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鈥檚 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.
Welcome to Intuit Academy's Bookkeeping Program
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Skills You'll Learn
Accounts Payable and Payroll, Long-Term Liabilities and Note Payable, Accounting for Liabilities and Equity, Owner鈥檚 Equity and Owner鈥檚 Draw, General Accounting, Accounting
Reviews
4.4 (734 ratings)
- 5 stars65.25%
- 4 stars17.98%
- 3 stars8.17%
- 2 stars5.58%
- 1 star2.99%
LL
Sep 4, 2022
It was my favorite course however, the wording on the exams could be a bit confusing at times and the final assessment was a bit difficult for some reason.Thank you.
EB
Mar 17, 2023
Excellent course! A great refresher of the terminology. Perfect to learn along and look up content on your own clock. High recommended.
From the lesson
Liabilities and Equity in Accounting
In this module, you will be introduced to different liabilities and learn how to account for them. Additionally, you will learn how to work with the sales tax payable accounts.