Course Summary
Learn about liabilities and equity in accounting with this course. Gain practical skills and knowledge to effectively manage financial transactions and make informed decisions for your organization.Key Learning Points
- Understand the differences between liabilities and equity and how they impact financial statements
- Learn about various types of liabilities and equity, such as bonds, stocks, and retained earnings
- Get hands-on experience with accounting software and tools to manage financial transactions
Related Topics for further study
Learning Outcomes
- Understand the basics of liabilities and equity in accounting
- Gain practical skills in managing financial transactions
- Make informed decisions for your organization based on financial data
Prerequisites or good to have knowledge before taking this course
- Basic knowledge of accounting principles
- Familiarity with financial terminology
Course Difficulty Level
IntermediateCourse Format
- Self-paced online course
- Video lectures
- Hands-on exercises
Similar Courses
- Financial Accounting Fundamentals
- Corporate Finance Essentials
Related Education Paths
Notable People in This Field
- Suze Orman
- Dave Ramsey
Related Books
Description
In this third course, you will learn about liability and equity accounts and its effect on the balance sheet. If you have mastered bookkeeping basics and understand accounting assets, you are ready to jump into Liabilities and Equity in Accounting. You will explore the various types of liability, including: current and long term, payroll, and sales tax. Additionally, you will learn about the equity portion of the accounting equation and how to account for changes in owner’s equity.
Knowledge
- Describe the three main characteristics of liabilities.
- Demonstrate an understanding of the basic payroll accounting functions and tasks.
- Compare and contrast the different types of equity.
- Use the accounting equation to describe the financial position of an organization.
Outline
- Liabilities and Equity in Accounting
- Welcome to Intuit's Bookkeeping Certification Program
- Welcome to Course 3: Liabilities and Equity in Accounting
- Welcome to Liabilities and Equity
- This Season's Client: Crankshaft Customs
- Meet the Players
- Course Schedule
- Job Search
- Let’s Get Started
- Introducing Liabilities
- Liabilities Overview
- Current Liabilities
- Non-Current Liabilities
- The Natural Account Balance
- Liabilities Wrap
- Introduction to Credit
- Lines of Credit
- Expert Opinion
- Discussing Credit with Clients
- Credit Purchases and Payments
- Deferred Revenue
- Line of Credit Wrap Up
- Welcome Reading Liabilities and Equity in Accounting
- Assets and Liabilities
- Liabilities Overview Practice Quiz
- Additional Current Liabilities Practice Quiz
- Liabilities and Equity in Accounting Assessment
- Payroll, Obligations, and Loans
- Introducing Sales Tax
- The Complexities of Sales Tax
- Recording Sales Tax Liability
- Accounting Software to the Rescue!
- Reports and Recaps
- Introducing Payroll
- Payroll Overview
- Additional Considerations for Payroll
- The Payroll Process
- Step 1: Choosing a Payroll System
- Step 3: Gathering Employee Information
- A Word from an Expert
- Step 4: Setting up Direct Deposit
- Step 5: Time Tracking System
- The Matching Principle and Payroll
- Step 6: Collect Employee Timesheets
- Step 7: Approve and Submit Employee Payroll
- Step 8: Report and Update Payroll Records
- Reporting
- Payroll Wrap Up
- Introduction to Bookkeeping for Payroll
- Cash Flow in Payroll
- Journal Entries for Payroll
- Entering an Employee Into Payroll
- Paying the Boss
- Reports and Payroll
- Bookkeeping for Payroll Wrap Up
- Sales Tax Liability Practice Quiz
- Matching Principle and Payroll Practice Quiz
- Payroll Practice Quiz
- Bookkeeping for Payroll Practice Quiz
- Payroll, Obligations, and Loans Assessment
- Equity and Liabilities
- Lesson Introduction and Learning Objectives
- Overview of Long-term Obligations
- Recording Long-term Obligations and Payments
- Long-term Obligations and QuickBooks
- Long-term Liabilities and the Balance Sheet
- Long-term Obligations Wrap Up
- Introducing Bank Loans
- Overview of Mortgages
- Overview of Amortization
- Commercial Loans
- Short-term Bank Loans
- Bank Loans Wrap Up
- Introducing Stockholder Equity
- Owner's Equity
- Calculating Equity
- Owner's Draw
- Closing Process
- Stockholder Equity Wrap Up
- Long-term Obligations and Notes Payable Practice Quiz
- Bank Loans Practice Quiz
- Stockholder Equity Practice Quiz
- Equity and Liabilities Assessment
- Practice with Liabilities and Equity
- Introducing Accounts Payable, Cash Payments, and Sales Tax Payable
- Recap of the Accounting Equation
- Intro to Sample Company and Overview of Accounts Payable Transactions
- Overview of Cash Payment Transactions
- Overview of Sales Tax Payable Transactions
- Accounting Errors
- Accounts Payable, Cash Payments, Sales Tax Payable Wrap Up
- Introducing Practice with Payroll
- Payroll and the Accounting Equation
- Practice with Payroll Wrap Up
- Introducing Practice with Bank Loans and Equity
- Reviewing the Amortization Activity
- Journal Entries
- Loans and the Accounting Equation
- Changes in Equity - Earnings
- Changes in Equity - Withdrawals
- Changes in Equity - The Accounting Equation
- Practice with Bank Loans and Equity Wrap Up
- Liabilities and Equity in Accounting Case Study
- Accounts Payable, Cash Payments, Sales Tax Payable Practice Quiz
- Practice with Payroll Practice Quiz
- Practice with Bank Loans and Equity Practice Quiz
- Liabilities and Equity in Accounting Case Study Assessment
Summary of User Reviews
This accounting course on Coursera has received positive reviews from users. Many found the course to be well-organized and informative. Overall, the course is highly recommended for those looking to gain a deeper understanding of liabilities and equity in accounting.Key Aspect Users Liked About This Course
Many users appreciated the clear explanations and examples provided in the course.Pros from User Reviews
- Well-organized course structure
- Clear explanations and examples
- Engaging and knowledgeable instructors
- Practical application of concepts
- Great for beginners
Cons from User Reviews
- Some users found the course content to be too basic
- Lengthy lectures
- Limited interaction with instructors
- Some technical issues with the platform
- Not enough opportunities for practice exercises
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