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Accounting in 60 Minutes – A Brief Introduction

Learn the very basics of accounting in just about an hour.
Instructor:
Vincent Turner
80,997 students enrolled
English [Auto] More
Understand the basic accounting equation
Know the difference between a debit and a credit
See how to prepare a balance sheet and income statement
Understand why profit does not equal cash

This is not your typical accounting course!

Professor Turner has taught thousands of students basic accounting. He has developed shortcuts and analogies to make learning accounting easy. If you want to understand this subject in a simple, fun way then this brief introductory course is for you.

This course will show you the very basics of accounting. You can complete it in about an hour. The course includes videos of the instructor at the whiteboard. You will complete simple quizzes to reinforce what you have learned. This course is intended for business owners, business students, managers or anyone who wants to understand basic accounting. It presents the information in an understandable format. Even if you have taken an accounting course you will find the material insightful.

The course introduces

  • The Accounting Equation (One you can understand!)
  • Balance Sheets
  • Income Statements
  • Debits and Credits (And how to know which is which!)
  • Why Profit Does Not Equal Cash!

If you have dreaded the thought of learning accounting, this is exactly the introduction you will welcome!

Why should take this course?

You are a business owner. You want your business to succeed and you know that you need a better understanding of how the numbers are put together.

You are a manager. You deal with accounting staff, bookkeepers, owners and subordinates. You hear accounting terms daily but you want to know more about what accounting means.

You are a business student. You dread taking your first accounting course. Or maybe you are in an introductory class right now. It all sounds so complicated. You want to find a simple explanation of what you are trying to learn.

You are an accounting student. You feel that you really did not get a firm grasp of the basics. You would like to start from scratch in an easy to learn format.

The Accounting Equation

1
What = Who
The accounting equation is the basis of accounting.  However, the formal equation can be confusing.  In this lecture you will learn the simplified equation (What=Who) and how it is the foundation of the accounting profession.  By the end of the lecture you will understand the more formal accounting equation.
2
Let's Buy a Car
The best way to learn the accounting equation is to look at an example that we are all familiar with.  In this lecture we will buy a car.  We will look at this purchase from two views: what are our assets and who has claim to them.  Please excuse my car drawing skills!  By the end of the lecture you will have a clearer understanding of the accounting equation.
3
Some Practice Entries
This lecture will begin to use specific accounts.  Accounts summarize similar activities.  You will begin to see which accounts are assets, which are liabilities and which are equity.
4
What = Who

Questions about the basic accounting equation.

Everything Balances

1
Debits = Credits
Debits and credits give accounting students fits.  In this lecture you will get a clear understanding of what is a debit and what is a credit.  You will know by the end of the lecture when to debit and when to credit.  You will find that this is a painless activity!
2
The Trial Balance
A trial balance is just that: we try to balance.  In this lecture we will set up a trial balance and see why it is an important tool for accountants.  And you will understand why it can save us a lot of time before we prepare our financial statements.
3
Debits and Credits
4
Debit and Credit Worksheet - A One Page Template to Help You Know When To Debit!

I've developed a one page scratch sheet that you can use when entering debits and credits. You will see that the T-account is shaded on the side that reflects its normal balance. Print these out and keep them near by!

The Balance Sheet

1
It Balances!
In this lecture we prepare our first financial statement!  It is the Balance Sheet. You might have seen balance sheets before.  You will see how they are prepared and what they mean. Your knowledge from the previous lectures will give you the skill to understand the details on this statement.
2
The Balance Sheet
What have you learned about the balance sheet!

Let's Make Some Money!

1
Income Accounts
In the very early days of accounting, business managers did not have an easy mechanism for keeping track of income and expenses.  In this lecture you will see why we developed income and expense accounts.  You will understand their impact on equity.  You will see how they are related to the balance sheet.
2
Net Income
In this lecture you will learn the connection between net income and the balance sheet.  By the end of the lecture you will see how income (and expense) affects the balance sheet.
3
The Income Statement
The income statement!  In this lecture you will see how it is prepared and how it contrasts the balance sheet.  This is a major financial statement and by the end of the lecture you will understand it's use.
4
Income Statement
A short quiz about what you have learned about the income statement.

Let's Put Together a Financial Statement

1
A Short Ebook on How to Put Together a Balance Sheet

Here is a valuable extra! I've placed this short ebook for you that will reinforce much of the information that we have covered so far! I even did the artwork myself!

Profit Does Not Equal Cash!

1
It's All About Timing
Many business owners and managers believe that profit equals cash.  That mistaken belief can jeopardize their businesses.  In this lecture you will see why profit does not equal cash.  You will also understand when we recognize income and when we recognize expenses.
2
Income Does Not Equal Cash
This lecture will show you that cash can come in before we recognize income, when we recognize income or after we recognize income.  By understanding this, you will see that cash flow does not follow income.  This knowledge is not only valuable as a student of accounting but it can also save your business!
3
Expenses and Timing
This lecture will explain why cash can go out of our business before we make an expense, when we make an expense or after we make an expense.  Again you will gain insights to why profit does not equal cash.  This information along with what you learned in the previous lecture will demonstrate how important it is for a business to manage cash flow.

Conclusion

1
What We Have Learned
It's wrap up time!  In just few lessons you have learned some very important basic accounting concepts!  We will review the major points.  This was a fun adventure!  You have acquired valuable information that can help you in business.  And you have a good introduction that can help you pursue accounting coursework.

Extras!

1
How To Increase Your Profits with Break Even Analysis!

A cupcakes store recently opened in our town. It was located in the new section of the city. The owner did not spare any expense in setting up the store. But alas. Twelve months later the store closed and the owner's dreams were vanquished.

I thought to myself: "They didn't figre out how many cupcakes to sell to pay the rent!"

Every day entrepreneurs launch their dream and look forward to the day when their operation is a thriving business. However, they don't calculate how many cupcakes do they have to sell to pay the rent!

What is takes to break even is the single most important number in your enterprise. Without it, you do not have a targe to reach for.

This ebook "Who To Increase Your Profits with Break Even Analysis" will show you not only how to compute your break even point, but it will give you four strategies to increase your profits.

Whether you have been in business for some time or if you are just thinking about starting a business, this fun to read booklet provides you the tools to formulate a profitable strategy!

It is my gift to you! Enjoy! I hope that it makes for ever expanding profits!

You can view and review the lecture materials indefinitely, like an on-demand channel.
Definitely! If you have an internet connection, courses on Udemy are available on any device at any time. If you don't have an internet connection, some instructors also let their students download course lectures. That's up to the instructor though, so make sure you get on their good side!
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