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How does a business achieve and maintain profitability? An understanding and an accurate application of accounting practices are hallmarks of a successful and financially progressive business. Accounting is a distinct discipline, with its own standards and language. Understanding accounting procedures requires a prerequisite knowledge of certain principles, concepts, terms, and common accounting records. This practical course gives you the why's and how's to accurately conduct accounting activities. "Accounting Fundamentals" examines the theories of accounting, how to maintain accounting records, and how to generate financial statements. A business deals with many transactions in a single day, so it's important to keep up-to-date records of its finances.
  • The Principles of Accounting
    • recognize the advantages of applying the fundamentals of accounting.
    • Generally Accepted Accounting Principles
      • match the generally accepted accounting principles to examples of their definitions.
    • The Accounting Equation
      • identify which of the 3 account types, asset, liability, and owner's equity, are affected in a given transaction.
      • apply the accounting equation, given the accounts.
    • The Rule of Debit and Credit
      • apply the accounting equation, given the accounts.
  • Accounting Records
    • recognize the advantages of maintaining accounting records.
    • The General Journal
      • match source documents to examples of their transactions.
      • determine the correct entries of given transactions in a general journal.
    • The General Ledger
      • determine the correct entries of given transactions in a general journal.
    • Taking a Trial Balance
      • perform posting procedures to a general ledger.
      • identify the techniques for locating errors.
  • Preparing Financial Statements
    • recognize the importance of preparing proper financial statements.
    • The Income Statement
      • identify revenue and expense accounts.
      • balance an income statement given a set of data.
    • The Statement of Owner's Equity
      • balance an income statement given a set of data.
    • The Balance Statement
      • determine the capital in a statement of owner's equity for the end of the accounting period.
      • balance a balance statement given a set of data.
    • The Cash Flow Statement
      • identify the features of a balance statement.
      • balance a cash flow statement given a set of data.
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Accounting Fundamentals Online course
  • Course ID:
    203467
  • Duration:
    210 minutes
  • Price:
    $75