The Basics of Accounting

£25.00

Price is per online user of this course

This is an introductory online course on accounting, with references to currency in US$.

The course explains the overall accounting process as well as how to post transactions to General Ledger Accounts and how financial statements are prepared through compiling transactions. The course also covers several important accounting principles such as accounting for gains and losses, depreciation, inventory, and deferred taxes. A supplemental workbook is included with this course to illustrate examples of how accounting works, consisting of sample transactions, posting transactions to accounts, compiling transactions through the Trial Balance, presenting the Financial Statements, reconciling the cash account, inventory accounting, accounting for variances, and account classifications.

This course is designed for people with little or no understanding of accounting. It does help to have a business background since various types of examples are rooted in business transactions.

See below for further information.

Sold By: Excellence in Financial Management

Description

Learning objectives by chapter are described below:

Chapter 1 – Framework for Accounting

After completing this chapter, you will be able to:

• Interpret a Chart of Accounts for a small business
• Compare and contrast your own personal checking account to an accounting process
• Identify examples of important control accounts used within an accounting process
• Distinguish accrual accounting from cash basis accounting
• Describe important principles of accounting such as conservative and materiality
• Define what monetary value is appropriate for assigning to an accounting transaction
• Express the Accounting Equation correctly
• Identify which general ledger accounts comprise the Balance Sheet and the Income Statement

Chapter 2 – Accounting Transactions

After completing this chapter, you will be able to:

• Recognize how debits and credits fit within the context of an account setup such as a T structure
• Post accounting entries for a small business that sells retail goods
• Calculate the cost and sales entries when goods are sold
• Identify what a normal balance is for the five major categories of accounts
• Calculate depreciation entries for the end of an accounting period
• Summarize and close out the accounting cycle using the Income Summary account

Chapter 3 – Compiling the Financial Statements

After completing this chapter, you will be able to:

• Construct a Trial Balance for compiling a set of financial statements
• Apply three common types of closing entries at the end of the accounting period
• Identify how the Income Summary account is used to close out the Income Statement
• Assemble final adjusted balances on the Trial Balance
• Sequence the order in which accounts are presented on the Balance Sheet and the Income Statement
• Categorize cash flows into three types of activities for reporting in the Statement of Cash Flows
• Reconcile Net Income to Operating Cash Flow from the Statement of Cash Flows

Chapter 4 – Accounting Principles and Controls

After completing this chapter, you will be able to:

• Reconcile changes to the Capital Account for the year
• Reconcile changes to the Equipment Account for the year
• Reconcile changes to the Retained Earnings Account for the year
• Calculate Cost of Goods Sold for the year
• Recognize a Contingent Liability based on two important conditions
• Identify what constitutes an Extra Ordinary Item in accounting
• Apply the Going Concern and Cost Principles of accounting
• Calculate gains and losses on the sale of assets
• Identify when it is necessary to recognize a loss on inventories when market values are below cost
• Construct accounting entries that are necessary for accounting for investments in other companies
• Post accounting entries for deferred taxes
• Interpret how to report revenues that are unearned and expenses that are prepaid
• Reconcile a bank statement to the cash account at the end of the period

Chapter 5 – Accounting for Inventories

After completing this chapter, you will be able to:

• Identify the three standard methods used for costing inventories
• Apply the Retail Method and Gross Profit Methods for costing out inventories
• Compile all costs that are the basis for capitalizing a fixed asset
• Calculate the Straight Line Method of Depreciation
• Calculate the Double Declining Balance Method of Depreciation
• Calculate the Sum of Years Digits Method of Depreciation
• Distinguish two other important capitalization methods, depletion and amortization

Chapter 6 – Additional Selected Topics

After completing this chapter, you will be able to:

• Identify four different types of accounting changes
• Differentiate how different types of accounting changes are handled
• Identify four elements of disclosure for a change in accounting principles
• Recognize the three main inputs associated with accounting by most manufacturing companies
• Identify and calculate different variances used by manufacturing companies
• Recognize two important changes that are impacting accounting going forward

Content Information

Course consists of 63 pages including 20 review question pages. There are 9 additional extended pop up pages embedded in the course as well as mouse over links and 8 audio video files. A course index appears at the end of the course. The course includes a Case Study Workbook. A course glossary is included as a separate file.

Discounts

10% discount for over 100 users purchased, 20% discount for over 500 users purchased and 40% discount for over 1,000 users purchased.

Discounts are applied during the checkout process.

Additional information

Subject

level

guided-learning-hours

mobile-compatible

online-access-duration

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