Accounting 101

This introductory course explains core accounting concepts including debits and credits, double-entry accounting, accruals, ledgers, trial balances, adjusting entries, and financial statements. It also introduces US GAAP, IFRS, inventory costing, depreciation, and gross profit.

Syllabus

Debits and credits DC ADE LER.
Accounting equation explained.
Debits and credits explained.
Double entry accounting explained.
Balance sheet and income statement relationship.
Accruals explained.
Prepaid expenses explained.
Prepaid expense examples.
Suspense accounts explained.
Depreciation explained.
History of accounting.
What is a general ledger.
US GAAP vs IFRS.
Trial balance explained.
T accounts explained.
Current assets and current liabilities.
Cost Of Goods Sold (COGS) explained.
Income statement explained.
BALANCE SHEET explained.
Closing entries in accounting.
Accrued revenue.
Accrued revenue vs deferred revenue.
Adjusting entries.
Trial balance vs balance sheet.
What is gross profit.
Average cost inventory method.