Foundations of Financial Accounting

🎓 Foundations of Financial Accounting with Dr. Jeff Hillard

Course Headline:

"Learn Then Practice No Memorizing: Cash vs. Accrual, Laws, Ethics, Internal Controls, Practical T Debits and Credits"

Course Description:

🔍 Dive into the Financial Foundations Module: Get ready to embark on a journey through the core principles of financial accounting with our comprehensive course designed for learners who wish to truly understand the subject rather than just memorize it. This module will lay down the essentials that form the backbone of financial reporting and analysis, providing you with a solid foundation to build upon.

Lesson 1: A Brief Look Inside the Financial Foundations Module 📊

An overview of what you will be learning in this important module, which includes understanding the role of accounting in business, the significance of financial statements, and the basics of financial accounting that every professional should master. This foundational knowledge sets the stage for all the subsequent lessons.

💡 Lesson 2: Cash vs. Accrual Accounting

• Principles & Examples: Explore the difference between cash and accrual accounting, learn why accrual accounting is crucial for a clear financial picture, and understand how it impacts your financial statements.
• The choice between cash and accrual basis affects decision-making and reporting in businesses, which we will cover in detail.

🏆 Lesson 3: Certifications, Organizations, Ethics, Laws, and Internal Controls Discover the foundations of professionalism and trust in the accounting profession. We'll delve into the key certifications, organizations, ethical considerations, and legal requirements that every accountant should be aware of to uphold the integrity of financial reporting. Additionally, we'll explore the role of internal controls in safeguarding assets and ensuring accurate financial statements.

🔍 Lesson 4: How the Process Works Repeated and Expanded We'll revisit the core principles (the big rules) and all the supporting rules that govern financial accounting. This lesson is designed to provide a concise yet comprehensive understanding of the processes you'll be applying throughout the course.

🚀 Lesson 5: The Ten Basic Transactions Expanded: Reverses, Use, Combinations, Triggers Master the intuitive approach to basic transactions that often confuse beginners. This lesson will equip you with a deeper understanding of these transactions, including reversing entries, recording transactions that involve multiple accounts, and recognizing triggers for various accounting events. By the end, you'll be ahead of the game in comprehending, rather than merely memorizing, these fundamental transactions.

📚 Lesson 6: Demystifying Debits, Credits, and Account Balances We'll recap the practical 'T' format for debits and credits before you apply it. This lesson is crucial as it sets the groundwork for accurate bookkeeping, ensuring that you understand the flow of transactions through accounts in your financial records.

🖥️ Lesson 7: Using the Practical Approach in your Homework Software Although the Practical T approach is superior, your homework might be formatted in the traditional way. This guide will help you navigate through your non-intuitive assignments with ease, ensuring that you're not just memorizing but truly learning and understanding the material.

📑 Lesson 8: Transaction Practice - Self Graded Apply what you've learned in a practice sheet complete with smiley faces to indicate correct answers. This self-grading exercise will reinforce your understanding and ensure you're on the right track. The keys to the answers are provided on the next two sheets for additional learning.

Additional Resources:

An extra copy of the Transaction Guide, 16 Key Terms, and 20 Account Definitions are included to assist you in mastering the language and concepts of financial accounting.

Join Dr. Jeff Hillard in this enlightening course and transform your understanding of financial accounting from rote memorization to practical mastery. Enroll now and embark on a learning journey that will set you apart as a financial professional! 🌟