Introduction to Financial Accounting: The Accounting Cycle

Master the accounting cycle and unlock the secrets to understanding financial statements with this comprehensive course! Learn how the Income Statement, Statement of Retained Earnings, Balance Sheet, and Cash Flow Statement are built and how they all connect.

This course provides a solid foundation in accounting principles, perfect for students taking introductory accounting courses or anyone seeking a fundamental grasp of financial reporting.

Here's what you'll achieve:

• Understand Financial Statements: Gain a clear understanding of the components of each of the four primary financial statements.
• Financial Statement Relationships: Learn how the Income Statement, Statement of Retained Earnings, Balance Sheet, and Cash Flow Statement are interconnected.
• Journal Entries: Record business transactions accurately using the principles of debits and credits.
• Impact on Financial Statements: See how journal entries directly affect the financial statements.
• General Ledger & T-Accounts: Post journal entries to the general ledger using T-accounts and confidently solve for missing numbers.
• Subsidiary Ledgers: Develop a general understanding of how subsidiary ledgers function.
• Unadjusted Trial Balance: Learn to create an unadjusted trial balance to ensure accounting equation balance.
• Adjusting Entries: Understand and perform adjusting entries at the end of the accounting period.
• Adjusted Trial Balance: Create an adjusted trial balance reflecting the impact of adjusting entries.
• Financial Statement Creation: Build the Income Statement, Statement of Retained Earnings, Balance Sheet, and Cash Flow Statement from scratch.
• Closing Entries: Perform closing entries to prepare for the next accounting period.
• Post-Closing Trial Balance: Generate a post-closing trial balance to verify the accuracy of the accounting records.

This course equips you with the essential skills to analyze financial data and make informed business decisions.