basic accounting part 2

7/30/2019 Basic Accounting Part 2

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November 2009UC Berkeley Controllers Office

Financial Management Certificate Program Curriculum

Basic Accounting for theUC Berkeley Financial Environment

Making Cents of Economic Events

Part Two: The Accounting Equation


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UC Berkeley Controllers Office Basic Accounting: Part Two

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Further Tips

We recommend that you leave the sound audio ON

during this presentation, in order to hear the explanationsand examples of the slides

If you would like to print the slides of this course, MakingCents of Economic Events, go to:

controller.berkeley.edu/financialManagementTraining/FMCP/online1.htm
http://controller.berkeley.edu/financialManagementTraining/FMCP/online1.htmhttp://controller.berkeley.edu/financialManagementTraining/FMCP/online1.htmhttp://controller.berkeley.edu/financialManagementTraining/FMCP/online1.htmhttp://controller.berkeley.edu/financialManagementTraining/FMCP/online1.htm


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Financial Management Certificate Program

This four part course, Basic Accounting for the UC

Berkeley Financial Environment, is part of the FinancialManagement Certificate Program (FMCP)

If you want course credit in the Financial ManagementCertificate Program, you must complete this onlinecourse and pass the online quiz, Basic Accounting forthe UC Berkeley Financial Environment, Part 2: TheAccounting Equation

You can access the quiz through the UC Learning Center

For information about FMCP click on the following link:

Financial Management Certificate Program(controller.berkeley.edu/financialManagementTraining/FMCP/index.htm)
http://controller.berkeley.edu/financialManagementTraining/FMCP/index.htmhttp://controller.berkeley.edu/financialManagementTraining/FMCP/index.htmhttp://controller.berkeley.edu/financialManagementTraining/FMCP/index.htmhttp://controller.berkeley.edu/financialManagementTraining/FMCP/index.htmhttp://controller.berkeley.edu/financialManagementTraining/FMCP/index.htmhttp://controller.berkeley.edu/financialManagementTraining/FMCP/index.htm


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How This Course Works

This course, Making Cents of Economic Events, is

designed to introduce accounting concepts. Due to thecomplexity of the material, the course is presented in foursections:

Part One: Introduction to Accounting discusses thecharacteristics of accounting information and their

importance in enabling decision-makers to make betterdecisions

Part Two: The Accounting Equation introduces theaccounting equation and the rules for debits and credits

Part Three: Fund Accounting Basics discusses how fund

accounting works at UC Berkeley and introduces basicaccounting principles

Part Four: Reporting moves from unit reports to campusreports, and ends with the consolidated statements of theUniversity of California (systemwide)


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Six Course Objectives

At the end of the four parts of this course you should:

1. Understand the role of accounting in decision-making and inthe stewardship of resources, and what characteristics ofaccounting information are required for the information to beuseful for decision-making

2. Be familiar with the accounting equation, its elements, such

as assets, liabilities, revenues and expenses, and how theseelements change in relation to one another

3. Have a general understanding of debits and credits and whythey are used

4. Know the definitions to common accounting terms;

5. Know the basics of fund accounting, the different types offunds used by the University, and some basic accountingprinciples

6. Be familiar with unit and campus financial statements andhow they impact the financial statements of the University of

California as a whole


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Summary Part One: Introduction to Accounting

Part 1 introduced Accounting as:

Providing quantitative information that is intended to beuseful in making financial decisions about economicentities (in making reasoned choices among alternative

courses of actions)

The process of identifying, measuring, recording,classifying and summarizing economic events, and thencommunicating information based on these economic

events to interested users


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Outline Part Two: The Accounting Equation

Part Two covers the following topics:

1. The Accounting Equation, its elements and theirdefinitions

2. Rules for debits and credits

3. Simple financial reports


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The Accounting Equation


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An Accounting Entity

An accounting entity is any organization (unit) that

1. Uses economic resources to achieve a purpose

2. Has an identity of its own

3. Is of interest to one or more individuals for decision-

making purposes

Examples of accounting entities at UC Berkeley are thecampus as a whole, a control unit, a department, an

organized research unit (ORU), a recharge unit, arestricted gift, and a research grant


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What Does Accounting Involve?

