This course is part of the Intuit Academy Bookkeeping Professional Certificate

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Intuit Academy Team

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Offered By

Intuit Academy Bookkeeping Professional CertificateIntuit

About this Course

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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. 
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.

Flexible deadlines

Reset deadlines in accordance to your schedule.

Shareable Certificate

Earn a Certificate upon completion

100% online

Start instantly and learn at your own schedule.

Course 3 of 4 in the

Intuit Academy Bookkeeping Professional Certificate

Beginner Level

Course 2, Assets in Accounting, or equivalent, is a suggested pre-requisite.

Approx. 13 hours to complete

English

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What you will 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 will gain

Accounts Payable and Payroll
Owner’s Equity and Owner’s Draw
Accounting
Long-Term Liabilities and Note Payable
Accounting for Liabilities and Equity

Flexible deadlines

Reset deadlines in accordance to your schedule.

Shareable Certificate

Earn a Certificate upon completion

100% online

Start instantly and learn at your own schedule.

Course 3 of 4 in the

Intuit Academy Bookkeeping Professional Certificate

Beginner Level

Course 2, Assets in Accounting, or equivalent, is a suggested pre-requisite.

Approx. 13 hours to complete

English

Could your company benefit from training employees on in-demand skills?

Try Coursera for Business

Instructor

Instructor rating

4.24/5 (123 Ratings)

Intuit Academy Team

95,058 Learners

4 Courses

Offered by

Intuit

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Syllabus - What you will learn from this course

Content Rating86%(3,317 ratings)

Week1

Week 1

3 hours to complete

Liabilities and Equity in Accounting

3 hours to complete

21 videos (Total 31 min), 2 readings, 3 quizzes

21 videos

Welcome to Intuit Academy's Bookkeeping Program50sWelcome to Course 3: Liabilities and Equity in Accounting2mWelcome to Liabilities and Equity1mThis Season's Client: Crankshaft Customs1mMeet the Players2mCourse Schedule1mJob Search55sLet’s Get Started17sIntroducing Liabilities2mLiabilities Overview48sCurrent Liabilities2mNon-Current Liabilities1mThe Natural Account Balance1mLiabilities Wrap32sIntroduction to Credit1mLines of Credit48sExpert Opinion1mDiscussing Credit with Clients3mCredit Purchases and Payments1mDeferred Revenue3mLine of Credit Wrap Up26s

2 readings

Welcome to Reading Liabilities and Equity in Accounting5mAssets and Liabilities5m

3 practice exercises

Liabilities Overview Practice Quiz10mAdditional Current Liabilities Practice Quiz12mLiabilities and Equity in Accounting Assessment40m

Week2

Week 2

4 hours to complete

Payroll, Obligations, and Loans

4 hours to complete

27 videos (Total 59 min)

27 videos

Introducing Sales Tax1mThe Complexities of Sales Tax6mRecording Sales Tax Liability55sAccounting Software to the Rescue!35sReports and Recaps1mIntroducing Payroll52sPayroll Overview1mAdditional Considerations for Payroll4mThe Payroll Process48sStep 1: Choosing a Payroll System2mStep 3: Gathering Employee Information27sA Word from an Expert7mStep 4: Setting up Direct Deposit56sStep 5: Time Tracking System53sThe Matching Principle and Payroll49sStep 6: Collect Employee Timesheets1mStep 7: Approve and Submit Employee Payroll1mStep 8: Report and Update Payroll Records42sReporting1mPayroll Wrap Up48sIntroduction to Bookkeeping for Payroll2mCash Flow in Payroll1mJournal Entries for Payroll3mEntering an Employee Into Payroll5mPaying the Boss4mReports and Payroll5mBookkeeping for Payroll Wrap Up56s

5 practice exercises

Sales Tax Liability Practice Quiz10mMatching Principle and Payroll Practice Quiz6mPayroll Practice Quiz8mBookkeeping for Payroll Practice Quiz6mPayroll, Obligations, and Loans Assessment40m

Week3

Week 3

3 hours to complete

Equity and Liabilities

3 hours to complete

18 videos (Total 39 min)

