[Free] Master Accounting Now

Master Double Entry Accounting: Practical Steps with Real Life Scenarios – Free Course

Added on August 6, 2024 Finance & Accounting 2 min read

What you’ll learn

Master accounting fundamentals
Pass their accounting class
Gain confidence in working through accounting simulations
Focus and study tips

Requirements

Anyone who wants to learn accounting

Description

Unlock the fundamentals of double entry accounting and the accounting equation through engaging and practical exercises tailored to a coffee shop business. This course is designed to transform theoretical knowledge into practical skills, making accounting concepts easy to understand and apply.

Course Highlights:

Identify Journal Entries for Classic Transactions: Learn to record the correct journal entries for four classic business transactions in a coffee shop setting. By working through real-world examples, you’ll internalize the process, ensuring rapid recall and application.
Visualize Journal Entries: Walk through each journal entry like a story. Understand the impact of each transaction on your accounts by visualizing the journey from the initial expense to the final entry. You’ll feel, see, and know the entire process.
Practical Scenarios:
- Recording an Expense: Discover how to record the purchase of inventory, such as coffee beans, and understand the impact on your financial statements.
- Earning Income: Learn the correct entry for sales transactions and see how selling a cup of coffee affects your accounts.
- Purchasing Equipment: Understand the entries for buying equipment, like a new coffee machine, and its implications on your business.
- Investing in the Company: Record investments made from personal savings and see how it boosts your business’s cash flow.
Quick Multiple Choice: Test your understanding of key concepts with quick, multiple-choice questions. Identify the accounts affected by various transactions and their impact on equity and assets.
Match the Transactions Activity: Match descriptions of financial transactions with the correct journal entries. Reinforce your learning by actively engaging with the material.
True or False: Solidify your knowledge by determining the accuracy of statements related to expenses, income, liabilities, and investments.

By the end of this course, you’ll have a solid grasp of double entry accounting and the accounting equation, equipped with practical skills to manage financial transactions confidently. Join us and turn accounting theory into practical, everyday business applications!

Author(s): Elisha Schwab, CPA