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.
Tracking expenses, liabilities, and equity
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Tracking expenses, liabilities, and equity
This course is part of Intuit Academy Bookkeeping Professional Certificate
Instructor: Intuit Academy Team
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4.4
(788 reviews)
Beginner level
Recommended experience
Flexible schedule
1 week at 10 hours a week
Learn at your own pace
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What you'll learn
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.
Skills you'll gain
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Assessments
6 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.
- Learn new concepts from industry experts
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- Develop job-relevant skills with hands-on projects
- Earn a shareable career certificate from Intuit
There are 6 modules in this course
This module introduces the concept of financial obligations and their role in a business’s accounting system. You will explore different types of liabilities, how they appear in financial statements, and the relationship between liabilities, equity, and the accounting equation.
What's included
1 assignment1 plugin
This module teaches how to record and manage current liabilities, including accounts payable, lines of credit, deferred revenue, and sales tax payable. You will explore how these liabilities impact the accounting equation and practice recording related transactions accurately in financial statements.
What's included
1 assignment1 plugin
This module explores how to record and manage long-term liabilities, such as loans, mortgages, and other long-term financial obligations. You will practice using amortization schedules to allocate principal and interest, track loan balances, and accurately reflect these liabilities in financial statements.
What's included
1 assignment1 plugin
This module introduces the payroll process and teaches how to record payroll transactions accurately. You will explore payroll systems, tax withholdings, employee classifications, and journal entries to ensure compliance and proper financial reporting.
What's included
1 assignment1 plugin
This module explores how bookkeepers record and report equity to reflect a business owner’s financial interest in the company. You will analyze how investments, withdrawals, and retained earnings affect the accounting equation and overall financial health.
What's included
1 assignment1 plugin
This module reinforces key bookkeeping concepts related to expenses, liabilities, and equity. You will apply your knowledge through glossary challenges and realistic scenarios that demonstrate how transactions affect financial statements and the accounting equation.
What's included
1 assignment1 plugin
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Instructor
Instructor ratings
4.3 (228 ratings)Offered by
Explore more from Business Essentials
Status: Free TrialUniversity of Illinois Urbana-Champaign
Status: Free Trial
Status: PreviewIE Business School
Status: Free TrialUniversity of Illinois Urbana-Champaign
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4.4
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Showing 3 of 788
VR
4
Reviewed on Feb 17, 2022
Overall this was a good course. My issue was the case study wasn't in balance to start with so my impossible to see if I needed t correct something or it was from an error from last period.
SM
4
Reviewed on Aug 22, 2021
Class is great to learn the accounting terminology and to apply what you learned. They still need to work on the quiz grading; not fun marking right answers wrong.
KC
4
Reviewed on Jul 19, 2021
There where a few glitchy modules or places where the math didn't add up. Also, there was no way to reach out for clarification if I didn't understand on a quiz.
Frequently asked questions
To access the course materials, assignments and to earn a Certificate, you will need to purchase the Certificate experience when you enroll in a course. 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.
More questions
Financial aid available,