Accounting Standards and Principles | Free Online Course | Alison

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Introduction to Accounting Standards and Principles

Free online course on accounting standards, accounting principles, profit and loss accounts, and balance sheets.

Free Course
This free online course introduces you to Accounting Standards and Principles. Learn about the importance of these principles and standards in terms of how they allow companies to communicate with each other & compare financial statements. The course will also highlight the financial statements of two Indian companies and prepare a profit and loss accounts, as well as as a balance sheet. Start this course today and learn more about accounting.
  • Duration

    4-5 Hours
  • Certification

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This free online course on accounting standards and principles will begin by introducing you to the definition of accounting principles and standards. You will learn about how accounting principles communicate results, as well as how accounting standards provide frameworks and standard accounting policies. You will then learn about the evolution of accounting and how to record financial statements in an organization.

This course will present you with three years’ worth of company information and financial statements of Zee TV, an entertainment television company in India. You will learn how to prepare a profit and loss account from the financial statements. You will learn how to compare the results over the three years and see how trends change. You will also learn how to prepare a balance sheet, as well as how profit and loss are calculated by subtracting expenses from income.

Lastly, this course will introduce you to Hindalco limited, which is one of the world largest aluminium rolling companies and one of the biggest producers of primary aluminium in Asia. You will learn about its annual turnover and the number of employees it has. You will learn how to prepare a profit and loss account from the information given. You will also learn how to prepare a balance sheet for Hindalco limited. Start this course today and improve your knowledge of accounting standards and principles.

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Learning Outcomes

On successful completion of this course you will be able to:

  • Define accounting principles, concepts and standards.
  • Identify the different important accounting concepts.
  • List the six accounting conventions.
  • Discuss the evolution of accounting.
  • Describe the influence Kautilya Arthshastra had on accounting.
  • Explain why it is important to have at least two years worth of data for the company before creating a Profit and Loss account.
  • Explain what is meant by a Minimum Alternate Tax.
  • Identify the formula for calculating profit and loss.
  • Analyze and interpret a financial statement in order to create a profit and loss account.
  • Define Appropriation of Profit in accounting.


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