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This is a bundled training package. It contains training for each of the bundled items below:

Course Price
Basic Accounting Principles and Framework $74.95
The Accounting Equation and Financial Statements $74.95
The Accounting Cycle and Accrual Accounting $74.95
Accounting Transactions and Books of Account $74.95
Trial Balance & Adjusting Entries $74.95
The Income Statement $74.95

Bundle Price: $219.00
Total Savings: $230.70

Basic Accounting Principles and Framework

Accounting and finance are the universal languages of business, and their functions form the core of most organizations. The accounting function sets up the bookkeeping system, monitors it, prepares and presents the financial statements to management, and interprets them as needed. Bookkeeping is a part of the accounting function and involves the mechanical aspect of recording, classifying, and summarizing transactions in account books and posting them to respective financial statements. Apart from the statutory importance, accounting data is very critical to any organization's decision and control system. Managers, decision makers, external stakeholders, and interest groups take the basic accounting data, mix them with other external and supplementary information, and produce meaningful information used for decision making and control purposes. This course aims at familiarizing all learners with basic accounting principles and concepts that set the ground for more advanced learning in this area. You'll be introduced to key accounting terms and concepts such as key characteristics of accounting, the accounting equation, double entry bookkeeping, and basic accounting principles. This course also helps you recognize key characteristics of the International Financial Reporting Standards (IFRS) vis-à-vis the Generally Accepted Accounting Principles (GAAP).

Learning Objectives
  • Recognize key concepts about accounting
  • Recognize principles underlying the preparation of financial statements
  • Recognize basic accounting practices and their descriptions
  • Recognize the importance of common accounting practices
  • Identify the main characteristics of IFRS

The Accounting Equation and Financial Statements

Business owners and managers, regardless of form and size of their organizations, put their best efforts in generating enough assets to pay for business's liabilities and build adequate stockholders' equity. The basic accounting equation offers us a simple way to understand how these three elements – assets, liabilities, and stockholders' equity – relate to each other. Every economic activity, or transaction, in an organization affects two or more of these elements. It is therefore important to understand how these elements, and the underlying transactions, appear in financial statements that provide a summary of a business's performance over a period of time. This course aims at familiarizing learners with the basic accounting equation and financial statements. You are introduced to the accounting equation and how given transactions affect the specific accounts using the debit and credit rule. This course also presents the key characteristics of financial statements and how they are related to each other.

Learning Objectives
  • Determine how given transactions affect the accounting equation
  • Determine how common transactions affect specific accounts using the debit and credit rule
  • Recognize key characteristics of financial statements
  • Recognize the key relationships between financial statements

The Accounting Cycle and Accrual Accounting

Accounting involves recording, summarizing, and presenting financial transactions. You need to analyze transactions before recording them in daily journals. Organizations use a variety of accounts, called general ledgers collectively, to record transactions in a number of business areas. A chart of accounts lists all these accounts in the general ledger. All individual accounts are then compiled, totaled and verified for correctness, and then presented as financial statements to the organization's internal and external users. As in most other things, timing is of prime importance in accounting, specifically in recording transactions. Most organizations record revenue or expense transactions when they actually take place – known as accrual accounting. Others do it when money actually changes hands – known as cash accounting. This course teaches the essentials of the accounting cycle, chart of accounts, and accrual accounting method. It walks you through various stages in the accounting cycle, categories of accounts, and how they are organized in respective financial statements. Finally, it introduces the cash and accrual accounting methods and their differences with help of examples.

Learning Objectives
  • Sequence an example of using the accounting cycle
  • Match the Balance Sheet and Income Statement to the Chart of Accounts categories to which they are linked
  • Recognize examples of various categories of accounts
  • Recognize examples of transactions that are ignored in cash-based accounting systems
  • Identify key characteristics of cash and accrual accounting

Accounting Transactions and Books of Account

Bookkeeping is a critical accounting activity that provides the solid foundation on which an organization stands. The correctness and integrity of the financial statements that an organization produces largely depend on the correctness and integrity of its bookkeeping activities. Journalization and posting to ledgers are the two core bookkeeping activities. The journals are where all transactions are first recorded on a daily basis. Information from a journal is then posted to the ledgers to update each account. Various accounts in the ledgers are then summarized, tested, and validated, and used for producing financial statements at the end of an accounting period. This course covers the key accounting skills of recording accounting transactions in a journal and then posting them into a ledger. You'll be guided through examples of appropriate general and special journals entries and you'll learn how to use general ledgers and subsidiary ledgers for a variety of transactions. Finally, you'll learn to analyze a transaction, record it in the appropriate journal, and then post it to the ledgers.

Learning Objectives
  • Recognize examples of correct general journal entries
  • Recognize examples of using special journals appropriately
  • Recognize the relationship between journals and associated general and subsidiary ledgers
  • Post common transactions from special journals to subsidiary and general ledgers

Trial Balance & Adjusting Entries

A typical accounting cycle begins with the analysis of business transactions and ends with a post-closing trial balance. Trial balances are prepared at several times in an accounting cycle. A trial balance lists all of the ledger accounts and checks if debit and credit totals for all accounts match. Trial balances provide an opportunity to correct any calculation, recording, or posting errors in the account books. Adjusting entries are then made to record accrued or deferred amounts followed by another trial balance to check equality of debits and credits. Financial statements are also prepared at this stage in the cycle. Finally, all temporary accounts are closed and a post-closing trial balance is prepared. This course teaches you how to prepare a trial balance, make adjusting entries, and close the temporary account books at the end of an accounting period. It introduces several types of trial balances performed within the accounting cycle and walks you through the preparation of a trial balance. This course also teaches you how to classify and make adjusting entries and close the accounts at period end.

Learning Objectives
  • Prepare a trial balance
  • Sequence the steps for preparing a trial balance
  • Recognize key characteristics of several types of trial balances performed within the accounting cycle
  • Classify adjusting entries as being accruals or deferrals
  • Make adjusting entries
  • Sequence the steps for closing the accounts

The Income Statement

Financial statements show the financial performance of an organization. They are comprised of the Income Statement, the Cash Flow Statement, and the Balance Sheet, and are used both internally and externally by a variety of users. The Income Statement can also be referred to as profit and loss statement or statement of operations, and is one of the most important financial statements. It shows the profitability of a company during a specified accounting period. This course aims to familiarize you with the Income Statement and give you an understanding of how it interacts with other financial statements. You'll be taken through the various components of the Income Statement and taught hands-on knowledge of how to calculate gross profit, operating income, and net income. Finally, the course presents how common business transactions affect the Income Statement and how it interacts with other financial statements.

Learning Objectives
  • Identify key characteristics of the Income Statement
  • Recognize examples of revenues, gains, expenses, and loss-incurring activities
  • Calculate gross profit, operating income, and net income
  • Recognize how common transactions affect the Income Statement
  • Identify how the income statement interacts with the other financial statements
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Accounting Fundamentals Part 1 e-learning bundle
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  • Duration:
    6 hours
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