Accounting involves six actions:

1. Selecting relevant events (such as the purchase of officesupplies, time worked by an employee, or the receipt ofstudent fees) that are evidence of economic activity

2. Measuring the economic events (transactions) in financial

terms, i.e., quantifying in dollars and cents3. Keeping a chronological diary of measured events

4. Classifying and summarizing the measured events

5. Preparing and distributing accounting reports

6. Analyzing and explaining the uses, meaning, andlimitations of the reported information


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Accounting History

One of the earliest books printed (1494) was an

accounting textbook. It memorialized a systematicapproach for keeping track of an entitys resources(assets) and claims against those resources (obligationsto creditors and rights of owners).

The simple accounting equation discussed in that firsttextbook is still the foundation for accounting today,whether for the complex accounting information systems

developed for multinational businesses, governmentsand the University of California, or the simple QuickBooks approach for small business

UC B k l C ll Offi B i A i P T


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Fund Accounting

Part 1 of this course discussed how accounting

information needs to be useful. For a university, becauseof compliance and stewardship issues (discussed in Part3), that means the use of funds.

Each fund is a separate accounting entity.

The Berkeley Financial System (BFS) contains therecords for all our funds

Each fund must be treated as the separate accountingentity that it is -- each fund has its own accounting

elements and each accounting equation must alwaysbalance

Businesses use only one fund

Universities can easily use thousands of funds

UC B k l C t ll Offi B i A ti P t T


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Assets - Liabilities = Net Assets

Reflects the impact transactions have had on the entityover time

Forms a snapshot of the organization a picture at oneparticular point in time

Changes with economic events (transactions)

UC B k l C t ll Offi B i A ti P t T


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Assets: An Element of The Accounting Equation

Assets are resources that the entity can use in the future

Examples of assets are:

Cash

Equipment

Inventory of office supplies

UC Berkeley C t ll Offi B i A ti P t T


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Liabilities: an Element of The Accounting Equation

Liabilities are obligations that will require future action,

usually the payment of cash Examples of liabilities are:

Accounts payable (vendors)

Vacation accrual (employees)



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UC Berkeley Controller s Office Basic Accounting: Part Two

Net Assets: an Element of The Accounting Equation

Net Assets is the residual interest in the assets of an

entity that remains after deducting liabilities(In for-profit organizations it is known as Owners Equity.)

Since the University of California is a non-profitorganization without owners, the residual interest in the

assets is known as net assets or as the fund balance The relationship can be represented mathematically as:

Assets - Liabilities = Net Assets (Fund Balance)



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The Algebra of the Accounting Equation

The Accounting Equation (Assets - Liabilities = Net

Assets) is an algebraic equation and as such can bemanipulated like all algebraic expressions.

By adding Liabilities to both sides of the equation, we get

Assets = Liabilities + Net Assets

Traditionally, accounting textbooks use this view of theAccounting Equation when introducing debits and credits.Also, it is the format of one of the standard financialreports known as the balance sheet.



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Changes to Net Assets

As economic events occur, assets and liabilities increase

and decrease. In order to understand why the assetsand liabilities change and to enable decision makers tomake better decisions, we classify the economic eventsand analyze their impact on net assets over a period of

time. Two general classifications are used:

Revenues

Expenses



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Revenues

Revenues are inflows of assets, often representing the

value of services rendered or goods delivered Examples of revenues are:

Student Tuition and Fees

Private Gifts

Contracts and Grants

Facilities rental to outside parties

Ticket sales for athletic events

Revenues increase net assets



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Expenses

Expenses are the outflows of assets usually resulting

from an entitys ongoing operations Examples of expenses are:

Salaries

Office supplies used

Telephone costs

Expenses reduce net assets



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How the Elements are Related

The elements (assets, liabilities, net assets, revenues,

expenses) are all related via the Accounting Equation. Itis a mathematical equation and the equals sign (=)requires that both sides of the equation stay in balance atall times.

Assets = Liabilities + Net Assets

A simple example will illustrate this. Lets assume thatwe only have one fund. Part 3 will discuss what happenswhen we have multiple funds.



