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Fundamentals of Financial Accounting

  • Description
  • Outcome
  • Certification
  • Alison’S "Introduction to Accounting" offers a comprehensive guide to Financial Accounting. This free online course explains accounting principles and concepts, and how to prepare and analyse financial accounts. It also examines ratio analysis, working capital, cash and finance, business analysis, and business risk.


    It is a useful tool for those studying accounting, people working within financial operations of companies, and anyone who wishes to learn more about finance and accounting in general.

    A

  • You will be able to prepare and analyse your accounts, as well as budget your income and expenditure. You will be able to prepare a profit and loss statement. You will gain knowledge of cash flow statements.



    This course will help you to understand the risks involved in a small business. You will know how to record stock and identify stock problems that occur within a business.

  • All Alison courses are free to study. To successfully complete a course you must score 80% or higher in each course assessments. Upon successful completion of a course, you can choose to make your achievement formal by purchasing an official Alison Diploma, Certificate or PDF.

    Having an official Alison document is a great way to share your success. Plus it’s:

    • Ideal for including in CVs, job applications and portfolios
    • An indication of your ability to learn and achieve high results
    • An incentive to continue to empower yourself through learning
    • A tangible way of supporting the Alison mission to empower people everywhere through education.

Fundamentals of Financial Accounting
  • Free

  • 2-3 Hours

  • XSIQ

  • Assessment

  • Certification

  • 50 Pts

Modules List( 11 )
  • Module
    1
    Accounting concepts
    • Accounting concepts This free online course covers general accounting concepts and principles, the relationship betwen them. The Contents tab displays all the lessons and topics of the course. Each time you click the Contents tab, you will come to this page. A green tick indicates those lessons and topics you have completed, so you can easily see your progress.
    • General accounting concepts
    • Accounting principles
    • The relationship between concepts and principles
  • Module
    2
    Accounting information
    • Accounting information This free online course important topics in accounting information, such as key ratios, cash cylce, trend analysis, benchmarks, and liquidity and quick asset ratios. The Contents tab displays all the lessons and topics of the course. Each time you click the Contents tab, you will come to this page. A green tick indicates those lessons and topics you have completed, so you can easily see your progress.
    • Understanding and using accounting information
    • Key ratios - profitability
    • Key ratios - liquidity
    • Key ratios - efficiency
    • Key ratios - stability
    • The cash cycle
    • Trend analysis
    • Benchmarks
    • Presentation
    • Decline in profit
    • Understanding and using accounting information - example
    • How changes to the numerator and the denominator impacts on the ratio
    • Liquidity ratios
    • Quick asset ratio
    • Efficiency Ratios
    • Long Term Stability
    • Limitations in the Use of Accounting Information
    • Evaluating Accounting Information
    • Owner's Equity
  • Module
    3
    Accounting issues
    • Accounting issues This free online course covers important topics in accounting such as current and non-current asset valuation, depreciation, revenue and expense recognition. The Contents tab displays all the lessons and topics of the course. Each time you click the Contents tab, you will come to this page. A green tick indicates those lessons and topics you have completed, so you can easily see your progress.
    • Accounting issues
    • Historical cost and non-current asset valuation
    • Depreciation
    • Revenue and expense recognition
    • Revenue realisation
    • Revenue recognition points
    • 2. Receipt of payment
    • 3. Point of production
    • 4. Degree of contract completion
    • Essential elements of revenue recognition
    • Case studies
  • Module
    4
    Balance day adjustments
    • Balance day adjustments This free online course covers topics in balance day adjustments, such as the accounting period, accrued expenses and revenue, cost of the asset, asset register and accounting timelines. The Contents tab displays all the lessons and topics of the course. Each time you click the Contents tab, you will come to this page. A green tick indicates those lessons and topics you have completed, so you can easily see your progress.
    • Balance day adjustments
    • The accounting period
    • Recording prepaid and accrued revenue and expenses in the general journal and ledger
    • Accrued expenses
    • Accrued revenue
