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Fundamentals of Accounting

  • Description
  • Outcome
  • Certification
  • Using an interactive presentation style, Alison's accounting course dives into the terminology employed in financial circles, the principles used in basic accounting and the systems put in place to ensure financial control is maintained. The accounting course explores the main financial statements including the profit and loss account, the balance sheet and the everyday adjustments that have to be made. After completing the accounting course, you are expected to be aware of the importance of prudential financial management and the factor it plays in the success or failure of businesses and organizations.

  • Upon completion of Alison's online accounting course you will know how to create a profit and loss statement and a balance sheet. It will help you when dealing with accounting terminology and important principles such as matching, disclosure, consistency, diversity, dependability, verifiability, conservatism and many other common accounting terms.

    Alison's accounting course will help you gain knowledge of prepaid and accrued expenses, recording, capital account, closing and posting entries. You will also learn how to create a general journal and ledger.

  • 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 Accounting
  • Free

  • 2-3 Hours

  • XSIQ

  • Assessment

  • Certification

  • 50 Pts

Modules List( 7 )
  • Module
    1
    Introduction to accounting
    • Introduction to Accounting This free online course covers topics in accounting such as the balance sheet, and profit and loss statements. 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.
    • Introduction
    • The Profit and Loss statement
    • The Profit and Loss statement example
    • The balance sheet
    • Classification of terms for the balance sheet
    • Balance sheet tasks
    • The balance sheet example
  • Module
    2
    Accounting terminology
    • Accounting Terminology This free online course is an introduction to accounting systems, terminology, and methodologies. 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 Accounting Terminology
    • Accounting Terminology, A - C
    • Accounting Terminology, D – L
    • Accounting Terminology, M – Z
  • Module
    3
    Accounting principles
    • Accounting principles This free online course explains accounting terms such as matching, disclosure, consistency, diversity, dependability, materiality, going concern, verifiability, and entity. 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 Principles
    • Accounting Concepts and Principles
    • Accounting Principles: Matching
    • Accounting Principles: Disclosure
    • Accounting Principles: Consistency
    • Accounting Principles: Diversity
    • Accounting Principles: Dependability
    • Accounting Principles: Materiality
    • Accounting Principles: Accounting Period
    • Accounting Principles: Monetary
    • Accounting Principles: Verifiability
    • Accounting Principles: Going Concern
    • Accounting Principles: Entity
    • Accounting Principles: Historical Cost
    • Accounting Principles: Conservatism
  • Module
    4
    Accounting systems
    • Accounting systems  This free online course is an introduction to accounting sytems. 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.
    • Introduction
  • Module
    5
    Preparation of reports
    • Preparation of reports This free online course covers topics in accounting such as balance sheet, profit and loss statements, the 10 column worksheet, and the trial balance . 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.  
    • Classification
    • Preparation of reports: balance sheets
    • Preparation of reports: profit and loss statement
    • Preparation of reports: The Trial Balance
    • Preparation of reports: 10 Column Worksheet
    • Preparation of reports
  • Module
    6
    Balance day adjustments in the general journal and ledger
    • Balance day adjustments in the general journal and ledger This free online course covers topics associated with the balance day adjustments in the general journal and ledger. 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.
    • Prepaid and Accrued Expenses
    • Accrued expenses
    • Accrued revenue
    • Prepaid revenue
    • Recording
    • Reporting
    • Likely Errors
    • Depreciation Example
    • Application
    • Reporting
    • Preparing the profit and loss summary account
    • The capital account
    • Closing and posting entries
    • General journal
    • General Ledger
  • Assessment
    • Assessment
    • Accounting 1 Assessment
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