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Accounting Foundations: Bookkeeping
Learn the four key steps in the bookkeeping process: analyzing transactions, recording the effects, summarizing the effects, and preparing financial reports
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Bookkeeping is about collecting information, recording events, and organizing those records to make better decisions.
Accountants use the financial transactions recorded in ledgers or "books" to create a company's income statement and balance sheet.
In this course, accounting professors Jim and Kay Stice walk you through the four key steps in the bookkeeping process: analyzing transactions, recording the effects, summarizing the effects, and preparing financial reports.
They explain the components of a journal entry—debits and credits—and the essential questions a bookkeeper/accountant asks in reviewing those transactions.
They also explain how accountants translate ledger information into financial statements and the role of computer programs in helping businesses manage their accounts.
Contents
Introduction
Review of the Financial Statements
Fours Steps in the Bookkeeping Process
How Transactions Affect the Accounting Equation
The General Ledger
Illustration of the First Three Steps in the Accounting Cycle
Conclusion
Course content
Course features