Free Online Accounting Basics Course
Welcome to the Bookkeeping Master's free online accounting course!
You will learn...
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1. the basics of accounting
2. basic accounting terminology
3. the fundamentals of financial statements
4. and more...
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To start the online accounting course, please use the links below...
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This course is FREE and no registration is required!
*NEW* - The FREE Online Accounting Course
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Lesson 2 - Basic Accounting Terms
Lesson 3 - Understanding Financial Statements
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*Recommended Book: The Accounting Game - *click here*
Part 1 - An Introduction to Accounting
Course overview
Who should take this course
Part 2 - Accounting Terms
What are sales?
What are expenses?
What are assets?
What are liabilities?
Part 3 Financial Statements
What are financial statements?
The profit and loss statement
The balance sheet
Ready to take accounting more seriously?
Take bookkeeping and accounting to the next level by enrolling in the Bookkeeping Master's Ultimate Bookkeeping Course
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Gain a certificate of completion
Learn bookkeeping and accounting for limited companies
Learn how to create year-end accounts
Learn advanced accounting principles
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Accounting Course - Key Points
Part 1 - An Introduction to Accounting
Who should learn accounting?
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Understanding the basics of accounting is an essential skill that everyone should have, as everyone faces some form of accounting on a daily basis.
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The course is designed for anyone that wants to learn accounting, but more specifically; business owners, company directors, entrepreneurs, accounting students, business students, bookkeepers, and anyone with a general interest in accounting.
What is covered in the course?
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Basic financial terms
Basic accounting principles
Financial statement basics
Various accounting and finance insights
Part 2 - Accounting Terms
What are sales?
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A sale is the agreed cash exchange for providing a good or service.
Some sales result in an immediate exchange of cash, such as customers buying at the checkout of a shop. These are called cash sales. Other sales result in cash being exchanged at a later date, even though the goods or service have been provided. These sales are called credit sales and include an invoice, which details the sale and payment terms.
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Sales can also be referred to as revenue, income or turnover.
What are expenses?
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An expense is a cost incurred by a business, company or other entity.
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Common expenses include rent, fuel, vehicle costs, stationery, printing, postage, insurance, software, computer costs, property maintenance, wages, salaries, subscriptions, training and travel costs.
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Just like sales, expenses can be incurred in cash or credit. These are referred to as cash purchases and credit purchases.
Expenses are sometimes referred to as overheads, outgoings, or purchases.
What are assets?
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A asset is something that a business, company, or other entity, owns, and that has a resale value.
Common assets include machinery, vehicles, computer equipment, property and office furniture.
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Assets can be tangible, like an office desk. Assets can also be intangible, like a copyright and patent.
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The main difference between assets and expenses is the resale value. Expenses often have little or no value and cannot be sold, such as rent, insurance and salaries. Assets have a value and could be sold, if needed.
What are liabilities?
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Liabilities are the opposite to assets - something that the business owes.
Common liabilities include bank loans, credit cards, finance and lease agreements, taxes, and money owed to suppliers.
Part 3 - Financial Statements
Financial Statement Basics
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2 of the most common financial statements are the profit and loss statement and the balance sheet.
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These statements use the total of sales, expenses, assets, liabilities and equity to show the financial health and financial performance of a business or company.
The Profit and Loss Statement
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This financial statement shows total sales vs total expenses for a selected period. It details the total profit or loss an entity has made.
The Balance Sheet
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This financial statement shows everything an entity owns and owes at a selected date.
Suggested video...
Learn accounting in 7 minutes!
