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Basic Accounting Skills For Entrepreneurs


This course will show you the very basics of accounting.. The course includes videos of the instructor at the whiteboard. You will complete simple quizzes to reinforce what you have learned
by maan barazy
Free
6 Lessons
0 Students

HIGHLIGHTS OF THE COURSE 

The basic foundation for any career in accounting is the skill to think analytically. Analytical skills can mean everything from your skill in mathematics to your ability to read a balance sheet. Mathematics skills are a must since, on a daily basis, you must be able to not only analyze mathematical data but make the necessary computations to balance budgets, produce financial statements, pay expenses and account for revenue. Some accountants specialize in tax law, so you’ll need to not only interpret complex tax rules but implement them properly based on your company’s financial statements

 

Course Objectives

The objective of the course is to enhance entrepreneurs ability to capture economic transactions using the accounting system and to elaborate compact information about the firms’ value and the wealth created by the firm in a given time period. In addition to preparing this information, students should be able to understand and interpret this information as it is provided in the firms statements (i.e. balance sheet, income statement and the notes).

 Who is the target audience?

  • Students, Entrepreneurs, and anyone who wants to take control of their financial future
  • Business Owners
  • Managers
  • Business Students
  • Beginning Accounting Students

 Target Competencies

  • Use and understand the accounting vocabulary
  • Apply accounting concepts and principles
  • Use the accounting equation
  • Analyse business transactions
  • Complete the accounting process
  • Prepare the financial statements

The course introduces

  • The Accounting Equation (One you can understand!)
  • Balance Sheets
  • Income Statements
  • Debits and Credits (And how to know which is which!)
  • Why Profit Does Not Equal Cash

Lessons

Cluster 1- Introduction to Accounting

  Economic activity and information needs Accounting: formal concept Divisions of accounting The importance of accounting information The users of accounting information How does accounting work? The characteristics of accounting […]

Cluster 3-The Accounting Method

Accounting for business transactions The account: the double- entry system The accounting books: the Journal and the Ledger. The Trial Balance Recording transactions in the Journal Charts of Accounts Accounting […]

Cluster 4-The Accounting Process

The phases of the accounting process Opening phase Transactions phase Closing phase Determining accounting income Closing the books Preparing the Financial Statements

Cluster 5- Valuation and Reporting Transactions

Measuring transactions (assets and inventories) Recording purchases and sales of inventories (stocks) The Perpetual system The Periodic system Financing activities Internal finance sources External finance sources
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