Double Entry Accounting and the Accounting Equation
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In this 2nd course of the Accounting Essentials Skill Series, participants will examine double entry accounting, review the accounting equation's impact by net income or loss, explore debits and credits, correct entries for transactions, and use T accounts to illustrate account balance changes.
| On-Demand | |
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Certificate
1 credit or $295
Cost
1.5 - 2 Hrs.
duration
1 hr.
Prep Time
1
Quiz
Overview
In the second webinar session, participants examine the purpose and use of double entry accounting, review the accounting equation and the impact of net income or loss on the accounting equation components, explore the purpose and use of debits and credits and the manner in which debits and credits impact accounts within the five accounting blocks, review the correct debit and credit entries for a range of transactions, and explore the use of T accounts in illustrating increases or decreases in account balances.
Who Should Attend
This Course is ideal for participants currently in or aspiring to enter the following job functions:
- C & I Lending
- CRE Lending
- Consumer Lending
- Private Banking
- Loan Review
- Special Assets
- Consumer and Retail Lending
- Credit Analysis
Prerequisites
Some familiarity with an accrual income statement and balance sheet for a commercial business, as well as completion of Session 1.
Objectives
By the end of the webinar session, participants will be able to:
- Understand and apply the concept of double entry accounting.
- Understand and use the accounting equation.
- Understand and apply debits and credits in recording business transactions.
- Identify the impact on selected accounts in the five accounting blocks from the application of debit and credit entries.
- Properly record several business transactions via the application of debit and credit entries.
- Properly use T accounts to illustrate business transactions.
Materials(access provided with registration)
- Terms and Concepts - Accounting
- Exercise for the Session 2 Webinar
- Webinar Presentation Slides
- Webinar Poll Questions
- Webinar Poll Solutions
- Exercise Solutions
This is Course 2 of 4 in the Accounting Essentials Skill Series
Financial Statement Structure and Composition
Double Entry Accounting and the Accounting Equation
Critical Accounting Principles and Assumptions
Creating the Balance Sheet and Income Statement
