Accounting Basics – Part 1

Accounting Basics online course curriculum presents introductory accounting concepts through online video tutorials. You’ll learn to work through basic accounting periods and financial reports, create an operating budget, document stock assets, account for assets, and much more. Throughout the duration of your accountancy basics training, you will also be introduced to different accounting principles, such as profit and loss analysis, consolidation of assets and liabilities, risk management, and much more. After completing the program, you will be prepared to take the Certified Accountant (CA) examination, the national accountancy certification exam, or work as a Certified Public Accountant (CPA).

Accounting Basics

The course will introduce you to basic accounting basics concepts, such as the difference between assets and liabilities, accounts receivable and accounts payable, income taxes, and corporate taxes. It will then present a look at various types of financial transactions, such as sales and purchase of goods and services, property exchanges, exchange transactions, and cash flows. The next part of the course examines financing options for small businesses. It will provide an in-depth look at business bank loans and merchant cash advances, commercial mortgage loans, lines of credit, merchant cash advances, merchant credit, venture capital, personal loans, unsecured loans, and partnership interest. Throughout the course, you will learn about inventory management, preventive management, profit and loss analysis, inventory tracking, financial statement preparation, budgeting, management reporting, and more.

You’ll learn about double-entry bookkeeping, which involves using journals to record daily financial transactions. Double entry bookkeeping prevents manual entry of financial transactions, which saves time. In general double entry bookkeeping results in an automatic decrease in total transactions each day and an increase in the number of transactions recorded in journals. Accounting software that is designed for accounting uses double entry bookkeeping, with the results being an accurate picture of the company’s activities.

You will study the principles and concepts behind financial statements, including the statement of cash flows, balance sheet, and income statement. Financial statements are prepared for the year, quarter, or yearly period. A financial statement is a document that records the financial condition of a company. The format of the financial statements used by most accounting software is a basic accounting principle known as the P advertiser’s balance sheet. Financial statements are used to generate forecasts of profits and losses for a company.

Accountants must also learn the process of reconciliation, which is the process of reconciling the financial statements with the transactions entered in the accounting records. This is also known as the Cash Flows component. There are several different ways to reconcile transactions. Some accountants choose to do it manually, while others use computerized reconciliation systems. Regardless of the way that the accounting data is entered, accountants must compare the values obtained through the computerized reconciliation method with the original data entered in order to determine the accuracy of the financial statements.

The balance sheet accounts for the majority of the company’s total assets. The four basic account accounts are accounts receivable, accounts payable, inventory, and retained earnings. All of these accounts are important when performing an accurate analysis of the company’s finances. The balance sheet is a summary of all of the company’s financial activities during a specific period.