The difficulty with accounting has less to do with the math, as it does with its concepts. Now, there is no more difficult yet vital concept to understand than that of Debits and Credits. Debits and Credits are at the very heart of the 'double entry bookkeeping' that has been the foundation stone on which the financial world's accounting system has been built for well over 500 years.
Now, given the length of time, is it any wonder that confusion has surrounded the concept of Debits and Credits as the English language and its laws have morphed to bring new definitions for two words that in the accounting world have their own very special significance and meaning. In this session we will look into the meaning and application of this vital area of bookkeeping and accounting.
An intensive introduction to the preparation and interpretation of financial information. Adopts a decision-maker perspective of accounting by emphasizing the relation between accounting data and the underlying economic events generating them. Class sessions are a mixture of lecture and case discussion. Assignments include textbook problems, analysis of financial statements, and cases. Our goal is to help you develop a framework for understanding financial, managerial, and tax reports. The course goal is divided into five subordinate challenges that can help you organize the way you learn accounting: The record keeping and reporting challenge The computation challenge The judgment challenge The usage challenge The search challenge The course adopts a decision-maker perspective of accounting by emphasizing the relation between accounting data and the underlying economic events generating them.
This course focuses on financial accounting, a sub-discipline of accounting. Upon successful completion of this course, the student will be able to: perform accounting computations through the critical analysis of business transactions; demonstrate an understanding of the foundational principles and objectives of accounting; illustrate the impact of business transactions through the use of the accounting equation and transforming business transactions (data) into useable information; describe the accounting cycle and be able to identify specific debits and credits, journals, t-accounts, a trial balance, and resulting financial statements; identify why adjusting entries are necessary, and be able to distinguish between various types of adjusting entries; discuss and be able to demonstrate the use of the accounting worksheet as a means of preparing the financial statements; explain and execute the closing process for a specified accounting cycle; identify the foundational accounting concepts, assumptions and principles through the analysis of specific business situations; identify and analyze accounting transactions of a merchandising company; define and solve for specific business events involving various inventory methods; define and apply the accounting elements associated with receivables and payables; identify, record, and depreciate property, plant, and equipment. This free course may be completed online at any time. (Business Administration 103)
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