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Liabilities and Equity in Accounting
  • Level Foundation
  • Duration 14 hours
  • Course by Intuit
  • Offered by

About

In this third course, you will learn about liability and equity accounts and its effect on the balance sheet. If you have mastered bookkeeping basics and understand accounting assets, you are ready to jump into Liabilities and Equity in Accounting. You will explore the various types of liability, including: current and long term, payroll, and sales tax. Additionally, you will learn about the equity portion of the accounting equation and how to account for changes in owner’s equity. By the end of this course, you will be able to: -Describe the three main characteristics of liabilities. -Demonstrate an understanding of the basic payroll accounting functions and tasks. -Compare and contrast the different types of equity -Use the accounting equation to describe the financial position of an organization. Courses 1 and 2 in the Intuit Bookkeeping Professional Certificate, or the equivalent, are recommended prerequisites for this course.

Modules

Introduction to Liabilities

    • 8 Videos
    • 1 Readings
    • 2 Discussion
Show info about module content

2 Discussions

  • Scavenger Hunt: Search Job Sites
  • Reflect on Your Journey

8 Videos

  • Welcome to Intuit Academy's Bookkeeping Program
  • Welcome to Course 3: Liabilities and Equity in Accounting
  • Welcome to Liabilities and Equity
  • This Season's Client: Crankshaft Customs
  • Meet the Players
  • Course Schedule
  • Job Search
  • Let’s Get Started

1 Readings

  • Welcome to Reading Liabilities and Equity in Accounting

Liabilities Overview

    • 6 Videos
    • 1 Readings
    • 1 Discussion
    • 3 Plugin
    • 1 Assignment
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1 Assignment

  • Liabilities Overview Practice Quiz

1 Discussions

  • Liabilities Reflection

6 Videos

  • Introducing Liabilities
  • Liabilities Overview
  • Current Liabilities
  • Non-Current Liabilities
  • The Natural Account Balance
  • Liabilities Wrap

1 Readings

  • Assets and Liabilities

Additional Current Liabilities

    • 7 Videos
    • 1 Discussion
    • 1 Plugin
    • 2 Assignment
Show info about module content

2 Assignment

  • Additional Current Liabilities Practice Quiz
  • Liabilities and Equity in Accounting Assessment

1 Discussions

  • Additional Current Liabilities Reflection

7 Videos

  • Introduction to Credit
  • Lines of Credit
  • Expert Opinion
  • Discussing Credit with Clients
  • Credit Purchases and Payments
  • Deferred Revenue
  • Line of Credit Wrap Up

Sales Tax

    • 5 Videos
    • 3 Plugin
    • 1 Assignment
Show info about module content

1 Assignment

  • Sales Tax Liability Practice Quiz

5 Videos

  • Introducing Sales Tax
  • The Complexities of Sales Tax
  • Recording Sales Tax Liability
  • Accounting Software to the Rescue!
  • Reports and Recaps

Foundational Payroll Concepts

    • 15 Videos
    • 7 Plugin
    • 2 Assignment
Show info about module content

2 Assignment

  • Matching Principle and Payroll Practice Quiz
  • Payroll Practice Quiz

15 Videos

  • Introducing Payroll
  • Payroll Overview
  • Additional Considerations for Payroll
  • The Payroll Process
  • Step 1: Choosing a Payroll System
  • Step 3: Gathering Employee Information
  • A Word from an Expert
  • Step 4: Setting up Direct Deposit
  • Step 5: Time Tracking System
  • The Matching Principle and Payroll
  • Step 6: Collect Employee Timesheets
  • Step 7: Approve and Submit Employee Payroll
  • Step 8: Report and Update Payroll Records
  • Reporting
  • Payroll Wrap Up

Bookkeeping for Payroll

    • 7 Videos
    • 1 Discussion
    • 4 Plugin
    • 2 Assignment
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2 Assignment

  • Bookkeeping for Payroll Practice Quiz
  • Payroll, Obligations, and Loans Assessment

1 Discussions

  • Reflect on Payroll

7 Videos

  • Introduction to Bookkeeping for Payroll
  • Cash Flow in Payroll
  • Journal Entries for Payroll
  • Entering an Employee Into Payroll
  • Paying the Boss
  • Reports and Payroll
  • Bookkeeping for Payroll Wrap Up

