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Accounting - Advanced Concepts Learning Path

Accounting is very important as it allows a business to evaluate their financial performance. It helps stakeholders make better business decisions and deal with problems by providing them with accurate financial information. By studying the Alison Learning Path in Accounting – Advance Concepts you will gain a deeper understanding of the accounting process and what it involves. You will learn about a wide variety of areas that an accountant may work in. The Alison Learning Path in Accounting – Advance Concepts is a series of courses that cover many areas of accounting best practice and how it may be efficiently and productively used by a business.

Courses in this Learning Path

  1. Accounting and Its Use in Business Decisions

    Accounting is the systematic and comprehensive recording of the financial transactions of a business. With this free Accounting course, you will learn about the most important accounting processes in use today. The course will begin by discussing the financial statement of different organizations, including the corporation, partnership, and sole proprietorship. You will learn how transactions affect the income statement and balance sheet as well as study the subject of equity and dividend ratios.

    Next, you will learn how to prepare an income statement, a statement of retained earnings, and a balance sheet. These are the three most important financial statements that are used for reporting a company's financial performance over a specific accounting period. Once you have mastered these three, you can give yourself a pat in the back and move on to the subject of equity ratio.

    This free Accounting and Its Use in Business Decisions course will be of great interest to entrepreneurs and business professionals who would like to learn or refresh their knowledge of important accounting principles. It will also be valuable to any learner who is interested in having a future career in the field of accounting. With just a little time and effort, the numbers on your sheets will start falling into place with ease. So why wait? Start building up your accounting skills today.

    3-4 Hours
    50 Points
  2. Accounting - Understanding Receivables and Payables

    This course will show you exactly how to account for and manage receivables and payables. The course starts with receivables, first showing you the main techniques for how to calculate a bad debt provision amount based on a company’s history. This will include a step-by-step overview of both the aging schedule and the allowance method for calculating receivables. You will then be shown how to manage the bad debt amount for the financial reports. This will include a demonstration of how to post a provision and process the realized loss of revenue when it becomes overdue.

    Next, the course will show you how to account for payables. Here, you will learn how to make provision for known liabilities, how to estimate warranty liabilities, and how to plan for the contingent liabilities that result from legal issues. The course will then show you how to raise short term finance through promissory notes. This will include a clear explanation of the differences between interest bearing notes and discounted notes, with examples of calculations of the postings for each. Finally, the course will explain the crucial use of the accounts receivable turnover in accounts receivables ratios, along with the relevance of the liquidity level they represent.

    If you’re interested in accounting as a future career, or if you’re a business professional seeking to better manage your accounts, then this clear and simple course is the one for you. Receivables and payables are essential tasks of any accounting desk, so learning how to understand and manage them is an absolute must for any aspiring accountant. With this free course, you’ll learn these vital skills in just 3 hours. So get started, and by the end of the week you’ll have an excellent new skill.

    1.5-3 Hour
    50 Points
  3. Introduction to Cash Accounting

    Cash accounting is an accounting method whereby revenues and expenses are recorded when cash is already received and paid, respectively. This course will introduce you to cash accounting and teach you its practices and procedures. You will then study the accrual basis of accounting. This is the method through which revenues are recognized on income statements when they are earned, rather than when the cash is received.

    A balance sheet is a statement of the assets, liabilities, and capital of a business at a particular point in time, while an income statement (also known as profit and loss statement or the statement of revenue and expense) details a company's revenues and expenses during a particular period. This course will discuss the balance sheet and income statement in an easy to follow manner. In addition, you will look into the basic cash flow statement which shows how much cash is generated and used during a given time period.

    This accounting course will introduce you to the practices and procedures of how cash accounting is done with income statements, cash flow statements, and balance sheets. You will also learn the relationship that balance sheets have with income statements. By the end of this course, you will have a much better understanding of cash accounting methods, and how cash transactions are managed within businesses. These are essential skills for any accountant, which you can start learning today.

    1.5-3 Hour
    50 Points
  4. Accounting - Measuring and Reporting Inventory

    This course begins with a discussion on merchandise inventory. You will learn that merchandise inventory is goods that have been acquired with the intention of being sold to third parties and can be the single largest asset on the balance sheet of some types of businesses. You will learn how to determine the inventory costs as well as study the four inventory costing methods which include specific identification, first-in, first-out (FIFO), last-in, first-out (LIFO), and weighted-average.

    You will then study the pros and cons of the four costing methods. You will look into their advantages such as low startup costs, price control, quality control, and agility as well as the disadvantages such as high time input, scalability, and limited product choices. This course will also discuss journal entries for the perpetual inventory procedure and departures from the cost basis for inventory measurement. You will learn that assets should be reported at historical cost in order to avoid distortion in the value of assets as they change over time, and more.

    Having proper knowledge of the accounting procedures will help you make accurate inventory figures and avoid the serious consequences of inaccuracy. Upon the completion of this course, you will become more familiar in calculating the cost of ending inventory and cost of goods sold under the four major inventory costing methods using periodic and perpetual inventory procedures, analyzing and use the financial results-inventory turnover ratio, and more. Check out this course and learn how to allocate inventory costs flow for the wholesale and retail sectors today!

