Accounting 1 Simplified for You
Accounting 1 Simplified for You – is a unique, no-nonsense and meaningful way of understanding accounting basics by illustrating how business transactions are recorded in simple terms and step-by-step easy to follow exercises. Discover how easy it is to prepare financial statements and design your own accounting information system.
Empower yourself with the advantage of knowing and understanding your organization’s economic conditions through financial statements. Possess the ability to convert data into information that is meaningful to you. Convert your fear in accounting to confidence based on understanding the “jargon” in your own terms. Sharpen your analytical skills and empower yourself with understanding accounting for your business.
In this class, you will have a series of thoughtfully prepared video lectures, using real-life business examples and practice exercises after each section to reinforce your learning. Dr. Jacinto promotes and encourages lively discussions and feedback sessions. All your questions directly related to the topic will be answered within 24 hours. This course is ideal for college business and accounting students, bookkeepers, business owners, managers and anyone who wants to better understand accounting in business in a way that makes sense to you. This is an excellent study guide and supplement for students in accounting and those who are looking for a quick refresher. This course is an excellent complement to Accounting 2 Simplified You.
Successful graduates. Experience with Dr. Majo Jacinto
Understanding Business, Making Decisions and Accounting Basics
Purpose of business. Service, Merchandising & Manufacturing. Sole proprietorship, Partnership & Corporation.
Accounting information system for business management, borrowing, regulatory and compliance. Results communicated in financial statements. Internal and external users of financial statements. Managerial accounting & Financial accounting.
A multiple choice quiz for the section we just covered.
Discover how it's done in a real business setting.
Setting up a small business. Sample company transactions. .
Using the accounting equation to record business transactions. Assets = Liabilities + Owner's Equity. Capital + Revenue - Expenses. Starting a new business.
Income Statement, Statement of Owner's Equity, Balance Sheet, Statement of Cash Flows. Profit and Loss Statement. Operating, Investing and Financing activities. Sequence of financial statement preparation.
Test your understanding of the recording process for a small business.
Let's design the accounting system for your business.
List of accounts used to record business transactions. Assets, Liabilities, Capital, Revenues and Expenses. Account numbers.
The recording process. Journal entries. When to debit or credit?
Posting journal entries to the general ledger. Importance of the ending balances.
Unadjusted trial balance report
Chart of accounts, journal entries, general ledger and trial balance
Cash versus Accrual. Adjusting Entries & Financial Statements
Basis of recording transactions. Prepaid Expenses, Deferred Revenue, Accrued Revenues and Accrued Expenses.
Income Statement, Statement of Owner's Equity, Balance Sheet and Statement of Cash Flows. Sequence of preparing financial reports.
Cash basis and accrual basis accounting. Adjusting entries.