Assets in Accounting

This course is part of Intuit Academy Bookkeeping Professional Certificate

Instructor: Intuit Academy Team

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4 modules

Gain insight into a topic and learn the fundamentals.

4.4

(1,192 reviews)

Beginner level

Recommended experience

Flexible schedule

Approx. 18 hours

Learn at your own pace

83%

Most learners liked this course

4 modules

Gain insight into a topic and learn the fundamentals.

4.4

(1,192 reviews)

Beginner level

Recommended experience

Flexible schedule

Approx. 18 hours

Learn at your own pace

83%

Most learners liked this course

What you'll learn

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.

Skills you'll gain

Details to know

Shareable certificate

Add to your LinkedIn profile

Assessments

17 assignments

Taught in English

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This course is part of the Intuit Academy Bookkeeping Professional Certificate

When you enroll in this course, you'll also be enrolled in this Professional Certificate.

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There are 4 modules in this course

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.

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

What's included

25 videos4 readings6 assignments4 discussion prompts8 plugins

25 videosTotal 46 minutes

Welcome to Intuit Academy's Bookkeeping Program0 minutesPreview module
Welcome to Course 2: Accounting for Assets2 minutes
Course Introduction Video1 minute
Instructor Introduction Video4 minutes
Introduction to Asset Categories1 minute
Prepaid Expense4 minutes
Contra-Asset Accounts4 minutes
Summary and Wrap0 minutes
Introduction to Accounting for Sales1 minute
Sales Types0 minutes
Recording Cash Sales0 minutes
Expert Advice on Posting Cash Sales1 minute
Recording a Sales Receipt Introduction0 minutes
Recording a Sales Receipt 2 minutes
Timing Sales Receipt Posts0 minutes
Introduction to Invoices0 minutes
Accounting for Invoices Using Software2 minutes
Checking in with Summer and Sophia0 minutes
Introduction to Promissory Notes1 minute
Promissory Notes2 minutes
Overview of Notes Receiveable1 minute
Journal Entries for Notes Receivable1 minute
Overview of Uncollectible Accounts4 minutes
Bad Debt Overview and Write Off Methods4 minutes
Lesson Summary and Wrap0 minutes

4 readingsTotal 35 minutes

Welcome Reading Assets in Accounting 5 minutes
Syllabus10 minutes
Support / Coursera Support10 minutes
How to Track Prepaid Expenses for Your Business10 minutes

6 assignmentsTotal 86 minutes

Accounting Concepts and Measurement Assessment30 minutes
Categorize These Assets5 minutes
Reading Quiz5 minutes
Assets Practice Quiz30 minutes
Sales Practice Quiz10 minutes
Promissory Notes Practice Quiz6 minutes

4 discussion promptsTotal 50 minutes

Meet and Greet20 minutes
Your Learning Preferences10 minutes
Point of Sales10 minutes
Reflect on your learning10 minutes

8 pluginsTotal 107 minutes

Identify Current and Long-Term Assets15 minutes
Tangible vs. Intangible Assets15 minutes
Anatomy of a Sales Receipt2 minutes
You Try It: Record a Sale15 minutes
Anatomy of Invoices15 minutes
You Try It: Record an Invoice Payment15 minutes
Components of a Note15 minutes
You Try It: Create Journal Entries for a Note15 minutes

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

What's included

21 videos4 assignments4 discussion prompts4 plugins

21 videosTotal 46 minutes

Welcome to Course 2: Accounting for Assets2 minutesPreview module
Introduction and Learning Objectives1 minute
Merchandise Inventory2 minutes
The Cost of Goods Sold1 minute
Inventory Systems3 minutes
Perpetual Inventory Example0 minutes
Inventory Cost Flows4 minutes
First In, First Out2 minutes
Lesson Summary and Wrap Up0 minutes
Introduction and Objectives2 minutes
Raw Materials3 minutes
Journal Entries2 minutes
Lesson Summary and Wrap0 minutes
Introduction and Learning Objectives1 minute
Inventory Errors6 minutes
Errors and the Income Statement0 minutes
Errors and the Balance Sheet1 minute
Inventory Errors Example1 minute
Fixing Inventory Errors3 minutes
Including Disclosures2 minutes
Lesson Summary and Wrap0 minutes

4 assignmentsTotal 90 minutes

Inventory Accounting Methods Assessment40 minutes
Merchandise Inventory Quiz10 minutes
Costing Methods Quiz10 minutes
Inventory Errors Quiz30 minutes

4 discussion promptsTotal 40 minutes

New Discussion Prompt10 minutes
Reflect10 minutes
Reflect on what you've learned10 minutes
New Discussion Prompt10 minutes

4 pluginsTotal 60 minutes

You Try It: Working with Raw Materials15 minutes
You Try It: Calculate the Cost Per Ounce15 minutes
You Try It: Create a Journal Entry15 minutes
Inventory Errors Example15 minutes

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

What's included

15 videos4 assignments2 discussion prompts10 plugins

15 videosTotal 31 minutes

Introduction and Objectives0 minutesPreview module
Current and Noncurrent Assets Introduction0 minutes
Impact of Booking Assets as Expenses5 minutes
Setting Up a Fixed Asset Account in QuickBooks3 minutes
Original Cost Implications0 minutes
Lesson Summary and Wrap0 minutes
Introducing Depreciation1 minute
Salvage Value1 minute
Introduction and Learning Objectives1 minute
Equipment Leases1 minute
Difference Between a Finance and Operating Lease3 minutes
Journal Entry Set Up2 minutes
Entering a Capital Lease in QuickBooks7 minutes
Lesson Summary and Wrap Up0 minutes
Job Readiness Commercial 0 minutes

