4.83
(6 Ratings)

The Accounting Equation

Categories: Accounting Concepts
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About Course

The Accounting Equation is a key component of understanding modern-day accounting. This course provides the background to what the equation is, what it means and the context that it is applied to financial reports. Learn the report types that make up the equation parts and how they are applied in business transactions.

Course Content

  • Background of the accounting equation
  • The equation and its purpose
  • The different report types
  • Where the different report types are represented on reports
  • Applying debits and credits to the report types
  • Increases and decreases that result
  • Smart Books resource with examples to work through.

What Will You Learn?

  • Learn what the accounting equation actually is – and why we need to know
  • Understand the different report types
  • Know how the report types are represented in reports
  • Identify correctly what the debits and credits are when applying the equation

Course Content

Lesson 1

  • The actual equation
    13:03
  • Lesson 1: Knowledge Check

Lesson 2

Lesson 3

Lesson 4

End of Course Knowledge Check

Student Ratings & Reviews

4.8
Total 6 Ratings
5
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4
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JJ
5 months ago
Clearly explained and loved the examples used
JW
8 months ago
The debits & credits equation was a little hard to sink. attempted quite a few times and researched answers, it may have been helpful to see this through how we might use these in manual journals in Xero to understand real-life examples (as a bookkeeper) but I understand we must know the equation too, I think your advice about taking the balance sheet course for further explanation regarding the debits and credits came at the right time when I was feeling a little overwhelmed!
MS
1 year ago
This course is very helpful for the beginners who just have theoretical knowledge. It clearly defines what bookkeeping is and the background & purpose of accounting equations & principles we use in accounting. Additionally, this is a refresher for our basic understanding of accounting and to check if our basic accounting is matching with our practical bookkeeping.
LB
2 years ago
Good scenarios and explanations
SN
2 years ago
A great course, especially for those who need a refresher on a key basis for understanding accounting. This course is very easy to follow and well structured.
TG
2 years ago
I found the course was streamlined with good content and resources. I'm glad the quizzes aren't against a timer as I am one of those that needs to read a question over and over again as I process it so it was good not to have the added pressure of a timer!
I think the questions were a good level of 'challenge' with some on the easier side and some on the harder side so overall I think a good technical balance in my experience.