Master the Double-Entry Accounting System
Become an expert at the Double-Entry Accounting System and reduce accounting errors in this free online course.Publisher: Viktoria Nedelcheva
CertificationView course modules
Master the double-entry accounting system with this fascinating free online course that seeks to instruct you on how the double-entry accounting system operates, its advantages and how it can increase a company’s profitability. You will learn how this method provides you with more comprehensive data about a transaction when opposed to the single-entry technique. Nowadays, the majority of modern accounting system structures are based on double-entry accounting. At least two records are altered after all transactions. Generally, you won’t be able to save entries in your system except if the transaction balances.
This course will advise you on how the double-entry method helps accountants in reducing errors. The accounting period differs for different business levels. You use the double-entry system to meet the source of the accounting equation, which states that the assets are identical to liabilities and owner’s equity. There are multiple accounts utilised to write entries through the use of the double-entry system. We will explore all these significant accounts and where you record all these transactions as you work through this course. A double-entry system also serves to disclose information about the fiscal situation of a company. This knowledge is essential when making critical decisions regarding the future of a business.
The double-entry accounting system has proven to be the most effective method of recording transactions. Although you may not have come directly into contact with an accounting system before, you are indirectly part of the system each time you buy products and services. With this practice, a company can control the business operations and examine the comprehensive information available. The double-entry accounting system is a dependable method of accounting as every phase of the transaction gets included under this system. The record of both clients, as well as the merchants, is done for each transaction. Are you interested in accounting or becoming a business owner? If so, this course is invaluable. Why are you waiting? Start this course today and learn how to become an expert in little to no time!Start Course Now
Basic Accounting Introductions
Basic Accounting Introductions - Learning Outcomes
Accounting Equation and Transactions
Steps When Recording Transactions
Basic Accounting Introductions - Lesson Summary
Common Transactions - Learning Outcomes
Purchases and Sales - Credit vs Cash
Revenues and Expenses
Amortization and Discounts
Common Transactions - Lesson Summary
Upon Successful Completion of this course, you should be able to:
- Define what an asset is.
- Summarize the double-entry accounting system is.
- Distinguish between Trade discount and cash discount.
- Outline how cash sales affect assets.
- List the different types of Assets.
- Explain what is meant by purchase on cash.
- State what a liability is.
- Recall what a transaction is.
- Outline the different types of transactions.
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