Basic Accounting Concepts








Last updated on March 2, 2024 12:37 am

Learn how basic accounting principles and bookkeeping methods can guide smart business decisions and take your first step into the lucrative world of finance.

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Accounting is crucial to the successful operation of a company since it records and analyses business activity. Understanding its basic concepts is advisable to successfully distribute the accounting role in a business of any size. This course will cover important concepts from scratch, like accounting standards, double-entry, financial statements and more, and will help you to understand these various divisions so you feel competent.

What You Will Learn In This Free Course

  • Define ?accounting?…
  • Explain the importance of accounting…
  • Discuss the ?accrual? concept…
  • Identify some accounting standards…
  • Define ?accounting?
  • Explain the importance of accounting in a business
  • Discuss the ?accrual? concept
  • Identify some accounting standards
  • Differentiate between accounting and bookkeeping
  • Describe a balance sheet
  • Establish the importance of financial statements
  • Explain the accounting equation
  • Differentiate between the cash flow statement and balance sheet
  • Identify the formula for calculating net profit
  • Distinguish between control and planning
  • Explain the importance of external auditing
  • Introduction to Accounting and Accounting Concepts

    In this module, you will be introduced to accounting as a business function and learn its role and importance. You will learn about foundational concepts like the accrual and going concern concepts as well as the importance of accounting standards. Finally, you will learn about double-entry bookkeeping and the balance sheet.

    Accounting Statements, Budgeting and Auditing

    In this module, you will learn about the income and cash flow statements in detail, understanding their components and importance. Also, you will learn about trial balance and statements of comprehensive income. Finally, you will learn about budgeting, its importance to a business strategy, as well as the function of auditing.

    Course assessment

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      Basic Accounting Concepts
      Basic Accounting Concepts
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