    • Prepaid revenue
    • Depreciation
    • Cost of the asset
    • Life of the asset and the residual value
    • Nature of use
    • Case study - Depreciation
    • Asset register
    • Accounting time lines
    • The accounting equation
    • The Accounting Equation
    • Bad and Doubtful Debts
    • Case Study 1 – Depreciation
  • Module
    5
    Budgeting
    • BudgetingThis free online course covers important topics in the area of budgeting, such as debtors ageing analysis, and cash variance analysis. The Contents tab displays all the lessons and topics of the course. Each time you click the Contents tab, you will come to this page. A green tick indicates those lessons and topics you have completed, so you can easily see your progress.
    • Budgeting
    • Budgeting requirements
    • Debtors (accounts receiveable) ageing analysis
    • Information debtors (accounts receivable) ageing analysis provides
    • What strategies can a business employ to improve debt collection?
    • A budgeting problem - Fun Run Enterprises
    • Annual sales - Fun Run Enterprises
    • Cash variance analysis
    • A task on variance analysis
    • Variance reports
  • Module
    6
    Control for debtors and creditors
    • Control for debtors and creditorsThis free online course covers topics in the are of control for debtors and creditors, such as subsidiary ledgers, bad debts, the credit note, and sales returns. The Contents tab displays all the lessons and topics of the course. Each time you click the Contents tab, you will come to this page. A green tick indicates those lessons and topics you have completed, so you can easily see your progress.
    • Control for Debtors and Creditors
    • Subsidiary ledgers
    • Likely errors
    • Bad debts
    • Source documents
    • Credit note
    • Sales returns - in the general journal
    • Credit note accounting equation
  • Module
    7
    Historical cash flow statement
    • Historical cash flow statementThis free online course covers topics related to historical cash flow statement, such as reporting historical cash flow statement, and examples of cash flow items. The Contents tab displays all the lessons and topics of the course. Each time you click the Contents tab, you will come to this page. A green tick indicates those lessons and topics you have completed, so you can easily see your progress.
    • Reporting - historical cash flow statement
    • Examples of cash flow items
    • Reporting - historical cash flow statement table
    • Case Study – Cash Flow Statements
  • Module
    8
    Profit and loss statements
    • Profit and loss statementsThis free online course covers topics in the area of reporting profits and loss, including a short case study. The Contents tab displays all the lessons and topics of the course. Each time you click the Contents tab, you will come to this page. A green tick indicates those lessons and topics you have completed, so you can easily see your progress.
    • Reporting - profit and loss statements
    • Case study - departmental profit and loss statement
    • Arbitrary allocation of expenses
    • Reporting - profit and loss statements - classification
    • Case study - Cash versus profit
    • Case study 1 - departmental profit and loss statement
    • Direct expenses
    • Classification
  • Module
    9
    Risk in small business
    • Risk in small business This course topics associated with risk in small business such as competition, expertise, suppliers, access to finance, people managment, and dealing with technological change. The Contents tab displays all the lessons and topics of the course. Each time you click the Contents tab, you will come to this page. A green tick indicates those lessons and topics you have completed, so you can easily see your progress.
    • Risk in small business
    • 2. Degree of competition
    • 3. The nature of the product
    • 4. The degree of expertise involved
    • 5. Does the firm provide goods or services?
    • 6. Cash or credit?
    • 7. Suppliers
    • 8. Access to finance
    • 9. Coping with technological change
    • 10. People management
    • 11. Exposure to external events
    • 12. Cash versus profit
  • Module
    10
    Stock recording and valuation
    • Stock recording and valuation This course covers topics in accounting such as stock recording, valuation, and control, and perpetual stock recording. The Contents tab displays all the lessons and topics of the course. Each time you click the Contents tab, you will come to this page. A green tick indicates those lessons and topics you have completed, so you can easily see your progress.
    • Stock - recording and valuation
    • A stock control problem
    • Perpetual stock recording
    • Applcation of NRV Rule
    • Distinguishing between FIFO and identified cost
    • Case study - perpetual stock
  • Assessment
    • Assessment
    • Financial Accounting Assessment
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