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Foundations of Finance: Exploring Accounting Basics

Master accounting basics, from double entry bookkeeping to trial balance, ensuring sound financial understanding.
Free tutorial
Rating: 4.5 out of 5 (12 ratings)
503 students
1hr 54min of on-demand video
English
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Define accounting and its role in business operations, including the importance of accurate financial record-keeping.
Identify and differentiate between the various types of business organizations, such as sole proprietorships, partnerships, and corporations.
Explain the principles of double entry bookkeeping and its significance in maintaining accurate financial records.
Demonstrate the ability to balance ledger accounts by recording transactions, applying debits and credits, and ensuring consistency with the accounting equation
Recognize common source documents used in accounting, such as invoices, receipts etc and understand their significance in recording transactions
Define key financial terms including assets, liabilities, and equity, and explain how they contribute to the accounting equation (Assets = Liabilities + Equity)
Describe the purpose and importance of the trial balance in the accounting process, including its role in detecting errors and ensuring accuracy.
Identify common errors that affect the balancing of the trial balance and distinguish them from errors that don't affect the trial balance

Requirements

  • This course is designed for beginners, so no prior experience in accounting is necessary.

Description

Embark on a foundational journey into accounting essentials with our course. In this course, you will learn the purpose of accounting, differentiating between financial and management accounting, and exploring various types of business organizations. You will also gain proficiency in double entry bookkeeping, balancing ledger accounts, understanding the meaning and types of assets, liabilities and equity and derivation of the accounting equation. You will also be able to identify & interpreting source documents. You will explore gain an understanding of the meaning, purpose and format of the trial balance and errors. Through engaging lessons and examples, you'll develop the skills needed to navigate the complexities of financial record-keeping with confidence.

This course is designed for beginners seeking a solid understanding of financial principles or individuals looking to enhance their skills in accounting. Whether you're a student, entrepreneur, or aspiring professional, the knowledge gained from this course will be invaluable in your journey towards financial literacy.

With a focus on practical application, you'll learn how to apply accounting concepts to various scenarios encountered in business operations. By the end of the course, you'll emerge with the essential knowledge and skills to excel in accounting roles and make informed financial decisions. Don't miss this opportunity to lay a strong foundation for your future success in the world of finance.

Who this course is for:

  • This course is designed for anyone who wants to gain a foundational understanding of accounting, including: Students studying accounting or finance: This course provides essential knowledge for those pursuing degrees or certifications in accounting or finance. Small business owners and entrepreneurs: Understanding double entry bookkeeping is crucial for managing business finances effectively and making informed decisions. Professionals transitioning into finance roles: Individuals looking to transition into finance-related roles can benefit from this course to enhance their accounting skills. Anyone interested in personal finance: Learning about double entry bookkeeping can also be valuable for managing personal finances and budgeting effectively. Career changers and job seekers: This course can be beneficial for individuals looking to enter the accounting or finance field, providing them with a strong foundation to build upon. Overall, this course is suitable for anyone who wants to develop a solid understanding of double entry bookkeeping principles, regardless of their background or career aspirations.

Instructor

ACCA Tutor and Oxford Brookes Project Mentor
Radhika Ghelani
  • 4.5 Instructor Rating
  • 12 Reviews
  • 4,471 Students
  • 1 Course

Hello, I'm Radhika Ghelani, an accomplished ACCA tutor and a project mentor for the Oxford Brookes University's BSc in accounting qualification with over ten years of dedicated teaching experience. Throughout my career, I've endeavored to demystify accounting, turning what many perceive as a challenging subject into an engaging and enjoyable learning experience.

My journey in education has seen me guide students through various accounting courses, consistently achieving exceptional pass rates. Notably, one of my students achieved the prestigious recognition of 'BEST IN THE WORLD' in their paper—an accomplishment that reflects the effectiveness of my teaching approach and the dedication of my students.

Whether you're taking your first steps into the world of accounting or seeking to enhance your existing skills, I'm here to support you every step of the way. My commitment is to provide clarity, answer your questions, and ensure you grasp the necessary skills to excel in accounting.

Don't hesitate to reach out if you find yourself stuck or in need of guidance—I'm dedicated to helping you succeed. I eagerly anticipate welcoming you to my courses and embarking on this learning journey together.

See you in class soon!

Warm regards, Radhika Ghelani

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