Liabilities and Equity in Accounting

This course is part of Intuit Academy Bookkeeping Professional Certificate

Instructor: Intuit Academy Team

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

16 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.

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There are 4 modules in this course

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.

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.

What's included

21 videos2 readings3 assignments4 discussion prompts4 plugins

21 videosTotal 31 minutes

Welcome to Intuit Academy's Bookkeeping Program0 minutesPreview module
Welcome to Course 3: Liabilities and Equity in Accounting2 minutes
Welcome to Liabilities and Equity1 minute
This Season's Client: Crankshaft Customs1 minute
Meet the Players2 minutes
Course Schedule1 minute
Job Search0 minutes
Let’s Get Started0 minutes
Introducing Liabilities2 minutes
Liabilities Overview0 minutes
Current Liabilities2 minutes
Non-Current Liabilities1 minute
The Natural Account Balance1 minute
Liabilities Wrap0 minutes
Introduction to Credit1 minute
Lines of Credit0 minutes
Expert Opinion1 minute
Discussing Credit with Clients3 minutes
Credit Purchases and Payments1 minute
Deferred Revenue3 minutes
Line of Credit Wrap Up0 minutes

2 readingsTotal 10 minutes

Welcome to Reading Liabilities and Equity in Accounting5 minutes
Assets and Liabilities5 minutes

3 assignmentsTotal 62 minutes

Liabilities Overview Practice Quiz10 minutes
Additional Current Liabilities Practice Quiz12 minutes
Liabilities and Equity in Accounting Assessment40 minutes

4 discussion promptsTotal 50 minutes

Scavenger Hunt: Search Job Sites30 minutes
Reflect on Your Journey10 minutes
Liabilities Reflection5 minutes
Additional Current Liabilities Reflection5 minutes

4 pluginsTotal 20 minutes

Current Liability Types5 minutes
Non-Current Liability Types5 minutes
Matching Liability Types5 minutes
Deferred Revenue Reminders5 minutes

In this module, you will gain an understanding and apply knowledge of accounting for sales tax and payroll liabilities.

What's included

27 videos5 assignments1 discussion prompt14 plugins

27 videosTotal 59 minutes

Introducing Sales Tax1 minutePreview module
The Complexities of Sales Tax6 minutes
Recording Sales Tax Liability0 minutes
Accounting Software to the Rescue!0 minutes
Reports and Recaps1 minute
Introducing Payroll0 minutes
Payroll Overview1 minute
Additional Considerations for Payroll4 minutes
The Payroll Process0 minutes
Step 1: Choosing a Payroll System2 minutes
Step 3: Gathering Employee Information0 minutes
A Word from an Expert7 minutes
Step 4: Setting up Direct Deposit0 minutes
Step 5: Time Tracking System0 minutes
The Matching Principle and Payroll0 minutes
Step 6: Collect Employee Timesheets1 minute
Step 7: Approve and Submit Employee Payroll1 minute
Step 8: Report and Update Payroll Records0 minutes
Reporting1 minute
Payroll Wrap Up0 minutes
Introduction to Bookkeeping for Payroll2 minutes
Cash Flow in Payroll1 minute
Journal Entries for Payroll3 minutes
Entering an Employee Into Payroll5 minutes
Paying the Boss4 minutes
Reports and Payroll5 minutes
Bookkeeping for Payroll Wrap Up0 minutes

5 assignmentsTotal 70 minutes

Sales Tax Liability Practice Quiz10 minutes
Matching Principle and Payroll Practice Quiz6 minutes
Payroll Practice Quiz8 minutes
Bookkeeping for Payroll Practice Quiz6 minutes
Payroll, Obligations, and Loans Assessment40 minutes

1 discussion promptTotal 10 minutes

Reflect on Payroll10 minutes

14 pluginsTotal 125 minutes

How Sales Tax Works10 minutes
Sales Tax Recap5 minutes
You Try It: Create the Journal Entry for Sales Tax Payable5 minutes
Speaking Payroll15 minutes
Step 2: Creating a Payroll Policy15 minutes
Forms Overview5 minutes
Find the Errors10 minutes
Timesheet Corrections10 minutes
Calculating Pay5 minutes
Types of Reporting10 minutes
Payroll Terms5 minutes
Different Business Entities15 minutes
Practice Paying the Boss10 minutes
Three Things to Include in Your Payroll Reports5 minutes

In this module, you will learn how to work with different types of long term liabilities and shareholders equity.