18 videos

Lesson Introduction and Learning Objectives2mOverview of Long-term Obligations3mRecording Long-term Obligations and Payments2mLong-term Obligations and QuickBooks1mLong-term Liabilities and the Balance Sheet2mLong-term Obligations Wrap Up40sIntroducing Bank Loans1mOverview of Mortgages4mOverview of Amortization2mCommercial Loans5mShort-term Bank Loans47sBank Loans Wrap Up23sIntroducing Stockholder Equity1mOwner's Equity1mCalculating Equity2mOwner's Draw2mClosing Process2mStockholder Equity Wrap Up37s

4 practice exercises

Long-term Obligations and Notes Payable Practice Quiz6mBank Loans Practice Quiz6mStockholder Equity Practice Quiz8mEquity and Liabilities Assessment40m

Week4

Week 4

4 hours to complete

Practice with Liabilities and Equity

4 hours to complete

18 videos (Total 31 min), 2 readings, 4 quizzes

18 videos

Introducing Accounts Payable, Cash Payments, and Sales Tax Payable2mRecap of the Accounting Equation2mIntro to Sample Company and Overview of Accounts Payable Transactions2mOverview of Cash Payment Transactions53sOverview of Sales Tax Payable Transactions2mAccounting Errors 2mAccounts Payable, Cash Payments, Sales Tax Payable Wrap Up55sIntroducing Practice with Payroll2mPayroll and the Accounting Equation5mPractice with Payroll Wrap Up38sIntroducing Practice with Bank Loans and Equity1mReviewing the Amortization Activity38sJournal Entries22sLoans and the Accounting Equation50sChanges in Equity - Earnings1mChanges in Equity - Withdrawals 54sChanges in Equity - The Accounting Equation25sPractice with Bank Loans and Equity Wrap Up54s

2 readings

Liabilities and Equity in Accounting Case Study1hTake the Intuit Academy Bookkeeping exam10m

4 practice exercises

Accounts Payable, Cash Payments, Sales Tax Payable Practice Quiz6mPractice with Payroll Practice Quiz6mPractice with Bank Loans and Equity Practice Quiz10mLiabilities and Equity in Accounting Case Study Assessment20m

Reviews

4.1

117 reviews

5 stars
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4 stars
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3 stars
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2 stars
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1 star
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TOP REVIEWS FROM LIABILITIES AND EQUITY IN ACCOUNTING

by NNOct 5, 2022

I would like to see more case studies to help practice. Overall, the course is very good and builds on the previous courses.

by LLSep 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.

by JYMar 8, 2023

the knowledge and practices are not as many as those in assets. And FICA is only applicable to US tax

by JDJun 3, 2022

There seems to be some missing information for the Case Study. The beginning cash account balance appears to be off, or there is a transaction missing.

View all reviews

About the Intuit Academy Bookkeeping Professional Certificate

Whether you are starting out or looking for a career change, the Intuit Academy Bookkeeping program prepares you for a variety of jobs in public accounting, private industry, government, and non-profit organizations—and for the Intuit Academy Bookkeeping exam. If you are detail-oriented and passionate about solving clients’ problems, this program is for you. You’ll gain a foundational understanding of accounting principles and an introduction to QuickBooks Online through hands-on practice working with real-world accounting scenarios. Upon completion, you’ll be ready to take the Intuit Academy Bookkeeping exam. With this certification, you will be qualified to apply for a position as a bookkeeper at Intuit QuickBooks Live or anywhere in the field. To learn more, visit https://academy.intuit.com/. Build a foundation of bookkeeping concepts and accounting measurement.

Learn how to work through the phases of the accounting cycle to produce key financial statements. Practice interpreting and analyzing financial statements to make key business decisions. You will need access to spreadsheet software (Excel, Google Sheets, Numbers or the equivalent) for some activities in this course. No previous accounting or bookkeeping experience necessary. Disclaimer: While this program aims to provide you with bookkeeping skills, completion is not a guarantee, or condition, of employment at Intuit or in the bookkeeping field.

Frequently Asked Questions

When will I have access to the lectures and assignments?
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.
What will I get if I subscribe to this Certificate?
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.

More questions? Visit the Learner Help Center.

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Liabilities and Equity in Accounting

About this Course

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