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Transaction # 1

= + Net Assets

# Cash Net Assets Explanation of Transaction

6,000 6,000 Gift from donor

Assets Liabilities

1

=



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Transaction # 2

= + Net Assets



Assets Liabilities

1

+ Copier

5,0002

5,0006,000 +

= +

5,000

5,000 6,000

Purchase of copier on credit

Total+=

Accounts Payable



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Transaction # 3

= + Net Assets



Assets Liabilities

1

+ Copier

5,0002

5,0006,000 +

= +

5,000

5,000 6,000


Total

3 Flyers advertising copy service

5,0005,950 + 5,000 5,950 Total

+

+

=

=

Accounts Payable



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y g

Transaction # 4

= + Net Assets



Assets Liabilities

1

+ Copier

5,0002

5,0006,000 +

= +

5,000

5,000 6,000


Total


5,0005,950 + 5,000 5,950 Total

4 Cell phone service

5,0005,750 + 5,000 5,750 Total

+

+

+

=

=

=

Accounts Payable



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y g

Transactions # 5 & 6

= + Net Assets



Assets Liabilities

1

+ Copier

5,0002

5,0006,000 +

= +

5,000

5,000 6,000


Total


5,0005,950 + 5,000 5,950 Total


5,0005,750 + 5,000 5,750 Total

1005 100 Copy revenue, week #1

6

+ AccountsReceivable


5,850 5,000 450 5,000 6,300 Total+=+ +

+

+

+

=

=

=

Accounts Payable

11,300 11,300



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y g

Transaction # 7

= + Net Assets



Assets Liabilities

1

+ Copier

5,0002

5,0006,000 +

= +

5,000

5,000 6,000


Total


5,0005,950 + 5,000 5,950 Total


5,0005,750 + 5,000 5,750 Total


6



5,850 5,000 450 5,000 6,300 Total+=+ +

+

+

+

=

=

=

Accounts Payable

50

6,2505,0504505,0005,850

7

+ +=

Receive 1st months phone bill

Total+

11,300 11,300



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y g

Transaction # 8

= + Net Assets



Assets Liabilities

1

+ Copier

5,0002

5,0006,000 +

= +

5,000

5,000 6,000


Total


5,0005,950 + 5,000 5,950 Total


5,0005,750 + 5,000 5,750 Total


6



5,850 5,000 450 5,000 6,300 Total+=+ +

+

+

+

=

=

=

Accounts Payable

50

6,2505,0504505,0005,850

7

+ +=


Total

8 Purchase of paper

+

6,0505,0504505,0005,650 + += Total+

11,100 11,100



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Transaction # 9

= + Net Assets



Assets Liabilities

1

+ Copier

5,0002

5,0006,000 +

= +

5,000

5,000 6,000


Total


5,0005,950 + 5,000 5,950 Total


5,0005,750 + 5,000 5,750 Total


6



5,850 5,000 450 5,000 6,300 Total+=+ +

+

+

+

=

=

=

Accounts Payable

50

6,2505,0504505,0005,850

7

+ +=


Total

8 Purchase of paper

+

6,0505,0504505,0005,650 + += Total+509 Deposit check from customer

6,0505,0504005,0005,700 + += Total+

11,100 11,100



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Transaction # 10

= + Net Assets



Assets Liabilities

1

+ Copier

5,0002

5,0006,000 +

= +

5,000

5,000 6,000


Total


5,0005,950 + 5,000 5,950 Total


5,0005,750 + 5,000 5,750 Total


6



5,850 5,000 450 5,000 6,300 Total+=+ +

+

+

+

=

=

=

Accounts Payable

50

6,2505,0504505,0005,850

7

+ +=


Total

8 Purchase of paper

+

6,0505,0504505,0005,650 + += Total+509 Deposit check from customer

6,0505,0504005,0005,700 + += Total+ Payment to copier vendor

6,0502,0504005,0002,700 + += Total+

10



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Link to Print Version of Spreadsheet

Here is a link to a printable version (pdf) of the

Accounting Equation Illustrated spreadsheet controller.berkeley.edu/financialManagementTraining/Cour

seMaterials/AccountingEquationPartTwo.pdf

Please print a copy of this spreadsheet before

proceeding to the next section, Debits and Credits You will use the spreadsheet as a tool while reviewing

debits and credits

http://controller.berkeley.edu/financialManagementTraining/CourseMaterials/AccountingEquationPartTwo.pdfhttp://controller.berkeley.edu/financialManagementTraining/CourseMaterials/AccountingEquationPartTwo.pdfhttp://controller.berkeley.edu/financialManagementTraining/CourseMaterials/AccountingEquationPartTwo.pdfhttp://controller.berkeley.edu/financialManagementTraining/CourseMaterials/AccountingEquationPartTwo.pdf


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Debits and Credits



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Debits and Credits

Debits and credits have been linked to the accounting

elements for 500 years and have been the source ofconfusion to many over the centuries. They are,however, just a means to an end a convenient way tomanipulate large amounts of accounting data so that it

can be classified and summarized and ultimatelycommunicated.

