Basics of Accounts and Finance
The Basics of Accounts and Finance course offers a foundational understanding of accounting and finance, essential for effective business management. It begins with an introduction to key financial terminologies, such as assets, liabilities, and equity, which are vital for grasping the core concepts. The course then explores nine fundamental accounting concepts, including accrual and matching principles, ensuring consistent financial reporting. It distinguishes between cash and accrual basis accounting, explaining their specific uses. Practical aspects like the golden rules of accounting, the accounting equation (Assets = Liabilities + Equity), and ledger postings are covered to build essential bookkeeping skills. The course also details the process of closing entries and the significance of month-end closing for maintaining accurate financial records. Additionally, the preparation of a bank reconciliation statement is discussed to help reconcile company records with bank statements. The course concludes with the preparation of a trial balance, making necessary adjustments, and engaging in a practical activity on balance sheet reconciliation. This comprehensive approach ensures that learners not only understand the theory but also gain practical skills for real-world financial management.
1. Introduction
2. Terminologies
3. 9 Accounting Concepts
4. Basis of Accounting
5. Self Evaluation
6. Golden Rules of Accounting
7. Accounting Equation
8. Ledger Postings
9. Closing Entries and Meaning of Month-End Closing
10. Bank Reconciliation Statement
11. Trial Balance and Adjustments
12. Trial Balance Activity – from Finance course Balance Sheet Reconciliation