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Basic Accounting
Understand how to perform standard accounting tasks.Preview the first lesson free — get full access to all 55 lessons.
Essential Provider : Marvin Child 10 chapters · 55 Lessons · 2h 1m in Arabic, English
Course Description
Basic Accounting is a course designed to give both a textbook and real world experience that will prepare the student for subsequent accounting courses. This course will give you the knowledge needed to succeed in the workplace. The sections covered in this Basic Accounting course fit in line with full cycle accounting. Full cycle accounting includes all functions in accounting, such as accounts payable, accounts receivables, payroll, and general ledger.
What You'll Learn
- Understand the full cycle of accounting, including accounts payable, accounts receivable, payroll, and general ledger
- Record business transactions using the general journal, ledger, and T-Accounts
- Apply the accounting equation and distinguish between cash and accrual accounting
- Prepare financial statements including the balance sheet, statement of retained earnings, income statement, and cash flow statement
- Complete period-end tasks such as the worksheet, trial balance, period cutoff, and closing entries
- Manage cash accounts, cash equivalents, noncash items, and perform bank reconciliations
Key Takeaways
- Basic Accounting combines textbook learning with real-world experience to prepare students for subsequent accounting courses.
- The course covers full cycle accounting, which includes all accounting functions such as accounts payable, accounts receivable, payroll, and general ledger.
- Recording business transactions involves the general journal, ledger, accounting equation, and T-Accounts.
- Learners study both cash and accrual methods, including accrual entries, the ledger method, and deferred revenue.
- Financial reporting topics include the balance sheet, statement of retained earnings, income statement, and cash flow statement.
Frequently Asked Questions
Who is this Basic Accounting course for?
It is designed for students who want both textbook and real-world experience to prepare them for subsequent accounting courses and to gain the knowledge needed to succeed in the workplace.
What does the course cover?
The course covers full cycle accounting, which includes all functions in accounting such as accounts payable, accounts receivables, payroll, and general ledger, along with recording business transactions, cash versus accrual accounting, financial statements, and cash accounts.
What skills will I gain from this course?
You will build skills in Accounting, the Accounting Cycle, Basic Accounting Functions, Basic Accounting Principles, Full Cycle Accounting, and Accounts Receivable/Billing Fundamentals.
Does the course cover financial statements?
Yes, it includes lessons on the balance sheet, statement of retained earnings, income statement, and cash flow statement.
Does the course explain the difference between cash and accrual accounting?
Yes, it includes lessons on cash versus accrual, accrual entries, the ledger method, and deferred revenue.
