Free Online Introduction to Accounting Lessons!
We provide free online accounting lessons that teach introduction to accounting. These accounting tutorials explain financial accounting principles in simple accounting terms. The website also has accounting exercises with solutions and accounting glossary.
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| Introduction to Accounting | Accounting and its role, accounting information, elements of financial reporting, fundamental accounting equation, introduction to accounting entries. | Exercise 1.1 Exercise 1.2 |
| Accounting for Accruals | Accrual accounting, events recording under accounting equation, revenues and expenses, adjusting entries. | Exercise 2.1 Exercise 2.2 |
| Accounting for Deferrals | Deferrals, events recording under accounting equation, financial statements preparation, costs vs. expenses. | Exercise 3.1 Exercise 3.2 Exercise 3.3 |
| Double-entry accounting system, T-account, debit and credit, closing entries, general journal records. | Exercise 4.1 Exercise 4.2 |
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| Accounting in Merchandising Companies | Service vs. merchandising companies, product vs. selling and administrative costs, perpetual and periodic inventory systems, single- and multi-step income statements. | Exercise 5.1 Exercise 5.2 |
| Accounting for Advanced Accruals | Allowance and direct write-off methods for bad debts, credit purchases, warranty obligations, discount notes. | Exercise 6.1 Exercise 6.2 Exercise 6.3 |
| Accounting for Inventories | Inventory cost flow methods (FIFO, LIFO, etc.), sample computations for these methods and respective financial statements differences, lower of cost or market rule for inventories. | Exercise 7.1 Exercise 7.2 Exercise 7.3 |
| Accounting for Long-term Assets | Tangible vs. intangible assets, historical cost of assets, depreciation methods, natural resources and depletion, intangible assets and amortization, goodwill. | Exercise 8.1 Exercise 8.2 |
| Cost Behavior | Cost behavior, cost driver, variable costs, fixed costs, mixed costs, step variable costs, high-low and scatter graph methods of separating mixed costs. |