Fundamentals of Accounting

Course Level 1: Introductory

Estimated Study Time: 8-10 hours

Offered by: OpenLearn

This course will introduce you to the essential concepts and skills of bookkeeping and accounting in four weeks.

To start with you will learn about the fundamental difference between bookkeeping and accounting. You will also learn how the purpose of management accounting differs from that of financial accounting. You will then gain some practical skills in numeracy, including learning about rearranging simple equations such as the accounting equation.

Next you will acquire knowledge and understanding of the fundamental concepts that underpin double-entry accounting. You will also learn the rules of double-entry bookkeeping and how to record transactions in ledger accounts.

Finally you will learn how to prepare a trial balance and the balance sheet (also known as the statement of financial position). You will also be introduced to the income statement (also known as the profit and loss statement) and how it fits with the accounting equation and the balance sheet.

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