What's included

18 videos4 assignments4 discussion prompts5 plugins

18 videosTotal 39 minutes

Lesson Introduction and Learning Objectives2 minutesPreview module
Overview of Long-term Obligations3 minutes
Recording Long-term Obligations and Payments2 minutes
Long-term Obligations and QuickBooks1 minute
Long-term Liabilities and the Balance Sheet2 minutes
Long-term Obligations Wrap Up0 minutes
Introducing Bank Loans1 minute
Overview of Mortgages4 minutes
Overview of Amortization2 minutes
Commercial Loans5 minutes
Short-term Bank Loans0 minutes
Bank Loans Wrap Up0 minutes
Introducing Stockholder Equity1 minute
Owner's Equity1 minute
Calculating Equity2 minutes
Owner's Draw2 minutes
Closing Process2 minutes
Stockholder Equity Wrap Up0 minutes

4 assignmentsTotal 60 minutes

Long-term Obligations and Notes Payable Practice Quiz6 minutes
Bank Loans Practice Quiz6 minutes
Stockholder Equity Practice Quiz8 minutes
Equity and Liabilities Assessment40 minutes

4 discussion promptsTotal 35 minutes

Reflecting on Long-term Obligations and Notes Payable5 minutes
Researching Small Business Loans10 minutes
Reflect on Bank Loans10 minutes
Reflect on Stockholder Equity10 minutes

5 pluginsTotal 35 minutes

Hands-On Practice Activity: Record Initial Journal Entry5 minutes
Mortgage Terms10 minutes
Amortization Practice5 minutes
Types of Businesses and Their Equity10 minutes
Owner's Statement of Equity5 minutes

In this final module for Course 3, you will apply your bookkeeping knowledge by working through common accounting scenarios that deal with liabilities, payroll, and equity.

What's included

18 videos2 readings4 assignments3 discussion prompts9 plugins

18 videosTotal 30 minutes

Introducing Accounts Payable, Cash Payments, and Sales Tax Payable2 minutesPreview module
Recap of the Accounting Equation2 minutes
Intro to Sample Company and Overview of Accounts Payable Transactions2 minutes
Overview of Cash Payment Transactions0 minutes
Overview of Sales Tax Payable Transactions2 minutes
Accounting Errors 2 minutes
Accounts Payable, Cash Payments, Sales Tax Payable Wrap Up0 minutes
Introducing Practice with Payroll2 minutes
Payroll and the Accounting Equation5 minutes
Practice with Payroll Wrap Up0 minutes
Introducing Practice with Bank Loans and Equity1 minute
Reviewing the Amortization Activity0 minutes
Journal Entries0 minutes
Loans and the Accounting Equation0 minutes
Changes in Equity - Earnings1 minute
Changes in Equity - Withdrawals 0 minutes
Changes in Equity - The Accounting Equation0 minutes
Practice with Bank Loans and Equity Wrap Up0 minutes

2 readingsTotal 70 minutes

Liabilities and Equity in Accounting Case Study60 minutes
Take the Intuit Academy Bookkeeping exam10 minutes

4 assignmentsTotal 42 minutes

Accounts Payable, Cash Payments, Sales Tax Payable Practice Quiz6 minutes
Practice with Payroll Practice Quiz6 minutes
Practice with Bank Loans and Equity Practice Quiz10 minutes
Liabilities and Equity in Accounting Case Study Assessment20 minutes

3 discussion promptsTotal 30 minutes

Reflecting on Your Learning10 minutes
Reflect on Payroll10 minutes
Bank Loans and Equity Discussion10 minutes

9 pluginsTotal 42 minutes

You Try It: Effect on the Account Equation5 minutes
Calculating Hours Worked5 minutes
Calculating Net Pay5 minutes
Journal Entry #1: Record Employee's Wages5 minutes
Journal Entry #2: Record the Employer's Expense5 minutes
Bank Loans and Payment Schedules5 minutes
Practice Journal Entries5 minutes
You Try It: Balance the Equation2 minutes
You Try It: Balance the Equation5 minutes

Instructor

Instructor ratings

4.3 (203 ratings)

Intuit Academy Team

Intuit

4 Courses259,267 learners

Offered by

Intuit

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Reviewed on 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.

Reviewed on May 23, 2023

Very comprehensive and educational, this course really brought the other two courses I completed before this make so much sense!

Reviewed on Jul 20, 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.

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