Basics of Finance and Accounting

Finance and accounting jobs are among the most in-demand worldwide. They are needed in any type of company setting, from small businesses to large corporations. Those working in finance must be up to the task and function at their best to succeed in this fast-paced and fast-growing industry. This online course guides you through the basics and covers critical finance and accounting concepts. We provide you with an overview of bookkeeping and accounting while noting their differences and outlining the objectives and cycle of accounting.

The course then explores various accounting concepts and highlights the distinctions between cash and accrual accounting. We also lay out the conceptual framework of financial accounting and the fundamental accounting equation. We then explore the basics of bookkeeping such as the debits and credits rules and why appropriate debiting and crediting keep financial accounts balanced. The course also goes over some best practices for inventory management and provides strategies that make effective use of inventory management software.

We also study accounts payable and receivable in detail, the advantages of a journal and the distinction between journals and ledgers. We explain how to implement sales discounts, returns and business allowances. Lastly, we define key accounting terms like ‘financial condition’, ‘business valuation’ and ‘cash management’. This course benefits anyone interested in a career in finance or accounting or who simply want to understand their business to improve their decision-making. You can also learn how to monitor and manage the finances of a small business or make better decisions with your personal finances.