Fundamentals of accounting

Fundamentals of accounting

Course provided by Open University

Summary overview

  • Online anytime

  • 8 hours study time

  • Accountancy, banking and finance

  • Free

  • Level 1

About this course

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

  1. Understand and explain the purpose and role of bookkeeping and accounting, both financial and management, within any business.
  2. Understand and apply the key numerical skills required for accounting.
  3. 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).
  4. Record transactions in the appropriate ledger accounts using the double-entry accounting system.
  5. Balance off ledger accounts at the end of an accounting period and prepare a trial balance and balance sheet.