Accounting Review: The Basics of Debits and Credits

Accounting Review: The Basics of Debits and Credits

In this course we discuss debits and credits, the primary building blocks of accounting and financial statements.

Taught by a two time former Controller and noted accounting professor at Cal Poly San Luis Obispo, this course serves as review for accounting and finance professionals who need to sharpen their fundamental understanding of core accounting concepts and how they translate into the accounting and financial concepts used to run companies.

We cover:

• A brief overview of core financial statements.

• How each financial statement has accounts that are used to keep track of all business transactions.

• “T-accounts,” debits and credits, and the behavior of those accounts, including recording a variety of transactions into a ledger represented by t-accounts.

• Preparation of basic financial statements.

This course covers the fundamentals of debits & credits, the primary building blocks of accounting & financial statement

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What you will learn

• Define the accounting terms debit and credit.
• Record business transactions into an accounting ledger represented by t-accounts using debits and credits.
• Identify how a trial balance and the accounting equation provide a framework for companies to prepare financial statements.

Rating: 4.2

Level: Beginner Level

Duration: 1 hour

Instructor: Illumeo Learning