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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.
Description
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.
Start Course NowModules
Introduction to Accounting Standards and Principles
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Introduction to Accounting Standards and Principles - Learning Outcomes
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Accounting Standards and Principles
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Evolution of Accounting
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Recording of Financial Transactions
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Introduction to Accounting Standards and Principles - Lesson Summary
Case Study: Zee TV and Hindalco
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Case Study: Zee TV and Hindalco - Learning Outcomes
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Zee Case: Profit and Loss Account
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Zee Case: Balance Sheet Statement
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Hindalco Case: Profit and Loss Account
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Hindalco Case: Balance Sheet and Cash Flow Statement
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Case Study: Zee TV and Hindalco - Lesson Summary
Course assessment
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.
Certification
All Alison courses are free to enrol, study and complete. To successfully complete this Certificate course and become an Alison Graduate, you need to achieve 80% or higher in each course assessment. Once you have completed this Certificate course, you have the option to acquire an official Certificate, which is a great way to share your achievement with the world. Your Alison Certificate is:
Ideal for sharing with potential employers - include it in your CV, professional social media profiles and job applications
An indication of your commitment to continuously learn, upskill and achieve high results
An incentive for you to continue empowering yourself through lifelong learning
Alison offers 3 types of Certificates for completed Certificate courses:
Digital Certificate - a downloadable Certificate in PDF format, immediately available to you when you complete your purchase
Certificate - a physical version of your officially branded and security-marked Certificate, posted to you with FREE shipping
Framed Certificate - a physical version of your officially branded and security-marked Certificate in a stylish frame, posted to you with FREE shipping
All Certificates are available to purchase through the Alison Shop. For more information on purchasing Alison Certificates, please visit our FAQs. If you decide not to purchase your Alison Certificate, you can still demonstrate your achievement by sharing your Learner Record or Learner Achievement Verification, both of which are accessible from your Dashboard. For more details on our Certificate pricing, please visit our Pricing Page.
