Learn to Construct Financial Statements from the Ground Up

Learn the underlying principles of accountingLearn core accounting concepts such as the ‘accruals’ concept, the ‘matching principle’ and ‘going concern’Learn and distinguish between accruals accounting and cash accounting when preparing financial statementsLearn the accounting equation and understand how it is affected by business transactionsLearn what debits and credits are and know how bookkeepers use these to record revenues, expenses, assets, liabilities, and equity in an enterpriseLearn what a trial balance is in the context of AccountingUnderstand and appreciate what an accounting ‘journal’ is and how this impacts an entity’s Trial BalancePrepare a trial balance based on accounting journalsKnow what the Income Statement, Balance Sheet and Cash Flow Statements are and how these are used for by businessesInterpret the three primary statements (Income Statement, Balance Sheet, and Cash Flow statement) and explain what these are to various stakeholdersExplain what ‘Capitalisation’ means in accounting and have an appreciation of why depreciation is required under accounting principlesClassify revenues, expenses, assets, liabilities, and equity in the relevant financial statementsAccount for various items such as purchases of inventory, sales of inventory (and the the associated cost), accruals, prepayments, deferred income and moreProduce a set of financial statements under accounting principlesPrepare a cash flow statement once the Income Statement and Balance Sheet has been prepared in accordance with accounting principlesShow moreShow lessHave you recently started your own side-hustle, operate as a sole trader or work in a management role in organisation? This course will help you get a handle on your businesses finances and become proficient in accounting principles and fundamentals.Are you unfamiliar with accounting and your job requires input to finance or accounting matters?Or are you a student studying accounting, double entry bookkeeping or financial accounting and struggling with some of the material?This course will benefit anybody who wants to learn or up-skill in the area of accounting and financial reporting. In this course you will learn the fundamentals of accounting and through TEN Interactive Microsoft Excel Workbooks, you will construct a set of Financial Statements from the foundations up. You will have an opportunity to attempt the accounting for the different scenarios presented before the tutor works through the solution with you in the recorded tutorial.The Financial Statements you will construct comprise the Income Statement, Balance Sheet and the Cashflow Statement.What this course will cover:- You will learn the underlying principles of accounting.- You will understand core accounting concepts such as the ‘accruals’ concept, the ‘matching principle’ and ‘going concern’.- You will be able to distinguish between accruals accounting and cash accounting.- You will understand the accounting equation and how it is affected by business transactions.- You will learn what debits and credits are and know how bookkeepers use these to record revenues, expenses, assets, liabilities, and equity in an enterprise.- You will learn what a Trial Balance is in Accounting.- You will understand what an accounting ‘journal’ is and how this impacts an entity’s Trial Balance.- You will know what the Income Statement, Balance Sheet and Cash Flow Statements are and how these are used for by businesses.- You will understand what ‘Capitalisation’ means in accounting and have an appreciation of why depreciation is required under accounting principles.- Once the underlying accounting principles and concepts are covered you will construct a set of financial statements from the foundations up using ‘Interactive Microsoft Excel Workbooks’. This is a key feature of the course as the tutor believes that students learn best by doing it yourself.- You will account for various items such as purchases of inventory, how to account for a sale (and recognise the associated costs under the matching principle), account for accrued expenses, accrued income, prepayments, deferred income and more.- You will learn inventory cost and valuation methodologies FIFO, LIFO and Weighted Average Costing (AVCO)- Once the Income Statement and Balance Sheet are prepared, you will learn how to construct the Cash Flow Statement.- You will learn how a financial period-end close works in practice and how ‘Retained Earnings’ are impacted from the end of one financial year to the beginning of the next financial year.This hands on, practical course will bring you from beginner to expert in the field of accounting and financial reporting!Who this course is for:Business owners that want to gain an understanding of their businesses’ finances and want to gain a thorough understanding of accounting.Managers or professionals wanting to gain an understanding of accounting to grow their career or adopt to a new role in an organisationBusiness or accounting students wanting to improve their gradesBeginner accounting students