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Courses / Short Learning Series

Fundamentals of Accounting

SL-02 · Accounting

Learn how accounting works from the first transaction to a finished set of financial statements. You will apply double entry, write journals and post them to the ledger, make period-end adjustments, and build an income statement, balance sheet and cash flow statement, all through one worked example.

Who it's for

Business owners, new bookkeepers, junior finance staff and non-accountants who want a solid grounding in how accounts are prepared.

What you'll be able to do

  • Apply the accounting equation and the debit and credit rules to everyday transactions
  • Write journal entries, post them to ledger accounts and prepare a trial balance
  • Identify the errors a trial balance will and will not reveal
  • Record accruals, prepayments, depreciation and inventory adjustments and close the period
  • Prepare an income statement, balance sheet and indirect cash flow statement from an adjusted trial balance

Lessons

  1. 1Double entry and the accounting equationreading
  2. 2Journals, ledgers and the trial balancereading
  3. 3Adjustments and closing the periodreading
  4. 4From trial balance to financial statementsreading