Accounting Basics

📘 About This Course

This course provides essential tools to understand financial accounting fundamentals. Through concise videos and real-world financial records, you’ll explore the three key financial statements: the Balance Sheet, Income Statement, and Statement of Cash Flows. You’ll also learn to record transactions and prepare financial statements.

✅ By the end of this course, you will be able to:
📌 📝 Record transactions using journal entries.
📌 📊 Use T-accounts to summarize transactions.
📌 📄 Describe & Prepare key financial statements.
📌 🔍 Analyze a company’s financial health.

📖 Section A: Introduction to Balance Sheet

📂 This section introduces the Balance Sheet, explaining its role in financial accounting, accounting standards, and the accounting cycle. You’ll learn how to record transactions using journal entries and summarize them in T-accounts while ensuring the balance sheet equation remains intact.

🎯 Learning Objectives:
📌 📚 Understand the three sets of accounting books and their audiences.
📌 💡 Explain financial accounting’s role in markets.
📌 📜 Describe accounting standards and their importance.
📌 🔗 Explain financial statements and their connections.
📌 ⚖️ Understand the Balance Sheet equation and key components.
📌 📝 Use journal entries to record transactions.
📌 📊 Apply T-accounts to summarize recorded transactions.
📌 ⚖️ Analyze transaction effects on the balance sheet equation.

📖 Section B: Accrual Accounting and The Income Statement

📑 This section covers the Income Statement, accrual accounting principles, and adjusting entries. You’ll learn when and how to record revenue and expenses, ensuring accurate financial reporting.

🎯 Learning Objectives:
📌 📄 Explain the Income Statement and its key components.
📌 💰 Record revenue and expense transactions.
📌 🔗 Understand how financial statements connect.
📌 🛠️ Apply accrual accounting principles.
📌 📊 Use the Retained Earnings account to summarize transactions.
📌 ✏️ Record adjusting entries before financial statement preparation.

📖 Section C: Statement of Cash Flows

📊 Learn to prepare the Statement of Cash Flows (SCF), categorize cash activities into Operating, Investing, and Financing, and understand how the SCF fits into the financial reporting framework.

🎯 Learning Objectives:
📌 📄 Prepare the Statement of Cash Flows.
📌 💳 Classify cash flows into Operating, Investing, and Financing activities.
📌 🔗 Explain how the SCF connects with other financial statements.
📌 📊 Analyze cash flow trends to assess financial health.