Fundamentals of accounting
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This free online accounting course will guide you through the fundamentals of accounting in a clear, step-by-step manner. At the end of the course, you will have a better understanding of the main financial statements used in accounting systems, including the profit and loss account and the balance sheet. The course will also walk you through important accounting terminology and principles. Start today.
COURSE DESCRIPTION :
All businesses and organizations need to ensure that they are effectively implementing the principles and practices used in modern accounting systems to ensure that proper financial controls are maintained at all times. This free online course in the basics of accounting helps you do just that by walking you through the key financial statements used in accounting systems—including the profit and loss account and the balance sheet—and adjustments to all the days which must be brought to these states.
The course begins by teaching you how to create a profit and loss statement and a balance sheet. It then introduces you to important accounting principles and principles such as matching, disclosure, consistency, diversity, reliability, auditability, and conservatism. Then, the course teaches you about important accounting topics such as prepaid expenses and accrued liabilities, registration, capital account, closing and publication entries. Finally, you will learn how to create a general journal and a general ledger.
This accounting course will be of great interest to professionals who wish to learn more about the basics of accounting systems and the terminology used in these systems. By the end of the course, you will have learned the importance of prudent financial management, the role it plays in the success or failure of businesses and organizations, and how to carry out important accounting tasks effectively. It will be a big boost for your career.
Having completed this module you will be able :
- Discuss the purpose of the cash flow, profit & loss and the balance sheet statements.
- Explain the key terms use in accountancy
- Identify the thirteen accounting principles and how they each may be breached
- List the six accounting concepts
- Outline the purpose of the classification system and its benefits
- Identify the relevant journals and ledgers when posting standard transactions
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