Economic events are measured in dollars and thentranslated into debits or credits depending on the eventsimpact on the accounting equation

Once the economic events are represented by debits andcredits, the process of classification and summarization ismechanical, and today can be effectively and efficientlydone by a computer



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Assets = Liabilities + Equity

(Net Assets)

Debits Credits

Debits On the Left; Credits on the Right

Credits are just the opposite of debits. Often debits are

thought of as positive numbers and credits as negativenumbers. But really debits are positive numbers that arerepresented on the left side of the accounting equation,and credits are positive numbers represented on the right

side of the accounting equation.



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Accounts

An account is an individual record of increases and

decreases in specific asset, liability and net asset items In its simplest form, an account consists of three parts:

The title of the account (its name)

A left or debit side

A right or credit side Because the alignment of these parts of an account

resembles the letter T, it is referred to as a T account

Name

Debit

Side

Credit

Side



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General Ledger

Even small organizations have numerous accounts. They

are grouped together in what is known as the GeneralLedger.

At one time the General Ledger was an actual book, eachpage representing an account

Now the General Ledger exists in a computer. A listing ofall the accounts in the General Ledger is known as theChart of Accounts.



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The Starting Point: Assets

Long ago it was decided that assets will have debit

balances. From that decision, the rules for debits andcredits follow. Liabilities and Net Assets, being on theopposite side of the equation (equals sign), workopposite that of assets.

A generic asset account looks like this:

Asset

Debit Credit

Increases Decreases

Balance



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Debit Credit

Cash

The rules for debits and credits are:

1. Assets have debit balances. To represent an increase inan asset, add more debits to the account. To represent adecrease in an asset, add credits to the account.

Example:

(1) 6000

(5) 100

(9) 50

50 (3)

200 (4)

200 (8)

3000 (10)

6150 3450

Balance 2700

Rule 1 - Debits and Credits



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Debit Credit

Accounts Payable

2. Liabilities have the opposite balance from assets, i.e., a

credit balance. To increase a liability account, credits areadded. To decrease a liability, debits are added.

Example:

(10) 3000 5000 (2)

3000 5050

2050 Balance


50 (7)



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Debit Credit

Net Assets

3. Net Assets also has a credit balance because it is on the

same side of the equation as liabilities. To increase NetAssets, credits are added. To decrease Net Assets,debits are added.

50 (3)

200 (4)

50 (7)

Example:

(1) 6000

(5) 100

(6) 450

500 6550

6050 Balance


200 (8)



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Recapping - Debit and Credit Rules

Liability + Net Assets=Assets

Debit Credit Debit Credit Debit Credit

Debits are on the left and credits are on the right when T accountsare used

All asset accounts are increased with debits and decreased withcredits

Liabilities and Net Assets work opposite that of assets



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Journal Entries

For over 500 years, transactions have been recorded in a

diary called the General Journal The General Journal is the log of events impacting the

entity, translated into debits and credits

There is a standard format for manual journal entries

(entries into a computerized journal look very different) Because every journal entry has a debit and a credit, we

call this process double-entry bookkeeping

Journal #Account to be debited Amount

Account to be credited Amount

Explanation of transaction



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Cash

Debit Credit

(1) 6000

Balance 6000

Net Assets

Debit Credit

6000 (1)

6000 Balance

Journal Entry #1

Debit Credit

Cash 6,000

Net Assets 6,000

Transaction # 1: gift received by

donor



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Copier

Debit Credit

(2) 5000

Balance 5000

Accounts Payable

Debit Credit

5000 (2)

5000 Balance

Journal Entry # 2

Debit Credit

Copier 5000

Accounts Payable 5000

Transaction # 2: purchase of copy

machine



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Cash

Debit Credit

(1) 6000

Balance 6000 50 (3)

Balance 5950

Net Assets

Debit Credit

6000 (1)

(3) 50 6000 Balance

5950 Balance

Journal Entry # 3

Debit Credit

Net Assets 50

Cash 50

Transaction # 3: flyers advertising

copy service



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Cash

Debit Credit

(1) 6000

Balance 6000 50 (3)

Balance 5950 200 (4)

Balance 5750

Net Assets

Debit Credit

6000 (1)

(3) 50 6000 Balance

(4) 200 5950 Balance

5750 Balance

Journal Entry # 4

Debit Credit

Net Assets 200

Cash 200

Transaction # 4: cell phone service



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Cash

Debit Credit

(1) 6000

Balance 6000 50 (3)

Balance 5950 200 (4)

