---
title: "ACCT 150 · Read the numbers of a business"
publisher: Maestro College (Maestro Open)
lessons: 43
source: https://open.maestrocollege.edu/read-the-numbers-of-a-business
full: https://open.maestrocollege.edu/read-the-numbers-of-a-business/llms-full.txt
---

# Read the numbers of a business (ACCT 150)

Keep the books, read the financial statements, and plan with costs and budgets, all in a spreadsheet.

## Course objectives
- Apply foundational accounting principles to record, classify, and verify business transactions throughout the accounting cycle.
- Prepare, interpret, and connect core financial statements using accrual-based accounting information.
- Strengthen bookkeeping reliability through reconciliations, error correction, documentation, and internal controls.
- Use cost behavior, budgeting, variance analysis, and relevant-cost information to support business planning and decisions.
- Evaluate financial performance, cash position, and operational risks to develop evidence-based recommendations.

## Course teaching approach
- Start from a real-world problem, then introduce the concept as the solution.
- Keep it true beginner level, hands-on, a little gamified. The learner should feel they are winning.
- Balance explanation, demonstration and practice. No copy-paste exercises: give small story-based tasks.
- End with one fun closed question about the topic.

## Lessons
### Unit 1: Month one: keeping the books in a spreadsheet
- [The accounting equation](https://open.maestrocollege.edu/read-the-numbers-of-a-business/the-accounting-equation.md)
- [The chart of accounts](https://open.maestrocollege.edu/read-the-numbers-of-a-business/the-chart-of-accounts.md)
- [Debits, credits, and normal balances](https://open.maestrocollege.edu/read-the-numbers-of-a-business/debits-credits-and-normal-balances.md)
- [Journalizing from source documents](https://open.maestrocollege.edu/read-the-numbers-of-a-business/journalizing-from-source-documents.md)
- [Posting to the general ledger](https://open.maestrocollege.edu/read-the-numbers-of-a-business/posting-to-the-general-ledger.md)
- [The trial balance](https://open.maestrocollege.edu/read-the-numbers-of-a-business/the-trial-balance.md)
- [Trial balance errors: when balanced isn't right](https://open.maestrocollege.edu/read-the-numbers-of-a-business/trial-balance-errors-when-balanced-isn-t-right.md)
- [Your first income statement and balance sheet](https://open.maestrocollege.edu/read-the-numbers-of-a-business/your-first-income-statement-and-balance-sheet.md)
- [Challenge: close out month one](https://open.maestrocollege.edu/read-the-numbers-of-a-business/challenge-close-out-month-one.md)

### Unit 2: Quarter end: accrual accounting and full statements
- [Cash basis vs. accrual basis](https://open.maestrocollege.edu/read-the-numbers-of-a-business/cash-basis-vs-accrual-basis.md)
- [Adjusting entries: prepaid and unearned](https://open.maestrocollege.edu/read-the-numbers-of-a-business/adjusting-entries-prepaid-and-unearned.md)
- [Adjusting entries: accruals](https://open.maestrocollege.edu/read-the-numbers-of-a-business/adjusting-entries-accruals.md)
- [Depreciation and the adjusted trial balance](https://open.maestrocollege.edu/read-the-numbers-of-a-business/depreciation-and-the-adjusted-trial-balance.md)
- [Linking the statements through owner's equity](https://open.maestrocollege.edu/read-the-numbers-of-a-business/linking-the-statements-through-owner-s-equity.md)
- [Where the cash went: the statement of cash flows](https://open.maestrocollege.edu/read-the-numbers-of-a-business/where-the-cash-went-the-statement-of-cash-flows.md)
- [Financial ratios: is the business healthy?](https://open.maestrocollege.edu/read-the-numbers-of-a-business/financial-ratios-is-the-business-healthy.md)
- [Fixing misstatements with correcting entries](https://open.maestrocollege.edu/read-the-numbers-of-a-business/fixing-misstatements-with-correcting-entries.md)
- [Closing the books for the quarter](https://open.maestrocollege.edu/read-the-numbers-of-a-business/closing-the-books-for-the-quarter.md)
- [Challenge: quarter-end financial summary](https://open.maestrocollege.edu/read-the-numbers-of-a-business/challenge-quarter-end-financial-summary.md)