4 assignmentsTotal 90 minutes

Property and Equipment Assessment40 minutes
PP&E Practice Quiz10 minutes
Depreciation Quiz10 minutes
Equipment Lease Quiz30 minutes

2 discussion promptsTotal 20 minutes

Reflect on Your Learning10 minutes
Reflect on Your Learning10 minutes

10 pluginsTotal 130 minutes

Expenses vs. Assets15 minutes
Current and Non-current Assets Review15 minutes
You Try It: Identify Assets15 minutes
Explore Depreciation5 minutes
Complete the Depreciation Schedule15 minutes
You try it: Create a Journal Entry for Annual Depreciation15 minutes
End of Service Life15 minutes
Disposition of Assets15 minutes
Matching Activity5 minutes
You Try It: Enter a Capital Lease into QuickBooks15 minutes

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.

What's included

11 videos2 readings3 assignments2 discussion prompts9 plugins

11 videosTotal 30 minutes

Introduction0 minutesPreview module
Liability Payments0 minutes
Cash and AR errors4 minutes
Introduction0 minutes
Introduction and Objectives0 minutes
Meet the Business Owner1 minute
Introduction to Accounting for PP&E Life Cycle0 minutes
Accounting for PP&E Life Cycle Purchases Demo 5 minutes
Accounting for PP&E Disposition Demo7 minutes
Accounting for Leased Equipment Demo 7 minutes
Lesson Summary and Wrap0 minutes

2 readingsTotal 70 minutes

Assets in Accounting Case Study60 minutes
Take the Intuit Academy Bookkeeping exam10 minutes

3 assignmentsTotal 50 minutes

Assets in Accounting Case Study Quiz30 minutes
Cash, accounts receivable, and cash receipts quiz10 minutes
PP&E Concepts Quiz10 minutes

2 discussion promptsTotal 20 minutes

Reflect10 minutes
New Discussion Prompt10 minutes

9 pluginsTotal 120 minutes

The Accounting Equation Application5 minutes
Advanced Payments15 minutes
You Try It: Balance the Accounting Equation15 minutes
Accounting Equation Application15 minutes
Inventory Costing Methods Application10 minutes
Inventory Errors Impact Review15 minutes
Inventory Q&A15 minutes
PP&E Refresher Activity15 minutes
Leasing Refresher Activity15 minutes

Instructor

Instructor ratings

4.5 (370 ratings)

Intuit Academy Team

Intuit

4 Courses266,186 learners

Offered by

Intuit

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Learner reviews

4.4

1,192 reviews

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4 stars
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3 stars
7.53%
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Showing 3 of 1192

Reviewed on May 19, 2023

I found the course to be excellent! The course was easy to understand quizzes were great to determine if you were assimilating the information. The tests were comprehensive.

Reviewed on Oct 19, 2021

Overall great course. Still unclear about some things and there is no way to clarify. That would make it better. But besides that this course is well done.

Reviewed on Dec 2, 2022

It was very informational but difficult at times to understand some of the concepts in the videos because she talks too fast. But I learned alot throughout this course.

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Frequently asked questions

Access to lectures and assignments depends on your type of enrollment. If you take a course in audit mode, you will be able to see most course materials for free. To access graded assignments and to earn a Certificate, you will need to purchase the Certificate experience, during or after your audit. If you don't see the audit option:

The course may not offer an audit option. You can try a Free Trial instead, or apply for Financial Aid.
The course may offer 'Full Course, No Certificate' instead. This option lets you see all course materials, submit required assessments, and get a final grade. This also means that you will not be able to purchase a Certificate experience.

When you enroll in the course, you get access to all of the courses in the Certificate, and you earn a certificate when you complete the work. Your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile. If you only want to read and view the course content, you can audit the course for free.

If you subscribed, you get a 7-day free trial during which you can cancel at no penalty. After that, we don’t give refunds, but you can cancel your subscription at any time. See our full refund policy.

Assets in Accounting

What you'll learn

Skills you'll gain

Details to know

See how employees at top companies are mastering in-demand skills

Build your Business Essentials expertise

Earn a career certificate

There are 4 modules in this course

Accounting Concepts and Measurement

What's included

Inventory Accounting Methods

What's included

Property and Equipment

What's included

Applying Accounting Principles and Knowledge

What's included

Instructor

Offered by

Recommended if you're interested in Business Essentials

Basics of Accounting for Assets

Liabilities and Equity in Accounting

The Basics of Accounting for Assets: Long-Term Assets

Accounting Fundamentals

Why people choose Coursera for their career

Learner reviews

New to Business Essentials? Start here.

10 Small Business Bookkeeping Tips

What Is Business Accounting? (And How to Manage Yours)

Accounting Degrees: Courses, Careers, Salaries

Double-Entry Accounting: What It Is and How It Works

Open new doors with Coursera Plus

Advance your career with an online degree

Join over 3,400 global companies that choose Coursera for Business

Frequently asked questions

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