Balance 5750

(5) 100

Balance 5850

Net Assets

Debit Credit

6000 (1)

(3) 50 6000 Balance

(4) 200 5950 Balance

5750 Balance

100 (5)

5850 Balance

Journal Entry # 5

Debit Credit

Cash 100

Net Assets 100

Transaction # 5: Copy Revenue -

Week #1



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Accounts Receivable

Debit Credit

(6) 450

Balance 450

Net Assets

Debit Credit

6000 (1)

(3) 50 6000 Balance

(4) 200 5950 Balance

5750 Balance

100 (5)

5850 Balance

450 (6)

6300 Balance

Journal Entry # 6

Debit Credit

Accounts Receivable 450

Net Assets 450

Transaction # 6: Copy Revenue -

Week #2



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Accounts Payable

Debit Credit

5000 (2)

5000 Balance

50 (7)

5050 Balance

Net Assets

Debit Credit

6000 (1)

(3) 50 6000 Balance

(4) 200 5950 Balance

5750 Balance

100 (5)

5850 Balance

450 (6)

(7) 50 6300 Balance

6250 Balance

Journal Entry # 7

Debit Credit

Net Assets 50

Accounts Payable 50

Transaction # 7: first months

phone bill



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Net Assets

Debit Credit

6000 (1)

(3) 50 6000 Balance

(4) 200 5950 Balance

5750 Balance

100 (5)

5850 Balance

450 (6)

(7) 50 6300 Balance

(8) 200 6250 Balance

6050 Balance

Journal Entry # 8

Debit Credit

Net Assets 200

Cash 200

Transaction # 8: Purchase of

paper

Cash

Debit Credit

(1) 6000

Balance 6000 50 (3)

Balance 5950 200 (4)

Balance 5750

(5) 100

Balance 5850 200 (8)

Balance 5650



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Accounts Receivable

Debit Credit

(6) 450

Balance 450 50 (9)

Balance 400

Journal Entry # 9

Debit Credit

Cash 50


Transaction # 9: Check received

from customer

Cash

Debit Credit

(1) 6000

Balance 6000 50 (3)

Balance 5950 200 (4)

Balance 5750

(5) 100

Balance 5850 200 (8)

Balance 5650

(9) 50

Balance 5700



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Accounts Payable

Debit Credit

5000 (2)

3000 (10)

5000 Balance

50 (7)

5050 Balance

2050 Balance

Journal Entry # 10

Debit Credit


Cash 3000

Transaction #10: Payment made

to copier vendor

Cash

Debit Credit

(1) 6000

Balance 6000 50 (3)

Balance 5950 200 (4)

Balance 5750

(5) 100

Balance 5850 200 (8)

Balance 5650(9) 50

Balance 5700

Balance 2700

3000 (10)



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Cash

Debit Credit

(1) 6,000

(5) 100

(9) 50

6,150

Balance 2,700

50 (3)

200 (4)

200 (8)

3,000 (10)

3,450

General Ledger (end of period 1)

Accounts Payable

Debit Credit

(10) 3,000 5,000 (2)

50 (7)

5,050

2,050 Balance

Copier

Debit Credit

(2) 5,000

Balance 5,000

Accounts Receivable

Debit Credit

(6) 450

Balance 400

50 (9)

Net Assets

Debit Credit

(3) 50

(4) 200

(7) 50

(8) 200

500

6,000 (2)

100 (5)

450 (6)

6,050 Balance

Assets Liabilities Net Assets= +

3,000

6,050



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The Trial Balance

After the ten transactions, a listing of the accounts in

the General Ledger looks like this:

Account Debits Credits

Cash 2700

Copier 5000



Net Assets 6050

Totals 8100 8100

The accounting equation is in balance because total

debits equals total credits.



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Net Assets

Credit

100 (5)(3) 50

Debit

Expenses

Debit Credit

Revenues

Balance 500

6550 Balance

Revenue and Expense Accounts

If we use Revenue and Expense accounts, we get more

information on the changes in Net Assets.