### Unit 3: Strengthening the bookkeeping workflow
- [Designing an organized bookkeeping workflow](https://open.maestrocollege.edu/read-the-numbers-of-a-business/designing-an-organized-bookkeeping-workflow.md)
- [Setting up the bookkeeping system and chart of accounts](https://open.maestrocollege.edu/read-the-numbers-of-a-business/setting-up-the-bookkeeping-system-and-chart-of-accounts.md)
- [Recording routine transactions](https://open.maestrocollege.edu/read-the-numbers-of-a-business/recording-routine-transactions.md)
- [Invoices and bills: receivables and payables](https://open.maestrocollege.edu/read-the-numbers-of-a-business/invoices-and-bills-receivables-and-payables.md)
- [Bank reconciliation: making the books and bank agree](https://open.maestrocollege.edu/read-the-numbers-of-a-business/bank-reconciliation-making-the-books-and-bank-agree.md)
- [Reviewing transaction records](https://open.maestrocollege.edu/read-the-numbers-of-a-business/reviewing-transaction-records.md)
- [Checking financial reports](https://open.maestrocollege.edu/read-the-numbers-of-a-business/checking-financial-reports.md)
- [Internal controls: segregation of duties in a small team](https://open.maestrocollege.edu/read-the-numbers-of-a-business/internal-controls-segregation-of-duties-in-a-small-team.md)
- [Running the monthly review: records, change logs, and exceptions](https://open.maestrocollege.edu/read-the-numbers-of-a-business/running-the-monthly-review-records-change-logs-and-exceptions.md)
- [Challenge: find and correct a posting error](https://open.maestrocollege.edu/read-the-numbers-of-a-business/challenge-find-and-correct-a-posting-error.md)

### Unit 4: Planning next year: costs and budgets
- [Cost behavior: which costs grow with more jobs](https://open.maestrocollege.edu/read-the-numbers-of-a-business/cost-behavior-which-costs-grow-with-more-jobs.md)
- [Contribution margin and break-even](https://open.maestrocollege.edu/read-the-numbers-of-a-business/contribution-margin-and-break-even.md)
- [Testing cost-volume-profit scenarios](https://open.maestrocollege.edu/read-the-numbers-of-a-business/testing-cost-volume-profit-scenarios.md)
- [Building sales and expense budgets](https://open.maestrocollege.edu/read-the-numbers-of-a-business/building-sales-and-expense-budgets.md)
- [Spotting cash shortfalls in a budget](https://open.maestrocollege.edu/read-the-numbers-of-a-business/spotting-cash-shortfalls-in-a-budget.md)
- [Budget-to-actual variance analysis](https://open.maestrocollege.edu/read-the-numbers-of-a-business/budget-to-actual-variance-analysis.md)
- [Flexible budgets: the plan at actual volume](https://open.maestrocollege.edu/read-the-numbers-of-a-business/flexible-budgets-the-plan-at-actual-volume.md)
- [Relevant costs: should you take the special order?](https://open.maestrocollege.edu/read-the-numbers-of-a-business/relevant-costs-should-you-take-the-special-order.md)
- [Writing a recommendation memo](https://open.maestrocollege.edu/read-the-numbers-of-a-business/writing-a-recommendation-memo.md)
- [Challenge: next year's plan](https://open.maestrocollege.edu/read-the-numbers-of-a-business/challenge-next-year-s-plan.md)

### Unit 5: Applying it all: a new business
- [Challenge: validate and close the books](https://open.maestrocollege.edu/read-the-numbers-of-a-business/challenge-validate-and-close-the-books.md)
- [Challenge: diagnose financial health](https://open.maestrocollege.edu/read-the-numbers-of-a-business/challenge-diagnose-financial-health.md)
- [Challenge: budget and cost decision](https://open.maestrocollege.edu/read-the-numbers-of-a-business/challenge-budget-and-cost-decision.md)
- [Challenge: recommend and defend next steps](https://open.maestrocollege.edu/read-the-numbers-of-a-business/challenge-recommend-and-defend-next-steps.md)

## How to use this document
You are acting as a tutor for a learner on Maestro Open. Teach from this document, one small step at a time. Ask the learner to try things, wait for their answer, then give feedback. Keep it beginner-friendly. If the lesson involves code or spreadsheets and you cannot run them, ask the learner to try it on their own computer and paste the result back. Do not award grades, credit or certificates.
Start with lesson 1 unless the learner asks for a specific lesson. Keep track of which lesson you are on.

## When a lesson is done
Teach one lesson at a time. A lesson is complete only when the learner has shown they can do every outcome listed for it; check each with a small task or question.
When it is complete:
1. Say clearly: "Lesson N complete: <lesson title>." (use the lesson's number and title).
2. Give a two-line recap of what they learned.
3. Name the next lesson, say "Lesson N+1 of 43: <title>", and ask if they're ready to start it. Start it only when they say yes.
After the last lesson, congratulate them on finishing the course.