Assets in Accounting

Overview

Class Central Tips

In this second course, you will dive deeper into the world of bookkeeping and focus on accounting for assets. If you are familiar with bookkeeping basics, such as double entry accounting, you are ready for this course. You will gain an understanding of common asset types, learn how to account for inventory, calculate cost of goods sold, and work with Property, Plant, and Equipment (PP&E). Upon completing this course, you will use your new knowledge of assets to record transactions and produce financial statements for increasingly complex business situations. By the end of this course, you will be able to: -Summarize the common types of assets a business may have -Describe the importance of control over inventory -Outline how depreciation expense is reported on an income statement -Illustrate how transactions can be recorded in terms of the resulting change in the elements of the accounting equation. Course 1 Bookkeeper Basics, or the equivalent, is a recommended prerequisite for this course.

Syllabus

Accounting Concepts and Measurement

In this module, you'll begin to work with assets and understand how to account for sales, notes receivable, and uncollectible accounts.

Inventory Accounting Methods

In this module, you will learn about inventory accounting methods, including cost of goods sold, costing methods, and management techniques.

Property and Equipment

In this module, you will learn how to work with plant, property, equipment, depreciation of assets, and the implications of equipment leases.

Applying Accounting Principles and Knowledge

In this module, you will apply your knowledge of accounting principles to identify how various transactions and assets impact the balance sheet and income statement.