Accounting can seem daunting, but if you have a bank account or a credit card, you are already using the basics of accounting today. When you check your "balance" you are looking at a type of Balance Sheet. Checking transactions and the net change for the month is like the Income Statement.

The accounting cycle is what drives accounting. In this course we'll highlight the simple steps of the accounting cycle.

With this background you'll be ready to perform business analysis or contribute to a financial systems development project.

So let's get started.

Course Curriculum

  • 1

    Preliminaries

    • This is a beginning course.....

    • ​Overview of finsysvlogger video series on You-Tube​

  • 2

    Overview of Accounting or Bookkeeping

    • Overview Lecture

  • 3

    Introduction to the Balance Sheet

    • Balance Sheet Lecture

    • Family Finance Example

    • Net Worth or Equity Defined

    • Balance Sheet Categories

  • 4

    Introduction to the Income Statement

    • Income Statement Lecture

    • Measures Activity Over Time

    • Revenues

    • Expenses

    • Net Income--The Bottom Line

    • Bank Account Analogy

  • 5

    Introduction to the Accounting Cycle

    • Accounting Cycle Lecture

    • Accounting Cycle Step 1: Execute Business Events

    • Accounting Cycle Step 2: Create Journal Entries

    • Why Debits and Credits?

    • The Accounting Equation

    • "In Balance"

  • 6

    Posting to Reporting

    • Accounting Cycle Step 3: Post to Ledger

    • Journal Entries to Posting

    • Accounting Cycle Step 4: Trial Balance

    • Trial Balance Example

    • Accounting Cycle Step 5: Create Reports

    • "Bookend" Balance Sheets

    • Income Statement for the Period

    • Closing Entries

  • 7

    Fundamentals of Accounting Summary

    • Conclusion

    • Course Evaluation

About the instructor

Financial Systems Expert

Kip Twitchell

Kip Twitchell is a global subject matter expert with IBM Global Business Services (GBS) Financial Services Sector. He has extensive experience as a consultant in financial management and business intelligence systems, having consulted numerous Fortune 500 companies and 12 of the top 25 banks in the world. He is a Certified Public Accountant in the US and expert in the field of business events-based reporting and financial systemsHe is the author of “Balancing Act: A Practical Approach to Business Event Based Insights” (2010), and “Metric Engine: Reinventing the Data Supply Chains for Business” (2015) and vlogs (video blog) in "Conversations with Kip" on financial systems as the @finsysvlogger. He began his career with Price Waterhouse , which became PricewaterhouseCoopers and PwC consulting in 1998. PwC Consulting was acquired by IBM in 2002. He attended Brigham Young University in Provo, Utah.

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