Accounting basics for beginners

Accounting rules, journal, ledger, trial balance, final accounts.

Description

This course includes the following aspects:

1. Accounting basics:

· Learn about the basic foundation of accounting and book-keeping

· Understand how an accounting equation works

· Understand the difference between book-keeping and accounting

· Understand the importance of learning book-keeping and accounting

2. Double-entry book-keeping

· Understand the methodology of using double-entry book-keeping

· Understand the advantages of using double-entry book-keeping

· Understand the correct use of debit and credit

· Understand the process of recording the transactions under this method

· Understand the process of recording transactions using various business documents

· Learn about different formats of accounts

· Learn the process of preparing journals and ledgers

· Learn about the process of preparing journals

· Learn about the process of preparing ledgers

· Learn about the process of preparing a cash book

· Learn about the discounts like trade discount and cash discount

3. Financial Statements

· Learn how to prepare a trial balance

· Discuss the errors not traced by trial balance

· Understand how to prepare the financial statements using a trial balance

· Learn about the process of preparing financial statements – Income statement and Statement of Financial Position

· Learn about the basic adjustment of closing inventories

· Learn about the basic adjustment of profit for the year

· Understand the formats of Income statements and Statements of financial position

· Understand the difference between different assets and liabilities

Who this course is for:

• IGCSE and O Level Accounting student and also those who wish to learn accounting basics.

What you’ll learn

• This course covers all the topics of covering the Cambridge IGCSE and O Level Accounting syllabuses (0452 and 7707).
• Students will be able to learn about journals, ledgers, books of prime entry, financial statement with all necessary adjustments
• Students will be able learn about the financial accounting rules and principles.
• Students will be able to understand different formats of the financial statements

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