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.
Reviewing financial statements
Obtaining financing and buying equipment
How revenue and expenses fit in the accounting equation
Recording the sale of goods or services
Posting journal entries to accounts
The accounting cycle: step by step
Skill Level Beginner
Show MoreShow Less
You started this assessment previously and didn’t complete it. You can pick up where you left off, or start over.