How do you keep track of the day-to-day financial transactions of a business? Whether you are looking to advance in your career, or you're an entrepreneur, (or maybe you are a part of a family business), this course will help you if you are looking to understand the numbers. The Basics of Bookkeeping course will help you understand, and know-how to record, every penny that comes into your business and every penny that goes out of your business. This course shows you how to create a chart of accounts that meet your needs. All of the money you spend, and all of the money you earn, have a place to go. How do you record them? What are debits and credits? What do the numbers mean? How do I label accounts? Even if you outsource your bookkeeping needs, you should still have a basic understanding of what happens with the money earned and the money spent. No one should be blind to his or her finances! In this course, you will learn where the numbers go, and why! You will learn the bookkeeping terminology as well as what it means to keep track of the numbers. At the end of the cycle, what do the numbers mean? The Basics of Bookkeeping will show you how to keep track of the numbers and why!
After taking this course, you will be able to:
-Evaluate the financial transactions and events of a business
-Record these transactions in the appropriate accounts
-Balance the general ledger at month's end
-Complete the accounting equation
Students will gain an understanding of the accounting equation and the importance of making it balance.
Students will gain an understanding of how to create a chart of accounts that matches the needs of a business.
Students will learn how to classify accounts appropriately under accounting.
Students will learn how to record journal entries for the financial transactions and events of a business.