from a resource such as this.

Financial accounting is relatively standardized in format. In other words, most accounting institutions will cover much the same topics, often in much the same order. 

We suggest looking up a standard accounting textbook, checking the index, and comparing the topics to the courses you are considering purchasing. We believe this course will line up well to anybody’s needs who want to learn financial accounting.

The course will start off at the basics and work all the way through the financial accounting topics generally covered in an undergraduate program.

We will describe what financial accounting is and the objectives of financial accounting. We will learn how the double-entry accounting system works by applying it to the accounting equation. 

In other words, we will use an accounting equation to record financial transactions using a double-entry accounting system.

We well learn all topics by fist having presentations and then applying the skills using Excel practice problems. If you are not familiar with how to navigate through Excel, it is OK. 

We will use preformatted worksheets, have step by step instructional videos, and will start off relatively slow.

After completing the financial statements, we will learn how to journalize and post-closing entries. Closing entries are used to clean out temporary accounts and prepare for the transactions that will be recorded in the next period.
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We can use two methods when constructing the operating section of the statement of cash flows, the direct method, and the indirect method. 

The indirect method is more common and often required, even if we also add the direct method. The indirect method starts with net income in then backs into cash flow from operations.

Accounting is similar in that we will start off by learning how to set up the board, the accounting board being a T account or ledger. As with checkers, we will need to memorize where the pieces fit on the board, which side of the T account pieces will line up on. 
Accounting pieces are the accounts and account types which have a normal balance lining up on the left or right side of the board, of the T account or ledger.

Once we know the normal balance of accounts, we will play the accounting game by applying debits and credits to the accounts following a set of rules which have a particular objective, the creation of relevant information, the creation of financial statements.

Education is all about asking questions, testing theories, and being skeptical of claims given without a convincing argument, without supporting facts. Accounting is no different. 
Questioning is essential to setting up an efficient accounting system, but the tradition of questioning can also be used as a crutch, as an excuse for not moving forward and finding our mistakes.

Accounting is divided into two major groups; Financial Accounting & Managerial Accounting.

  • Financial: accounting has the end goal of generating financial statements, financial statements designed with external user needs in mind.
  • External: users are users outside the company and include investors, creditors, the internal revenues service, and customers. Companies need these external users for things such as investments, loans, and to follow laws and regulations.
  • Managerial: accounting has the goal of generating relevant information for internal decision makers to make sound decisions, for management.
Financial accounting developed in much the same way, businesses looking for best practices to compile data for both themselves and external users. Over time financial accounting has solidified those best practices into a standardized form.

One way to think of ethics as it relates to a profession is by implementing a kind of categorical imperative, acting in a way that we would wish to be universal for the entire profession.

A criminologist has introduced the idea of a fraud triangle, consisting of three factors which increase the likelihood of fraud. Fraud factors include opportunity, pressure, and rationalization.

Opportunity means that the ability to commit fraud and not be caught is present, or at least perceived. For example, if a company had a policy of keeping their petty cash fund in a shoebox in the middle of the lunch room the opportunity for theft without detection would be greater than if the money was put into a more secure location.

Pressure or incentive means that a person is under pressure of some kind, often financial. If money if tight the likelihood of an individual committing fraud is significantly increased.

Rationalization is when a person justifies an action. Our minds are excellent at rationalizing. We generally believe that we think before acting, but we often act and then justify the action through rationalization. Rationalization is one reason fraud tends to continue, and even escalate over time.

Financial statements are the end goal of financial accounting, the final product most useful to external users like investors, creditors, and customers. Financial statements include the balance sheet, the income statement, the statement of equity, and the statement of cash flows. 

Accounting–Financial Accounting Total-Beginners to Advanced
Blockchain Council | Certified Blockchain & Healthcare Professional™
Santosh Kumar
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