Financial Accounting Basics
Learn the fundamentals of financial accounting basics, along with its principles, concepts and recording procedures.Publisher: EntreprenAble
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This course will first introduce you to the fundamentals of basic accounting principles and recording procedures. You will study double entry, the accounting equation and balance sheets, trial balances, income statements, cash flow statements and changes in equity statements. You will also look into the Chart of Accounts and its use in an accounting system as well as study how the Income Statement provides information on the profits and losses of the company.
Next, you will study the accounting equation and the preparation of the Balance Sheet. You will also learn the key concepts of the Cash Flow Statement and describe its value in providing insights into your company trading performance. The course will also guide you through the preparation of the Statement of Changes in Equity as well as how entries are performed in the four key financial statements.
Keeping track of a financial statement balance sheet may seem difficult at first. This free online financial accounting basics course is designed to make things easy and help you, as a business professional, to gain the competency you need to create and present really useful financial statements. Any aspiring accounting professional will get immense benefit from these skills. So, check out the course today and start boosting your accounting career in just a few short hours!
Module 1: The Foundation - Financial Accounting
Reasons to Prepare Financial Statements
Principles of Accounting
Chart of Accounts and General Ledger
Statement of Cash Flows
Statement of Changes in Equity
Interrelationships between the Four Statements
Having completed this course you will be able to:
- Describe key accounting principles and concepts to apply them in a business context.
- Explain the Chart of Accounts and its use in an accounting system.
- Describe how the Income Statement provides information on the profits and losses of the company.
- Discuss the accounting equation, the preparation of the Balance Sheet and its application to provide information on the financial position of the firm.
- List the key concepts of the Cash Flow Statement and describe its value in providing insight into the generation of money by the trading activities of your firm.
- Explain the overall concept in preparation of the Statement of Changes in Equity and its use.
- Describe how entries are performed in the four key financial statements.
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Financial accounting is a specialized branch of accounting that is used to keep track of a company's financial transactions. It uses standardized guidelines to record, summarize, and present the transactions in a financial report or financial statements such as an income statement or a balance sheet. Alison's free online accounting courses will make sure you understand the financial accounting basics, principles, and standards.
The best free online financial accounting courses available on Alison include:
Each of the online financial accounting courses on Alison are free, as are all of Alison's online courses. Alison's learners do not have to pay anything to take these courses unless they want a digital or physical copy of the course certificate.