Course Description
Learn about the essential numerical skills required for accounting and bookkeeping. This free course, Introduction to bookkeeping and accounting, explains the fundamental rules of double-entry bookkeeping and how they are used to produce the balance sheet and the profit and loss account.
After studying this course, you should be able to:
1.understand and apply the essential numerical skills required for bookkeeping and accounting
2.understand and explain the relationship between the accounting equation and double-entry bookkeeping
3.record transactions in the appropriate ledger accounts using the double-entry bookkeeping system
4.balance off ledger accounts at the end of an accounting period
5.prepare a trial balance, balance sheet and a profit and loss account.
UNIT 1 -Accounting Process
Accounting department role and responsibilities
Accounting practice definition and usage
Basics of accounting
Financial accounting basics
The accounting cycle
The accounting equation
The asset conversion cycle
The cash conversion cycle
Types of transaction cycles in accounting
What are capital receipts?
What are the steps in the accounting process?
What is accounting?
What is an accounting transaction?
What is full cycle accounting?
What is the difference between accounting and bookkeeping?
What is the difference between financial and managerial accounting?
What is the expanded accounting equation?
What is the purpose of accounting?
What is the transaction approach?
When are expenses incurred?
UNIT 2-Basis of Accounting
Cash accounting
Cash basis vs. accrual basis accounting
Double entry accounting
Dual aspect concept
How to calculate cash profit
How to convert accrual basis to cash basis accounting
How to convert cash basis to accrual basis accounting
Modified accrual accounting
What is a single entry system?
What is the accrual basis of accounting?
What is the basis of accounting?
What is the cash basis of accounting?
What is the modified cash basis of accounting?
UNIT 3-Types of Accounts
What are final accounts?
What is a contra account?
What is a drawing account?
What is a general ledger account?
What is a nominal account?
What is a real account?
What is a suspense account?
What is a T account?
What is a temporary account?
What is a valuation account?
What is an account?
What is the income summary account?
UNIT 4-Journal Entries
Accounting journal entries
Adjusting entries
Correcting entry definition and usage
Debits and credits
How do I write an accounting journal entry?
Journal entry format
Recording transactions
What are examples of key journal entries?
What are the debit and credit rules?
What is a compound journal entry?
What is a journal entry?
What is a reversing entry?
What is an accounting entry?
What is journalizing?
UNIT 5-Accrual Topics
The accruals concept
What are accrued expenses?
What is an over accrual?
What is an under accrual?
Where do accruals appear on the balance sheet?
UNIT 6-Specific Accounting Transactions
Accounting for bonds
Are supplies a current asset?
Changes in accounting estimate
Changes in accounting policy
Changes in accounting principle
Expense accounting
How do I account for supplies?
How to account for prepayments
How to calculate straight-line rent
How to take write-offs
The allowance method
What is posting in accounting?
What is reserve accounting?
What is the amortization of discount on bonds payable?
What is the amortization of premium on bonds payable?
UNIT 7-Account Management
How do I reconcile an account?
How do I report an error correction?
What are accounting adjustments?
What is a prior period adjustment?
What is account analysis?
What is aging of accounts?
When is an accounting error material?
UNIT 8-Ledgers and the Trial Balance
Accounting system design
General j
Learn about the essential numerical skills required for accounting and bookkeeping. This free course, Introduction to bookkeeping and accounting, explains the fundamental rules of double-entry bookkeeping and how they are used to produce the balance sheet and the profit and loss account.
After studying this course, you should be able to:
1.understand and apply the essential numerical skills required for bookkeeping and accounting
2.understand and explain the relationship between the accounting equation and double-entry bookkeeping
3.record transactions in the appropriate ledger accounts using the double-entry bookkeeping system
4.balance off ledger accounts at the end of an accounting period
5.prepare a trial balance, balance sheet and a profit and loss account.
UNIT 1 -Accounting Process
Accounting department role and responsibilities
Accounting practice definition and usage
Basics of accounting
Financial accounting basics
The accounting cycle
The accounting equation
The asset conversion cycle
The cash conversion cycle
Types of transaction cycles in accounting
What are capital receipts?
What are the steps in the accounting process?
What is accounting?
What is an accounting transaction?
What is full cycle accounting?
What is the difference between accounting and bookkeeping?
What is the difference between financial and managerial accounting?
What is the expanded accounting equation?
What is the purpose of accounting?
What is the transaction approach?
When are expenses incurred?
UNIT 2-Basis of Accounting
Cash accounting
Cash basis vs. accrual basis accounting
Double entry accounting
Dual aspect concept
How to calculate cash profit
How to convert accrual basis to cash basis accounting
How to convert cash basis to accrual basis accounting
Modified accrual accounting
What is a single entry system?
What is the accrual basis of accounting?
What is the basis of accounting?
What is the cash basis of accounting?
What is the modified cash basis of accounting?
UNIT 3-Types of Accounts
What are final accounts?
What is a contra account?
What is a drawing account?
What is a general ledger account?
What is a nominal account?
What is a real account?
What is a suspense account?
What is a T account?
What is a temporary account?
What is a valuation account?
What is an account?
What is the income summary account?
UNIT 4-Journal Entries
Accounting journal entries
Adjusting entries
Correcting entry definition and usage
Debits and credits
How do I write an accounting journal entry?
Journal entry format
Recording transactions
What are examples of key journal entries?
What are the debit and credit rules?
What is a compound journal entry?
What is a journal entry?
What is a reversing entry?
What is an accounting entry?
What is journalizing?
UNIT 5-Accrual Topics
The accruals concept
What are accrued expenses?
What is an over accrual?
What is an under accrual?
Where do accruals appear on the balance sheet?
UNIT 6-Specific Accounting Transactions
Accounting for bonds
Are supplies a current asset?
Changes in accounting estimate
Changes in accounting policy
Changes in accounting principle
Expense accounting
How do I account for supplies?
How to account for prepayments
How to calculate straight-line rent
How to take write-offs
The allowance method
What is posting in accounting?
What is reserve accounting?
What is the amortization of discount on bonds payable?
What is the amortization of premium on bonds payable?
UNIT 7-Account Management
How do I reconcile an account?
How do I report an error correction?
What are accounting adjustments?
What is a prior period adjustment?
What is account analysis?
What is aging of accounts?
When is an accounting error material?
UNIT 8-Ledgers and the Trial Balance
Accounting system design
General j
