Basic Accounting Skills
This course introduces you to the essential skills and concepts of bookkeeping and accounting. You will gain knowledge and understanding of the fundamental principles that underpin bookkeeping and accounting. You will learn the time-honoured rules of double-entry bookkeeping and also how to prepare a trial balance and the two principal financial statements: the balance sheet (also known as the statement of financial position) and the profit and loss account (also known as the income statement).
Research has consistently demonstrated that when clear goals are associated with learning, learning occurs more easily and rapidly. With this in mind, let’s review our goals this course
By the end of this course participants will be able to:
- Understand basic accounting terminology.
- Identify the differences between the cash and accrual accounting methods.
- Keep track of your business by becoming familiar with accounts payable and accounts receivable.
- Use a journal and general ledger to document business financials.
- Utilise the balance sheet.
- Identify different types of financial statements.
- Uncover the reasons for and actually create a budget.
- Be familiar with internal and external auditing.