ACCOUNTING FUNDAMENTALS

Accounting Fundamentals: Build a Strong Foundation in Financial Accounting

This comprehensive Accounting Fundamentals course provides a solid introduction to the core concepts and practices of accounting. You'll gain essential skills to prepare basic income statements and balance sheets for sole proprietorships, understand and apply fundamental accounting principles, and accurately recognize and record business transactions.

Key topics covered include:

• Internal Control: Learn the importance of robust internal controls for financial accuracy and security.
• Accounts Receivable: Understand the role of accounts receivable management and how to effectively track and collect payments.
• Capital Assets: Gain knowledge of accounting for capital assets, including their acquisition, use, and disposal.

Course Highlights:

• Practical Skills: Develop the ability to calculate standard financial ratios and evaluate financial health.
• Real-World Application: Reinforce concepts through review questions and quizzes designed to apply knowledge to practical scenarios.
• Career Preparation: Well-prepared to pursue more advanced accounting studies or begin applying your skills in professional settings.
• Essential Knowledge: Provides the essential tools and knowledge needed for success, whether you're pursuing a career in accounting or simply seeking to understand the basics of financial management.

Course Outline (12 Lessons):

• Lesson 1: Explore basic accounting concepts, ethics, business structures, accounting standards, the accounting equation, and financial statements.
• Lesson 2: Master key accounting terms, debits and credits, and learn how to record and post transactions.
• Lesson 3: Understand trial balances, accrual vs. cash accounting, and how to recognize revenues, expenses, and adjustments.
• Lesson 4: Prepare financial statements from the adjusted trial balance, understand accounting worksheets, and the closing process.
• Lesson 5: Learn internal control principles, perform bank reconciliations, and manage cash controls and ethical considerations.
• Lesson 6: Identify and apply internal controls for receivables, including the allowance and direct write-off methods.
• Lesson 7: Understand accounting for notes receivable and how to present and analyze receivables on the balance sheet.
• Lesson 8: Learn about the cost, amortization, and depreciation of property, plant, and equipment.
• Lesson 9: Understand the disposal of assets and the accounting for natural resources, goodwill, and intangible assets.
• Lesson 10: Differentiate between current and long-term assets/liabilities, calculate financial ratios, and analyze sales and inventory.
• Lesson 11: Analyze financial statements with horizontal and vertical analysis, and evaluate performance using financial ratios.
• Lesson 12: Apply accounting principles and techniques through a comprehensive assignment.