Applying methodology and structure to simplify the financial accounting process.
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.
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