    1.5-3 Hour
    50 Points
  5. Recording Business Transactions in Accounting

    This course begins by discussing the account and rules of debit and credit. You will learn that the debit account is on the left, the credit account is on the right, and that debit must always equal to the credit. You will study the steps in recording transactions including how to analyze, journalize, and post a transaction. This course will also teach you how to prepare a trial balance and financial statement as well as post adjustments, close entries, and close a trial balance.

    You will then look into the accounting process in operation and learn how to analyze and use the financial results. This course will teach you that the financial result is the difference between earnings before interest and taxes and earnings before taxes and is determined by the earning or the loss which results from financial affairs. You will study the use of a ledger account which is a separate record within the general ledger assigned to a specific asset, liability, equity item, revenue type, or expense type.

    The ability to accurately record business transactions is of vital importance for accounting professionals in any business or organisation. Upon the completion of this course, you will be able to use the account as the basic classifying and storage unit for accounting information, express the effects of business transactions in terms of debits and credits to different types of accounts, post journal entries to the accounts in the ledger, and more. Sign up for this course, and start enhancing your accounting skills today.

    1.5-3 Hour
    50 Points
  6. Introduction to Balance Sheets

    The balance sheet is a basic accounting concept used to calculate how much cash, assets and liabilities are in our accounts at the end of the day. Knowing how to work through a basic balance sheet is an essential skill that everybody should know how to do and balance sheets are an excellent way to put your personal finances into perspective on paper. In this free online course the basics of balance sheets are discussed with particular regards to the case study of buying a house versus renting a house, and topics such as assets, liabilities, equity and marking to market are reviewed. This free online course will be of interest to the average lay person wishing to learn about balance sheets and how they can use balance sheets to organise their finances when deciding to invest in property or take out a loan for whatever reason.

    1.5-3 Hour
    50 Points
  7. Adjustments for Financial Reporting

    This course begins by clearly discussing the adjustments for financial reporting. You will learn that financial reports are used to see how a business is performing and therefore should accurately reflect how the business performed during the period under review. You will look into the characteristics of cash basis versus accrual basis accounting as well as study the classes and types of adjusting entries. You will also learn why adjusting entries must be made.

    You will then learn how to make adjustments for deferred items such as expenses and depreciation as well as for accrued items. You will study how depreciation is calculated and posted as well as look into the effect on financial reports when adjustment entries are not processed. You will learn that by adjusting entries, you can have a balance at the end of the fiscal period. This course will also discuss how and why trend percentages are used when analysing financial reports, and a whole lot more.

    Adjusting entries are accounting journal entries that convert a company's accounting records to the accrual basis of accounting and is typically made prior to issuing a company's financial statements. Upon the completion of this course, you will have a better understanding of the accrual basis of an accounting system to accurately record the true revenues earned and costs paid for the period in question. Check out this course and enhance your accounting skills today!

    1.5-3 Hour
    50 Points
  8. Accounting - Merchandising Transactions

    This course begins with an introduction to Merchandising Transactions. You will learn that they are transactions that deal with inventory and includes the purchase and sale of inventory. You will study the differences between the perpetual inventory system and periodic inventory system as well as look into the gross selling price which is the total amount of money the purchaser pays to the seller in consideration of the sale of goods.

    You will then look into Returns and Allowances and learn that is a sales adjustments account representing merchandise returns from customers and deductions to the original selling price when the customer accepts defective products. You will also study the cost of goods sold which refers to the direct costs of producing the goods sold, the classified income statement which is an easy-to-read financial report showing revenues, expenses, and profits, and more!

    This accounting course can give you a better insight into the management of stock and related cash flow for the wholesale and retail sectors. Upon the completion of this course, you will become more familiar with the process of recording journal entries for sales transactions involving merchandise as well as learn to determine and describe the cost of goods sold and the distinction between perpetual and periodic inventory procedures. Sign up for this course and gain better understanding of merchandising transactions today!

    1.5-3 Hour
    50 Points
  9. Completing the Accounting Cycle

    This course begins with a discussion on the worksheet. You will learn that an accounting worksheet is a tool that helps bookkeepers and accountants complete the accounting cycle and prepare year-end reports such as unadjusted trial balances, adjusting journal entries, adjusted trial balances, and financial statements. You will study the accounting closing process, also called closing the books, which is required in the preparation of accounts for financial statements and the start of the next accounting period.

    You will then look into manual and computerized accounting systems, the history of accounting systems, and the impact of computerization on the process. This course will also discuss the classified balance sheet which is a financial statement that reports asset, liability, and equity accounts in meaningful subcategories so that readers can find it easy to understand. You will also look into the current ratio which is a liquidity ratio used to measure a company's ability to pay short-term obligations or those due within one year.

    Accounting is a system of recording and summarizing business and financial transactions. Upon the completion of this course, you will be familiar with the preparation of a worksheet for a service company, the steps in the accounting cycle, the preparation of an income statement, the statement of retained earnings, the balance sheet, the preparation of a post-closing trial balance, and more. Sign up for this course and gain a thorough understanding of the accounting principles today!

    1.5-3 Hour
    50 Points