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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.

    2-3 Hours
    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.

    1-2 Hour
    50 Points
  4. Accounting - Measuring and Reporting Inventory

    Merchandising retailers and wholesalers use inventory costs to calculate the cost of goods sold as these are a major expense affecting net income and the balance sheet. In this accounting course learners are brought step-by-step through this process from the physical counting of goods, to the inclusion of costs such as transport or insurance, to the calculation on the value of the goods thereby connecting the cost of goods through to retained earnings and the balance sheet.

    The different methods of apportioning costs to a stock item, such as FIFO and LIFO, are discussed and topics such as net realization or gross margin are explained and explored. The importance of having accurate inventory figures and the serious consequences of using inaccurate inventory figures is also explained.

    This accounting course will be of great interest to entrepreneurs and business professionals who would like to better understand how to allocate inventory costs flow for the wholesale and retail sectors, and to any learner who is interested in accounting as a future career.

    2-3 Hours
    50 Points
  5. Recording Business Transactions in Accounting

    The ability to accurately record business transactions is of vital importance for accounting professionals in any business or organisation. In this free online accounting course you will be introduced to ledger accounts and journals and the rules for recording your transactions in them. You will learn about permanent and real accounts in the Ledgers, what the journal is used for and how the posting to each are referenced.

    The accounting cycle is explored along with the eight steps that form the basis for recording business transactions. This course also introduces the six rules of debit and credit along with explanations and examples of each rule. The course then links all these concepts together by demonstrating a series of transaction postings starting with the journals and ending with a trial balance and looking at possible sources of errors in a trial balance. Students then see how this information is used through vertical and horizontal analysis to assist in making business decisions.

    This accounting course will be of great interest to entrepreneurs and business professionals who would like to get a thorough introduction to accounting principles, and to any learner who is interested in accounting as a future career.

    2-3 Hours
    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.

    1-2 Hour
    50 Points
  7. Adjustments for Financial Reporting

    Financial reports are used to see how a business is performing and therefore they should accurately reflect how the business performed during the period under review. The matching principle or accruals basis of an accounting system records more accurately the true revenues earned and costs paid for the period in question. The cost of rent and capital purchases are spread over the life of the purchase rather than distorting the accounts in the period the purchase was made. Likewise wages owing or interest payable is spread pulled into the period where they were used rather than when they were paid.

    In this accounting course students will learn how to determine if an account needs adjustment entries due to the matching principle concept. They will be introduced to the two classes and four types of adjustments resulting from unearned revenue, prepaid expenses, accrued expenses and accrued revenue, along with typical examples of each type of adjustment. Depreciation is explored in more detail as the effect on the balance sheet can be significant.

    This accounting course will be of great interest to entrepreneurs and business professionals who would like to get a thorough introduction to accounting principles, and to any learner who is interested in accounting as a future career.

    2-3 Hours
    50 Points
  8. Accounting - Merchandising Transactions

    This course looks at the way in which the buying and selling of goods is accounted for in the merchandising sector as opposed to the manufacturing sector. As the inventory is the focus of such businesses, managing the accounts and finance related to purchasing, trade and chain discount, transport costs and invoice terms is critical as they are the major contributors to the gross profit. Students will also learn about the differences between perpetual and periodic inventory processes, both from a physical and accounting perspective.

    The learner will be walked through the process of calculating the cost of paying for goods as per the invoice terms, using borrowed monies, versus the cost of paying for them on the invoice due date. The learner will see how to calculate the cost of goods sold and see an example of a classified income statement used to calculate the net profit for this sector.

    This accounting course will be of great interest to entrepreneurs and business professionals who would like to better understand the management of stock and related cash flow for the wholesale and retail sectors, and to any learner who is interested in accounting as a future career.

    2-3 Hours
    50 Points
  9. Completing the Accounting Cycle

    This is a continuation of our series of accounting courses that will greatly increase your knowledge and understanding of the theory of accounting and accounting practices. This free online accounting course explains the processes used to close your accounts at the end of an accounting period, from creating a worksheet that facilitates the generation of the Income Statement and Retained Earnings statement to the generation of the Balance sheet.

    You will also be shown how a Classified Balance sheet is broken down into current and long-term assets and liabilities. The important Current Ratio figure is calculated and explained in context. You will also learn a little about the history of accounting systems and the impact of computerization on the process.

    This accounting course will be of great interest to entrepreneurs and business professionals who would like to get a thorough introduction to accounting principles, and to any learner who is interested in accounting as a future career.

    2-3 Hours
    50 Points

Complete!

Successfully complete all of these courses to receive a Accounting - Advanced Concepts Learning Path Award.

All your learning will be reflected in your Learner Record, which you can download for free at any time.

You also have the option of purchasing an Alison Certificate for each of the above courses you successfully complete.



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