Key Accounting Concepts and Principles

Everyone
  • 7 videos | 21m 29s
  • Includes Assessment
  • Earns a Badge
Rating 4.4 of 2088 users Rating 4.4 of 2088 users (2088)
How do organizations communicate vital business and finance information? Achieving the utmost clarity in communication requires knowledge of financial management and a strong understanding of accounting basics. Accounting an internal function that involves identifying, recording, summarizing, and reporting business transactions and financial events in an organization. In this course, you'll learn the core concepts and financial essentials of accounting, such as the accounting equation and its components, as well as the rule of debits and credits. You'll also develop your financial acumen by exploring the accounting cycle, and the effect of cash and accrual-based accounting systems.

WHAT YOU WILL LEARN

  • Match basic accounting practices to their descriptions
    Recognize examples of assets, liabilities, and shareholder's equity
    Determine how given transactions affect the accounting equation
  • Determine how common transactions affect specific accounts using the debit and credit rule
    Sequence the steps of the accounting cycle
    Identify key characteristics of cash and accrual accounting

IN THIS COURSE

  • 46s
    Accounting is the universal language used by businesses to communicate their financial position. In this course, you'll learn about the basic concepts and practices of accounting. You'll also learn about the accounting equation and its components, and learn to use the rule of debits and credits. And you'll explore the accounting cycle, and the effect of cash and accrual-based accounting systems. FREE ACCESS
  • 3m 51s
    A fundamental assumption of accounting is that a business is a separate entity – meaning the finances of the business are completely independent of the personal finances of the owners or stakeholders. In this video, you will learn about common accounting practices. FREE ACCESS
  • Locked
    3.  Assets, Liabilities, and Shareholders Equity
    3m 20s
    In this video, you will learn about the three basic elements of accounting: assets, liabilities, and shareholders' equity. FREE ACCESS
  • Locked
    4.  Understanding The Accounting Equation
    3m 21s
    During this video, you will learn how to determine how given transactions affect the accounting equation. FREE ACCESS
  • Locked
    5.  The Rule of Debits and Credits
    3m 36s
    Double-entry accounting is a method of recording and analyzing financial transactions. It's used in most businesses to keep track of their assets, liabilities, and owners' equity. In this video, you'll learn how to use the rule of debit and credit to record transactions accurately. FREE ACCESS
  • Locked
    6.  The Accounting Cycle
    3m 27s
    The accounting cycle is a series of steps that help you record, analyze, and report financial information about a business during a specific period. In this video, you'll learn the steps in the accounting cycle. FREE ACCESS
  • Locked
    7.  Cash or Accrual Accounting?
    3m 8s
    The answer to this question forms the foundation of the two basic accounting systems. In this video, you'll learn about the advantages and disadvantages of each system. FREE ACCESS

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