What you'll learn

Students will learn about the basic accounting equation and the extended form of the accounting equation.
Students will learn how to analyse and classify transactions using a transaction analysis table.
Students will learn how to process general journal entries using the double-entry rules of accounting.
Students will learn how to post general journal entries to the general ledger accounts using t-accounts and a running-balance general ledger format.
Students will learn how to construct a trial balance.
Students will learn how to construct an adjusted trial balance.
Students will learn how to prepare a profit and loss statement (income statement) for a service and retail business.
Students will learn how to prepare a balance sheet in horizontal and vertical format for a service and retail business.
Students will learn how to prepare a simplified cash flow statement for a service and retail business.

Requirements

There are no formal prerequisites for this course.
An applied understanding of basic maths will be useful.
A pen, paper and basic calculator is needed.

Description

· This course is designed to develop and enhance the accounting knowledge and skills of students.

· Students will be introduced to important accounting concepts and learn a range of accounting skills which include:

1. Classifying and analyzing transactions

2. Preparing general journal entries

3. Posting journal entries to the general ledger accounts

4. Preparing a trial balance

5. Preparing a profit/loss statement

6. Preparing a balance sheet

7. Preparing a cash flow statement

· Students can successfully complete this course with minimal or no prior knowledge of accounting.

· Understanding and application of basic maths is recommended.

· A calculator, pen and writing paper are required.

· Students will learn about the accounting equation and all the components which make up the accounting equation such as assets, liabilities, equity, capital, drawings, profit, revenue and expenses

· Students will learn the double-entry rules of accounting and how to apply the rules to classify and record transactions.

· Students will also learn how to record transactions using the general journal and general ledger.

· The course structure is as follows:-

· Section 1-introduction

· Section 2-accounting concepts

· Section 3-accounting equation

· Section 4-double-entry rules of accounting

· Section 5-transaction analysis

· Section 6-general journal entries

· Section 7-general ledger accounts

· Section 8-trial balance

· Section 9-profit and loss statement

· Section 10-balance sheet

· Section 11-cash flow statement

· Section 12-practice quiz 1

· Section 13-assignment-calculate monthly profit

· Section 14-practice example 1 Mary’s tuition service

· Section 15-practice example 2 Albert’s car wash

· Section 16-accounting for merchandise businesses

· Section 17-practice example 3 Jane’s perfume shop

· Section 18-GST transactions

· Section 19-practice example 4 Harry’s stylish hairdressing

· Section 20-course review practice example 5 J&J gourmet chocolates Pty Ltd

· Section 21-course review

· Section 22-course review quiz

Who this course is for:

Beginning or continuing students of financial accounting will find this course valuable.
Small business owners and managers will find this course useful.

Homepage: https://www.udemy.com/introductory-financial-accounting-a-simplified-approach/