Jim Stice & Earl Stice – Accounting Foundations: Bookkeeping

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Exploring the Essential Features of “Jim Stice & Earl Stice – Accounting Foundations: Bookkeeping”

Course details
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.

Skills you’ll gain
Bookkeeping
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Meet the instructors

 Jim Stice
Accounting Professor at Brigham Young University + LinkedIn Learning Instructor at LinkedIn

 Earl Stice
Emeritus Professor of Accounting at Brigham Young University + LinkedIn Learning Instructor

Contents

Introduction

Introduction to bookkeeping 2m 17s
The language of business 2m 30s
How can we collect all this information? 4m 12s
What you should know 39s

1. Review of the Financial Statements

Introducing financial statements 1m 39s
The balance sheet 2m 45s
The income statement 3m 10s
The statement of cash flows 3m 34s

2. Fours Steps in the Bookkeeping Process

The importance of routine bookkeeping 2m 6s
Analyzing transactions 2m 43s
The accounting equation 3m 31s
Using accounts to categorize transactions 2m 39s
Debits and credits 2m 30s
Examples of accounts to categorize transactions 3m 30s
Including revenues, expenses, and dividends 3m 12s
Words of caution 2m 4s

3. How Transactions Affect the Accounting Equation

Everything is recorded with debits and credits 3m 10s
How do we record the effect of a transaction? 1m 34s
Obtaining financing and buying equipment 3m 38s
Buying supplies and inventory 3m 16s
Providing services 2m 48s
Selling inventory and providing services 3m 42s
Incurring additional expenses 2m 35s
Paying interest and dividends 2m 50s
A note on journal entries 2m 58s

4. The General Ledger

The accuracy of debits and credits in the days of real ‘books’ 3m 18s
Posting journal entries to accounts 4m 19s

5. Illustration of the First Three Steps in the Accounting Cycle

Strangers and the power of financial statements 2m 43s
Analyzing transactions 3m 56s
Computing account balances 2m 59s
The financial statements 3m 34s

Conclusion

Who uses financial statements? 3m 14s
The role of computers 3m 44s
Where we have been and what is next 2m 31s

What’s included

Practice while you learn

1 exercise file

Test your knowledge

5 quizzes

Learn on the go

Access on tablet and phone

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