450 (6)(4) 200

(7) 50(8) 200

6000 (1)



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Debit Credit

Gifts

Debit Credit

Copy Revenue

Revenues Further Classification

6,000 (1)

6,000 Balance

100 (5)

450 (6)

Revenues:

Gifts 6,000

Copy Revenue 550

Total 6,550

550 Balance



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Debit Credit

Advertising Expense

(3) 50

Balance 50

Debit Credit

Telephone Expense

(4) 200

(7) 50

Balance 250

Debit Credit

Paper Expense

(8) 200

Balance 200

Expenses:

Advertising 50

Telephone 250

Paper 200

500

Expenses Further Classification



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The Trial Balance Expanded

Using the revenue and expense accounts, the

General Ledger listing of accounts looks like this:

Account Debits Credits

Cash 2700

Copier 5000



Net Assets 0

Gifts 6000

Copy Revenue 550

Advertising 50

Telephone 250

Paper 200

Totals 8600 8600



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In Conclusion: Debits and Credits

Debits and credits make it possible to handle large

amounts of transactional data in a timely manner

The computer enhances the process by moving thedebits and credits faster, and by its ability to keep theaccounting equation in balance at all times


B i R


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Basic Reports


Si l R


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Simple Reports

Information in a general ledger is useless unless it is

communicated to decision makers in a fashion that isunderstandable. Three simple reports have stood thetest of time.

Balance Sheet

Income Statement

Statement of Changes in Net Assets

These reports are usually not prepared for campus units,but rather are of the type that would be given to

stakeholders outside the organization. As we will see inPart 4 of this course, financial statements for theUniversity of California as a whole would be similar tothese, just much more complex.


B l Sh t


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Balance Sheet

At the End of Period 1

The balance sheet documents the accounting equation

for a particular point in time.

Balance Sheet

Liabilities

Accounts Payable $2,050

Total Liabilities $2,050

Net Assets 6,050

Total $8,100

Assets

Cash $2,700

Copier 5,000


Total $8,100

Balance Sheet

At the End of Period 1


I St t t


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The income statement lists the revenues and the

expenses that the entity has experienced during a

particular period in time.

Income Statement

Revenues:

Gifts $6,000

Copy Revenue 550

Total Revenues $6,550

Expenses:

Advertising 50

Telephone 250

Paper 200

Total expenses 500

Net Income $6,050

Income Statement

For Period 1


St t t f Ch i N t A t


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The statement of changes in net assets ties two balance

sheets together with the income statement, documenting

the period between the two balance sheet dates.


Beginning Balance $ 0

Plus: Revenues 6,550

Less: Expenses 500

Ending Balance $ 6,050


For Period 1


Th A ti C l


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The Accounting Cycle

Accounting involves six actions:

1. Selecting relevant events (such as the purchase of officesupplies, time worked by an employee, or the receipt ofstudent fees) that are evidence of economic activity

2. Measuring the economic events (transactions) in financial

terms, i.e., quantifying in dollars and cents3. Keeping a chronological diary of measured events (the

general journal)

4. Classifying and summarizing the measured events

(posting to the general ledger)5. Preparing and distributing accounting reports

6. Analyzing and explaining the uses, meaning, andlimitations of the reported information


S P t 2


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Summary Part 2

The Accounting Equation (Assets = Liabilities + Net

Assets) must be in balance at all times The traditional accounting books are the General

Journal and the General Ledger

In order to work with the elements of the Accounting

Equation (assets, liabilities, net assets, revenues,expenses), you must know how they are defined

Debits and credits make it possible to handle largeamounts of transactional data in a timely manner

Data in a General Ledger is not useful. Reports arenecessary to transform the data into accountinginformation that can be communicated to decisionmakers


Looking Ahead Parts 3 and 4


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Looking Ahead Parts 3 and 4

There are still two more on-line sections to go in this course:

Part 3 will discuss the different types of funds used by theUniversity, the reasons behind fund accounting, and whathappens when two funds interact

Part 4 will discuss UC Berkeleys financial statements,how they are developed, and how they impact those ofthe University of California as a whole


Questions?


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Questions?

For questions about the Basic Accounting for the UC

Berkeley Financial Environment course content, pleasecontact:

Barbara VanCleave Smith, Director of Controls,Accountability and Risk Management

Controllers OfficeEmail: [email protected]

Phone: (510) 643-4171


FMCP Program Credit
mailto:[email protected]:[email protected]


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FMCP Program Credit

The Financial Management Certificate Program (FMCP)curriculum includes this online course

REMEMBER: In order to get full FMCP credit for thiscourse you must take and pass the online quiz, Basic

Accounting for the UC Berkeley Financial Environment,Part 2: The Accounting Equation

You can access this quiz through the UC Learning Center


Course History


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Course History

Course History Course created: Aug 2007

Course published to UC Learning Center: Spring 2009

Web links updated: Nov 2009

Copyright 2010 UC Regents

basic accounting part 2

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