Fundamentals of accounting
Course provided by: Open University
This free course, Fundamentals of accounting, will explain the fundamental purpose and role of accounting, as well as the double-entry rules that are the foundation of all financial records and reports in any modern business.
Learning outcomes
- Understand and explain the purpose and role of bookkeeping and accounting, both financial and management, within any business.
- Understand and apply the key numerical skills required for accounting.
- Understand and describe the three concepts that form the basis of double-entry accounting (the business entity concept, the accounting equation and the duality concept).
- Record transactions in the appropriate ledger accounts using the double-entry accounting system.
- Balance off ledger accounts at the end of an accounting period and prepare a trial balance and balance sheet.