Brain Bites – Business Accounting Basics, Part 1

Confused by debits, credits, balance sheets, and other business accounting terms? Because having a working knowledge of the terminology is the first step to having a strong understanding of business accounting, this is the course for you!  

Learn the terms and concept you need to understand the fundamentals of financial accounting. In this course, you’ll learn the vocabulary necessary for understanding the accounts, ledgers, and reports associated with double-entry bookkeeping. 

You’ll learn the function of the accounting equation and how it applies to the balance sheet. You’ll also learn the different categories of assets and liabilities, why equity is also called net worth, and how an account’s normal credit balance affects the application of debits and credits.   

Finally, you’ll learn the purpose for each of the three main financial reports: the balance sheet, the income statement, and the cash flow statement and how to differentiate between the accrual basis and cash basis accounting methods.  

Topics covered include: 

• Describing the Accounting Equation (Assets = Liabilities + Equity)  
• Discussing assets, liabilities, and equity 
• Explaining the role of debits and credits in double entry accounting 
• Differentiating between normal debit balance and normal credit balance accounts 
• Identifying the three primary financial statements and their specific purposes 
• Explaining the purposes of the Chart of Accounts, the General Journal, and the General Ledger 
• Describing the function of organizational numbering systems 
• Explaining the difference between a calendar year and a fiscal year 
• Differentiating between the accrual basis and cash basis methods of accounting 

Enjoy high-quality HD content in the “Uniquely Engaging”TM Bigger Brains style with Brain Bites!   

Taught by top subject matter experts, Bigger Brains courses are professionally designed around key learning objectives, and include captions and transcripts in 29 languages, downloadable handouts, and optional LinkedIn digital badges on course completion.