Course details
Bookkeeping is about collecting information, recording events, and organizing those records to make better decisions. Accountants use the financial transactions recorded in ledgers or “books” to create a company’s income statement and balance sheet. In this course, accounting professors Jim and Kay Stice walk you through the four key steps in the bookkeeping process: analyzing transactions, recording the effects, summarizing the effects, and preparing financial reports. They explain the components of a journal entry—debits and credits—and the essential questions a bookkeeper/accountant asks in reviewing those transactions. They also explain how accountants translate ledger information into financial statements and the role of computer programs in helping businesses manage their accounts.
Instructors
Jim SticeLinkedIn Learning Instructor at LinkedInJim Stice is a professor of accounting at BYU.
James D. Stice, PhD, is the Distinguished Teaching Professor of Accounting in the School of Accountancy at Brigham Young University (BYU). He teaches business and accounting to university students and to business professionals around the world. Professor Stice has been at BYU since 1988. He has co-authored three accounting textbooks and published numerous professional and academic articles. In addition, Professor Stice has been involved in executive education for Ernst & Young, Bank of America Corporation, International Business Machines Corporation, RSM, and AngloGold Limited and has taught at INSEAD (in both France and Singapore) and CEIBS (in China). He has been recognized for teaching excellence by his department, his college, and the university. Professor Stice currently serves on the audit committee of Deseret Management Corporation and served on the board of directors of a publicly traded company until it was taken private.
Professor Jim Stice received a PhD from the University of Washington as well as master’s and bachelor’s degrees from BYU, all in accounting.
Introduction to bookkeeping
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– Hi, I’m Jim Stice. I’m a Professor of Accounting at Brigham Young University. This is my brother Kay. – I am also a Professor of Accounting at Brigham Young University. – We’ve been teaching accounting for a combined total of over 70 years. – In this course we’ll introduce you to the bookkeeping process that underlies the production of a company’s accounting data. Now these accounting data are ultimately used both within a company to make operating decisions and outside of companies to make investing and lending decisions. – [Jim] You’re going to learn about the famous debit and credit system. – [Kay] You’re going to see how the simple procedures of transaction analysis, journal entries, and posting can organize the data that come into businesses every day, from small businesses operated by individual entrepreneurs to huge multinational businesses with operations around the world. – Consider the information needs of a company such as McDonalds, launched by Ray Kroc back in 1954. -…