Understanding Debits and Credits

In this course, you will learn about the accounting equation and the five categories involved in every business (Assets, Liabilities, Owner’s Equity, Revenue and Expenses). Every financial transaction falls into one or more of these categories. Learn how to create a chart of accounts that meet the needs of your business. You will learn how double entry bookkeeping works and the process of recording debits and credits. This course will show you how to identify, analyze and record transactions using journal entries under the cash basis accounting method.
This course is offered in partnership with Learning Education Resource Network - UGotClass. For more information see http://yougotclass.org/index.cfm/VCC

Prerequisites

What you will learn

• The Accounting Equation and Categories
  The Accounting Equation
  The Five Accounting Categories
  The Chart of Accounts
  Account Placement
  Activity ~ Categorizing Accounts
  Cash Basis Accounting vs. Accrual Basis Accounting
• Debits and Credits
  T-Accounts
  Debits and Credits
  Double Entry Bookkeeping
  Analyze Financial Activities (Transactions)
• Assets, Liabilities, and Owner’s Equity
  Recording Transactions for Assets
  Recording Transactions for Liabilities
  Recording Transactions for Owner’s Equity
• Revenue and Expenses
  Recording Transactions for Revenue
  Recording Transactions for Expenses
  Activity ~ Recording Transactions

How to register

This course is offered as part of a VCC program only.

Contact us

If you have any question, please email at advising@vcc.ca.

† This information is intended as a guideline only. Program and course details are subject to change with the approval of VCC's Board of Governors.