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Learn how to balance your books and develop the skills to manage finances in personal and business environments.
Get practical financial skills to help you balance the books
Discover how money flows in personal and business environments and develop the basic skills to manage your finances with this course introducing you to bookkeeping and accounting.
You’ll master common terms, basic maths and gain the ability to put your knowledge into practice. After this course you’ll be able to perfectly balance your books and understand how concepts of profit and loss lead to revenue or debt.
Develop ideas through conversation
This course is not facilitated. Learners are encouraged to support one another, share personal experience and knowledge, and see new perspectives.
What will you achieve?
Describe and define bookkeeping and accounting
Explain the general purposes and functions of accounting
Explain the differences between management and financial accounting
Describe the main elements of financial accounting information – assets, liabilities, revenue and expenses
Identify the main financial statements and their purposes
Apply the essential numerical skills required for bookkeeping and accounting
Explain the relationship between the accounting equation and double-entry bookkeeping
Record transactions in the appropriate ledger accounts using the double-entry bookkeeping system
Balance off ledger accounts at the end of an accounting period
Produce a trial balance, balance sheet and a profit and loss account
Who is this course for?
This course is for anyone wanting an introduction to bookkeeping and financial accounting. It might be of particular interest to small business owners, people who are self employed or those wanting to better manage their own finance. You don’t need any previous experience.
You can largely work from pen and paper in your notebook, and for more complex tasks use a standard calculator, or if you have a smartphone, the calculator app there. In the second half of the course there is a pre-made spreadsheet template for you to download and work through the exercises in Microsoft's Excel, or free online software like Google Spreadsheets.