Learning Outcomes

In this free course, you will learn how to:

• Define ‘accounting’
• Explain the importance of accounting in a business
• Discuss the ‘accrual’ concept
• Identify some accounting standards
• Compare accounting and bookkeeping
• Describe a balance sheet
• State the importance of financial statements
• Explain the accounting equation
• Compare the cash flow statement and balance sheet
• Identify the formula for calculating net profit
• Distinguish between control and planning
• Explain the importance of external auditing