Long Term Obligations and Notes Payable

    • 6 Videos
    • 1 Discussion
    • 1 Plugin
    • 1 Assignment
Show info about module content

1 Assignment

  • Long-term Obligations and Notes Payable Practice Quiz

1 Discussions

  • Reflecting on Long-term Obligations and Notes Payable

6 Videos

  • Lesson Introduction and Learning Objectives
  • Overview of Long-term Obligations
  • Recording Long-term Obligations and Payments
  • Long-term Obligations and QuickBooks
  • Long-term Liabilities and the Balance Sheet
  • Long-term Obligations Wrap Up

Bank Loans

    • 6 Videos
    • 2 Discussion
    • 2 Plugin
    • 1 Assignment
Show info about module content

1 Assignment

  • Bank Loans Practice Quiz

2 Discussions

  • Researching Small Business Loans
  • Reflect on Bank Loans

6 Videos

  • Introducing Bank Loans
  • Overview of Mortgages
  • Overview of Amortization
  • Commercial Loans
  • Short-term Bank Loans
  • Bank Loans Wrap Up

Stockholder Equity

    • 6 Videos
    • 1 Discussion
    • 2 Plugin
    • 2 Assignment
Show info about module content

2 Assignment

  • Stockholder Equity Practice Quiz
  • Equity and Liabilities Assessment

1 Discussions

  • Reflect on Stockholder Equity

6 Videos

  • Introducing Stockholder Equity
  • Owner's Equity
  • Calculating Equity
  • Owner's Draw
  • Closing Process
  • Stockholder Equity Wrap Up

Accounts Payable, Cash Payments, and Sales Tax Payable

    • 7 Videos
    • 1 Discussion
    • 1 Plugin
    • 1 Assignment
Show info about module content

1 Assignment

  • Accounts Payable, Cash Payments, Sales Tax Payable Practice Quiz

1 Discussions

  • Reflecting on Your Learning

7 Videos

  • Introducing Accounts Payable, Cash Payments, and Sales Tax Payable
  • Recap of the Accounting Equation
  • Intro to Sample Company and Overview of Accounts Payable Transactions
  • Overview of Cash Payment Transactions
  • Overview of Sales Tax Payable Transactions
  • Accounting Errors
  • Accounts Payable, Cash Payments, Sales Tax Payable Wrap Up

Practice with Payroll

    • 3 Videos
    • 1 Discussion
    • 4 Plugin
    • 1 Assignment
Show info about module content

1 Assignment

  • Practice with Payroll Practice Quiz

1 Discussions

  • Reflect on Payroll

3 Videos

  • Introducing Practice with Payroll
  • Payroll and the Accounting Equation
  • Practice with Payroll Wrap Up

Practice with Bank Loans and Equity

    • 8 Videos
    • 2 Readings
    • 1 Discussion
    • 4 Plugin
    • 2 Assignment
Show info about module content

2 Assignment

  • Practice with Bank Loans and Equity Practice Quiz
  • Liabilities and Equity in Accounting Case Study Assessment

1 Discussions

  • Bank Loans and Equity Discussion

8 Videos

  • Introducing Practice with Bank Loans and Equity
  • Reviewing the Amortization Activity
  • Journal Entries
  • Loans and the Accounting Equation
  • Changes in Equity - Earnings
  • Changes in Equity - Withdrawals
  • Changes in Equity - The Accounting Equation
  • Practice with Bank Loans and Equity Wrap Up

2 Readings

  • Liabilities and Equity in Accounting Case Study
  • Take the Intuit Academy Bookkeeping exam

Auto Summary

"Liabilities and Equity in Accounting" focuses on understanding liability and equity accounts and their impact on the balance sheet. Designed for those with bookkeeping basics, it covers various liabilities, payroll, sales tax, and equity changes. The course is part of Coursera's Intuit Bookkeeping Professional Certificate and spans 840 minutes. Subscriptions include Starter and Professional options, making it ideal for foundational learners in business and management.

Intuit Academy Team
Instructor

Intuit Academy Team