Accounting basics for beginners

Description

This course includes the following aspects:

1. Accounting basics:

· Learn about the basic foundation of accounting and book-keeping

· Understand how an accounting equation works

· Understand the difference between book-keeping and accounting

· Understand the importance of learning book-keeping and accounting

2. Double-entry book-keeping

· Understand the methodology of using double-entry book-keeping

· Understand the advantages of using double-entry book-keeping

· Understand the correct use of debit and credit

· Understand the process of recording the transactions under this method

· Understand the process of recording transactions using various business documents

· Learn about different formats of accounts

· Learn the process of preparing journals and ledgers

· Learn about the process of preparing journals

· Learn about the process of preparing ledgers

· Learn about the process of preparing a cash book

· Learn about the discounts like trade discount and cash discount

3. Financial Statements

· Learn how to prepare a trial balance

· Discuss the errors not traced by trial balance

· Understand how to prepare the financial statements using a trial balance

· Learn about the process of preparing financial statements – Income statement and Statement of Financial Position

· Learn about the basic adjustment of closing inventories

· Learn about the basic adjustment of profit for the year

· Understand the formats of Income statements and Statements of financial position

· Understand the difference between different assets and liabilities