Brain Bites - Business Accounting Basics, Part 1
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Bigger Brains
Summary
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Overview
You will be able to:
- Describe the Accounting Equation (Assets = Liabilities + Equity)
- Discuss assets, liabilities, and equity
- Explain the role of debits and credits in double-entry accounting
- Differentiate between normal debit balance and normal credit balance accounts
- Identify the three primary financial statements and their specific purposes
- Explain the purposes of the Chart of Accounts, the General Journal, and the General Ledger
- Describe the function of organizational numbering systems
- Explain the difference between a calendar year and a fiscal year
- Differentiate between the accrual basis and cash basis methods of accounting
Curriculum
Course media
Description
Confused by debits, credits, balance sheets, and other business accounting terms? Because having a working knowledge of the terminology is the first step to having a strong understanding of business accounting, this is the course for you!
Learn the terms and concept you need to understand the fundamentals of financial accounting. In this course, you’ll learn the vocabulary necessary for understanding the accounts, ledgers, and reports associated with double-entry bookkeeping.
You’ll learn the function of the accounting equation and how it applies to the balance sheet. You’ll also learn the different categories of assets and liabilities, why equity is also called net worth, and how an account’s normal credit balance affects the application of debits and credits.
Finally, you’ll learn the purpose for each of the three main financial reports: the balance sheet, the income statement, and the cash flow statement and how to differentiate between the accrual basis and cash basis accounting methods.
Who is this course for?
Anyone who wants a basic understanding of key concepts and terminology associated with businessaccounting.
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Certificates
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This course is advertised on reed.co.uk by the Course Provider, whose terms and conditions apply. Purchases are made directly from the Course Provider, and as such, content and materials are supplied by the Course Provider directly. Reed is acting as agent and not reseller in relation to this course. Reed's only responsibility is to facilitate your payment for the course. It is your responsibility to review and agree to the Course Provider's terms and conditions and satisfy yourself as to the suitability of the course you intend to purchase. Reed will not have any responsibility for the content of the course and/or associated materials.