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Made in
English
Last updated at
Sat, 07-Jun-2025
Level
Beginner
Total lessons
2
Total duration
00:28:00 Hours
Number of reviews
0
Total enrolment
0
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Short description
Welcome to Principles of Accounts! In this lesson, we’ll explore the fundamentals of accounting — what it is, why it matters, and how it works. Let’s get started.
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Requirements
- Basic literacy and numeracy skills.
Outcomes
- Chapter 1: Introduction to Accounting Principles - Understand the basic concepts and definitions of accounting - Explain the role and importance of accounting in business
- Chapter 2: Professional Ethics - Understand the importance of ethical behavior in accounting - Identify ethical issues that can arise in accounting practice
- Chapter 3: The Accounting System - Describe the main components of the accounting system - Classify accounts and understand how transactions flow through the system
- Chapter 4: Accounting Concepts - Understand key accounting concepts such as going concern, matching, accruals, and consistency - Apply these concepts to accounting scenarios
- Chapter 5: The Accounting Equation and the Statement of Financial Position (Balance Sheet) - Comprehend and apply the accounting equation (Assets = Liabilities + Capital) - Prepare and interpret the statement of financial position
- Chapter 6: The Double Entry System for Assets, Liabilities, and Capital - Understand and apply the double entry bookkeeping system for transactions affecting assets, liabilities, and owner’s equity
- Chapter 7: The Double Entry System for the Asset of Inventory - Record transactions involving inventory using the double entry system - Understand how inventory affects financial statements
- Chapter 8: The Double Entry System for Expenses and Revenues - Understand the classification and recording of expenses and revenues - Apply double entry principles for these accounts
- Chapter 9: Balancing Off Accounts - Balance off ledger accounts accurately - Understand the purpose and procedure of balancing accounts
- Chapter 10: The Trial Balance - Understand the purpose of the trial balance - Construct a trial balance from ledger balances - Recognize that the trial balance checks arithmetical accuracy, but does not guarantee error-free accounts - Know the uses and limitations of the trial balance - Understand the steps to take when the trial balance does not balance
