Accounting Principles

Learn Basics of Accounting, Bookkeeping, and Financial Statements

4.69 (130 reviews)
Accounting & Bookkeeping
8 hours
Mar 2022
last update
regular price

What you will learn

Accounting from scratch

Full Accounting cycle

Closing the books

Financial statements

Multiple-step income statement

Inventory perpetual system

Inventory costing methods

All about cash and receivables

Fixed assets and depreciation

Basic analysis for financial statements

And much more


Accounting is very important subject that convert all financial events of the business into figures which allow managers and other users to report, analyze, and take decisions that help to read the financial position of a business and project future results.

I built this course using multiple reliable resources in Accounting. The content is based on U.S. GAAP Accounting standards, I also used my own knowledge and experience which I earned throughout my career for more than 15 years. Currently, I am working as Finance Manager in a contracting company. At the same time, I like to teach and share my knowledge with everyone interested in Accounting. It took me two years to make this content available for you, I made sure each information is valid and trustworthy.

This course will walk you through all the basics of Accounting for proprietorship companies which are owned by one individual or entity. We will start with the basics from scratch for service companies, and then all the way up to merchandising operations including major topics of inventory costing, cash and cash equivalent, trade receivables, plant assets, natural resources, intangibles, and basic financial analysis. After each section, I will practice with you a complete exercise. Together, we will learn and practice the details step by step. There are also seven quizzes available to test your understand.

Course Content

This course is comprehensive, it covers the basics of Accounting as follow:

  • What is Accounting? And how it identifies, record, and report financial events.

  • Who are the users of Accounting? That include both internal and external users.

  • What is GAAP? And why it is important to follow Accounting standards in recording and reporting financial data.

  • Basic concepts of Accounting including historical cost, accrual basis, matching principle, and much more!

  • Accounting equation, and it represent how assets are financed by both liabilities and owners’ equity.

  • Debits and credits and double-entry system.

  • Chart of accounts.

  • Journalizing, posting, trial balance.

  • Adjusting entries for accruals and deferrals.

  • Closing entries and post-closing trial balance to close the period.

  • Prepare financial statements including income statement, classified balance sheet, and statement of changes in equity.

  • Accounting for inventory purchases and sales using perpetual system.

  • Closing entries in merchandising operations, and how it is different than closing entries for service companies.

  • How multiple-step income statement is required for merchandising companies.

  • Inventory costing methods including specific identification, first-in first-out, last-in first-out, and weighted average method.

  • Inventory valuation using “lower of cost or market (LCM)”.

  • What is cash and cash equivalent? And how to account for restricted cash, bank overdrafts, and petty cash.

  • How to prepare bank reconciliation.

  • What are the types of receivables?

  • Valuing account receivables using direct write-off, and allowance methods.

  • Notes receivable and how to record & report them.

  • How to determine the cost of plant assets?

  • What is depreciation, depletion, and amortization?

  • Methods of depreciation including straight-line, units-of-activity, and declining-balance methods.

  • How to account for natural resources and intangibles?

  • Basic financial statements analysis using both vertical and horizontal analysis.


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Introduction to Accounting

What is Accounting?
Users of Financial Information
What is GAAP?
Basic Concepts of Accounting Part 1
Basic Concepts of Accounting Part 2
Basic Concepts of Accounting Part 3
Business Legal Forms
Accounting Equation
Transaction Analysis Using Accounting Equation
Debits and Credits
Introduction to Financial Statements
Chart of Accounts
Accounting Introduction Quiz

The Accounting Cycle

What is Accounting Cycle?
Posting to General Ledger
Using Subsidiary Ledgers
Trial Balance
Accrual vs Cash Basis
Why Adjusting Entries
Structure of Adjusting Entries
Deferrals - Prepaid Expenses
Deferrals - Unearned Revenues
Accruals - Accrued Expenses
Accruals - Accrued Revenues
Adjusted Trial Balance
Closing The Books
Closing Entries
Post-Closing Trial Balance
Reversing Entries
The Classified Balance Sheet
Accounting Cycle Quiz

Exercise One: Full Accounting Cycle

Exercise One: Introduction
Exercise One: Journal Entries
Exercise One: Posting to General Ledger
Exercise One: The Trial Balance
Exercise One: Adjusting Entries
Exercise One: Adjusted Trial Balance
Exercise One: Financial Statements
Exercise One: Closing Entries
Exercise One: Post-Closing Trial Balance

Accounting for Merchandising Operations

Introduction to Merchandising Operations
Perpetual vs Periodic Systems
Accounting for Inventory Purchases
Accounting for Inventory Sales
Closing Entries under Perpetual System
Multiple-Step Income Statement
Merchandising Operation Quiz

Inventory Costing and Valuation

Importance of Inventory Valuation
Specific Identification
First-in First-out (FIFO)
Last-in First-out (LIFO)
Weighted Average Method
Income Statement Effects
Lower of Cost or Market
Inventory Costing Quiz

Exercise Two: Inventory Costing Methods

Exercise Two: Introduction
Exercise Two: FIFO Method
Exercise Two: LIFO Method
Exercise Two: Moving-Average Method
Exercise Two: Journal Entries
Exercise Two: Mutiple-Step Income Statement

Cash & Cash Equivalents

What is Cash?
Cash Equivalent
Restricted Cash
Bank Overdrafts
Petty Cash Fund
Using Bank Account
Bank Reconciliation
Cash & Cash Equivalents Quiz

Exercise Three: Bank Reconciliation

Exercise Three: Introduction
Exercise Three: Bank Reconciliation
Exercise Three: Journal Entries

Accounting for Receivables

Types of Receivables
Direct Write-off Method
The Allowance Method
Estimating Bad Debts
Selling Receivables
Credit Cards Sales
Notes Receivables
Recording Notes Receivable
Accounts Receivable Quiz

Exercise Four: Estimating Bad Debts

Exercise Four: Introduction
Exercise Four: Aging Report
Exercise Four: Adjusting Entry

Plant Assets, Natural Resources, and Intangibles

The Cost of Plant Assets
What is Depreciation?
Straight-Line Method
Units-of-Activity Method
Declining-Balance Method
Change in Estimate for Depreciation
Expenditures During Useful Life
Retirement of Plant Assets
Sales of Plant Assets
Natural Resources
Intangible Assets
Fixed Assets Quiz

Exercise Five: Depreciation

Exercise Five: Introduction
Exercise Five: Journal Entries
Exercise Five: Balance Sheet

Basic Financial Statements Analysis

Importance of Financial Statements Analysis
Vertical Analysis
Horizontal Analysis


March 7, 2022
For an introductory course, this course covers a LOT of material. Topics are explained followed by examples. It also covers the full bookkeeping process, including journal entries and posting to accounts, demonstrating exactly how this would be completed without computer software. While this practice is very uncommon with today's technology, it provides a good explanation of what is actually happening in the background of that software.
January 20, 2022
Great and well explained concepts of accounting. The Tutor is very engaging and delivers on knowledge transfer
March 18, 2021
The course was very insightful and I learned a lot. The host's grammar and pronunciation was a little problematic when it came to understanding him and the concepts he was explaining through out this course. Other than that I feel that the course is well laid out and contains very good examples.
February 14, 2021
All topics covered in this course were explained well and shown how to implement, highly recommended for beginners and individuals who would like to brush up on their accounting knowledge foundations.



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