Learn To Construct Financial Statements From The Ground Up

Accounting Fundamentals - Learn Accounting from the Foundations Up

What you'll learn
Learn the underlying principles of accounting
Learn core accounting concepts such as the ‘accruals’ concept, the ‘matching principle’ and ‘going concern’
Learn and distinguish between accruals accounting and cash accounting when preparing financial statements
Learn the accounting equation and understand how it is affected by business transactions
Learn what debits and credits are and know how bookkeepers use these to record revenues, expenses, assets, liabilities, and equity in an enterprise
Learn what a trial balance is in the context of Accounting
Understand and appreciate what an accounting ‘journal’ is and how this impacts an entity’s Trial Balance
Prepare a trial balance based on accounting journals
Know what the Income Statement, Balance Sheet and Cash Flow Statements are and how these are used for by businesses
Interpret the three primary statements (Income Statement, Balance Sheet, and Cash Flow statement) and explain what these are to various stakeholders
Explain what ‘Capitalisation’ means in accounting and have an appreciation of why depreciation is required under accounting principles
Classify revenues, expenses, assets, liabilities, and equity in the relevant financial statements
Account for various items such as purchases of inventory, sales of inventory (and the the associated cost), accruals, prepayments, deferred income and more
Produce a set of financial statements under accounting principles
Prepare a cash flow statement once the Income Statement and Balance Sheet has been prepared in accordance with accounting principles
Requirements
There is no previous experience in accounting needed. You will learn everything you need to know.
Description
Have you recently started your own side-hustle, operate as a sole trader or work in a management role in organisation? This course will help you get a handle on your businesses finances and become proficient in accounting principles and fundamentals.Are you unfamiliar with accounting and your job requires input to finance or accounting matters?Or are you a student studying accounting, double entry bookkeeping or financial accounting and struggling with some of the material?This course will benefit anybody who wants to learn or up-skill in the area of accounting and financial reporting. In this course you will learn the fundamentals of accounting and through TEN Interactive Microsoft Excel Workbooks, you will construct a set of Financial Statements from the foundations up. You will have an opportunity to attempt the accounting for the different scenarios presented before the tutor works through the solution with you in the recorded tutorial.The Financial Statements you will construct comprise the Income Statement, Balance Sheet and the Cashflow Statement.What this course will cover:- You will learn the underlying principles of accounting.- You will understand core accounting concepts such as the ‘accruals’ concept, the ‘matching principle’ and ‘going concern’.- You will be able to distinguish between accruals accounting and cash accounting.- You will understand the accounting equation and how it is affected by business transactions.- You will learn what debits and credits are and know how bookkeepers use these to record revenues, expenses, assets, liabilities, and equity in an enterprise.- You will learn what a Trial Balance is in Accounting.- You will understand what an accounting ‘journal’ is and how this impacts an entity’s Trial Balance.- You will know what the Income Statement, Balance Sheet and Cash Flow Statements are and how these are used for by businesses.- You will understand what ‘Capitalisation’ means in accounting and have an appreciation of why depreciation is required under accounting principles.- Once the underlying accounting principles and concepts are covered you will construct a set of financial statements from the foundations up using ‘Interactive Microsoft Excel Workbooks’. This is a key feature of the course as the tutor believes that students learn best by doing it yourself.- You will account for various items such as purchases of inventory, how to account for a sale (and recognise the associated costs under the matching principle), account for accrued expenses, accrued income, prepayments, deferred income and more.- You will learn inventory cost and valuation methodologies FIFO, LIFO and Weighted Average Costing (AVCO)- Once the Income Statement and Balance Sheet are prepared, you will learn how to construct the Cash Flow Statement.- You will learn how a financial period-end close works in practice and how ‘Retained Earnings’ are impacted from the end of one financial year to the beginning of the next financial year.This hands on, practical course will bring you from beginner to expert in the field of accounting and financial reporting!

Overview

Section 1: Introduction

Lecture 1 Introduction

Section 2: START HERE!

Lecture 2 START HERE

Section 3: Accounting Basics

Lecture 3 How does accounting interact with business?

Lecture 4 Accounting Basics

Section 4: The Primary Statements and the Accounting Equation

Lecture 5 The Primary Statements

Lecture 6 The Accounting Equation

Section 5: Accounting Principles and Concepts

Lecture 7 Accounting Principles and Concepts

Section 6: Double Entry Bookkeeping

Lecture 8 Double Entry Bookkeeping

Lecture 9 Intro - From Trial Balance to Financial Statements

Section 7: The Trial Balance

Lecture 10 The Trial Balance

Section 8: Interactive Workbook 1 - Capital Injections

Lecture 11 Interactive Workbook 1 - Capital Injections

Section 9: Banking Debits and Credits

Lecture 12 Banking Debits and Credits

Section 10: Accounting for Stock Purchases

Lecture 13 Interactive Workbook 2 - Accounting for Stock Purchases

Section 11: Inventory Valuation - FIFO, LIFO and Weighted Average Cost

Lecture 14 Inventory Valuation - FIFO, LIFO and Weighted Average Cost

Section 12: Interactive Workbook 3 - Accounting for a Sale

Lecture 15 Interactive Workbook 3 - Accounting for a Sale

Section 13: Fixed Asset Accounting - Interactive Workbook 4

Lecture 16 Introduction to Fixed Asset Accounting

Lecture 17 How to Account for a Fixed Asset Disposal

Lecture 18 Interactive Workbook 4 - Accounting for a Fixed Asset Purchase

Section 14: Interactive Workbook 5 - Accounting for Prepayments

Lecture 19 Interactive Workbook 5 - Accounting for Prepayments

Section 15: Accounting for Accrued Revenue

Lecture 20 Accounting for Accrued Revenue

Section 16: Interactive Workbook 6 - Accounting for Accrued Expenses

Lecture 21 Interactive Workbook 6 - Accounting for Accrued Expenses

Section 17: Interactive Workbook 7 - Accounting for Deferred Income

Lecture 22 Interactive Workbook 7 - Accounting for Deferred Income

Section 18: Constructing the Payroll Journal

Lecture 23 Constructing the Payroll Journal

Section 19: Constructing the Cash Flow Statement

Lecture 24 Constructing the Cash Flow Statement

Lecture 25 Interactive Workbook 9 -Constructing the Cash Flow Statement

Section 20: Interactive Workbook 10 - Period End Close - Roll Forward

Lecture 26 Interactive Workbook 10 - Period End Close - Roll Forward

Section 21: Course Conclusion

Lecture 27 Course Conclusion

Business owners that want to gain an understanding of their businesses' finances and want to gain a thorough understanding of accounting.,Managers or professionals wanting to gain an understanding of accounting to grow their career or adopt to a new role in an organisation,Business or accounting students wanting to improve their grades,Beginner accounting students