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
Tracking expenses, liabilities, and equity
This course is part of Intuit Academy Bookkeeping Professional Certificate
Instructor: Intuit Academy Team
52,050 already enrolled
Included with
Gain insight into a topic and learn the fundamentals.
(790 reviews)
Beginner level
Recommended experience
Flexible schedule
1 week at 10 hours a week
Learn at your own pace
87%
Most learners liked this course
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
- Category: Tax
- Category: Payroll Tax
- Category: Payroll
- Category: Financial Statements
- Category: Financial Accounting
- Category: Accounts Payable
- Category: Bookkeeping
- Category: Loans
- Category: Balance Sheet
- Category: Sales Tax
- Category: Equities
- Category: Ledgers (Accounting)
- Category: General Accounting
- Category: Accounting
Details to know
Shareable certificate
Add to your LinkedIn profile
Assessments
6 assignments
Taught in English
Build your Business Essentials expertise
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
- Gain a foundational understanding of a subject or tool
- 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
Earn a career certificate
Add this credential to your LinkedIn profile, resume, or CV. Share it on social media and in your performance review.
Instructor
Instructor ratings
(228 ratings)Intuit Academy Team
Intuit
4 Courses 363,228 learners
Offered by
Intuit
Why people choose Coursera for their career
Felipe M.
Learner since 2018
"To be able to take courses at my own pace and rhythm has been an amazing experience. I can learn whenever it fits my schedule and mood."
Jennifer J.
Learner since 2020
"I directly applied the concepts and skills I learned from my courses to an exciting new project at work."
Larry W.
Learner since 2021
"When I need courses on topics that my university doesn't offer, Coursera is one of the best places to go."
Chaitanya A.
"Learning isn't just about being better at your job: it's so much more than that. Coursera allows me to learn without limits."
Learner reviews
- 5 stars
65.90%
- 4 stars
17.67%
- 3 stars
7.82%
- 2 stars
5.17%
- 1 star
3.40%
Showing 3 of 790
LL
Reviewed on Sep 3, 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.
HL
Reviewed on Oct 3, 2024
Course needs a walk through on how the answers were found for journal entries, general ledger, balance sheets, and income statements for the workbooks
KC
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.