GEN 401: Accounting for Creatives
Learn the financial fundamentals that artists and designers need to know
Any creative who wants to establish a freelance career or succeed in business will benefit from a basic understanding of accounting. This course includes a focus on basic accounting principles and how they can be applied within the context of a small creative business. You will explore and identify how to use Generally Accepted Accounting Principles (GAAP), ledgers and journals, and how to follow and apply accounting strategies and cycles when running a creative focused business. Additionally, this course provides an introduction to balance sheets, financial statements, assets and liabilities, and equity, as well as an exploration of business ethics.
About This Course
Project-Based Learning
In this course, students will learn how companies record transactions and develop financial statements using Generally Accepted Accounting Principles (GAAP). Class assignments will enable students to apply accounting concepts to scenarios that are relevant to running a creative focused business. By the end of the class, students will have developed a basic competency in interpreting financial statements.
What Skills Will I Develop?
Students in this course can expect to learn to:
- Explain the role of accounting in everyday business processes and financial reporting.
- Identify how to apply Generally Accepted Accounting Principles (GAAP) in a creative small business setting.
- Explain basic principles in accounting, including the accounting equation and how transactions are classified as Assets, Liabilities, Equity, Revenue, and Expenses.
- Explain how an accounting system is generally set up using accounts, a chart of accounts, a journal, and a ledger.
- Explain core concepts, including single and double-entry accounting, debits and credits, and cash and accrual accounting.
- Identify the purpose of the five components in financial statements: Income Statement (AKA Profit and Loss Statement), Balance Sheet, Cash Flow Statement, Statement of Changes in Equity, and Explanatory notes.
- Read and interpret financial statements at a basic level.
- Identify and apply the main steps of the accounting cycle and generate a basic set of financial statements.
- Interpret and apply best practices for ethics, record-keeping, and separation of finances in accounting.
What Software and Supplies Do I Need?
To take this course, you'll need:
- Computer with Internet connection.
- Microsoft Excel or alternative spreadsheet program.
Course Instructor(s)
The course is taught by the following instructor(s):
Lorie Marshall
Lorie Marshall is an educator and accounting professional who has taught high school and community college courses in accounting, economics, finance and marketing.
Course Outline
What is Accounting?
We will define the role that accounting plays in business, learn the difference between accounting and bookkeeping, and examine four main types of business.
Basic Accounting Principles
We will explore key accounting concepts and terms used in the GAAP system, and analyze how they apply to creative business scenarios.
The Elements of Accounting
We will learn how the accounting equation works, and how to identify the five types of accounting transaction (Assets, Liabilities, Equity, Revenue, and Expenses).
Core Concepts
We'll explore how accountants utilize core concepts like double-entry accounting, credit and debit, and cash versus accrual accounting.
Understanding Financial Statements
We will learn how to read and interpret financial statements at a basic level.
The Accounting Cycle
We will learn and apply the steps of the accounting cycle most critical to small creative businesses.
Preparing Financial Statements
We will learn how to generate a basic set of financial statements.
Tips for Accounting Success
We'll wrap up with some best practices for ethics, record-keeping, and separation of finances.
Frequently Asked Questions (FAQ)
How Do The Courses Work?
Our courses are project-based and instructor-led. In each course you’ll complete a series of lectures, projects, discussions, and critiques designed to stretch your creative skills. Weekly assignment deadlines keep you on track, so you can build your studies around your schedule. Two live Zoom meetings in this course provide the opportunity to work 1to1 with your instructor.
Who Are The Instructors?
Our courses are developed and taught by our industry-leading faculty of creative professionals. This means that you’ll learn in-demand skills, get feedback on your work, and build a portfolio of creative work. View our Student Gallery for featured student projects.
When Can I Start?
Classes start January, April, and August, and this course is completed in a 15-week term. This course is part of a Bachelor's Degree program at Sessions College. You can enroll in this course on an individual basis or as part of a program.
How Do I Register?
To register for a program, complete our program application. To register for this course on an individual basis, please contact our admissions team at admissions@sessions.edu. An Admissions Advisor will contact you to setup your enrollment.
| Course Tuition and Fees | |
|---|---|
| Tuition | $300/credit |
| Registration Fee* | $200 |
| Total Course Price | $1100 |
Registration fees are nonrefundable after 5 days from enrollment.
Is Sessions College Accredited?
Yes. Since 2001, Sessions College has been accredited by the Distance Education Accrediting Commission (DEAC). The Distance Education Accrediting Commission is listed by the U.S. Department of Education as a recognized accrediting agency and is recognized by the Council for Higher Education Accreditation (CHEA).