Accounting made easy, from zero to expert (Easy Accounting)

This course provides a comprehensive guide on how to prepare financial statements—specifically the income statement and the statement of financial position—using single entry and incomplete records. Unlike the double-entry system, where every transaction is recorded in at least two accounts, single entry and incomplete records often lack detailed information. This presents a challenge in preparing reliable financial statements, but the course addresses methods to overcome these limitations.

It covers techniques such as using opening and closing balances, bank statements, cash summaries, and control accounts to derive missing figures. Students learn how to reconstruct accounts like purchases, sales, expenses, and drawings to estimate profit or loss. The course also teaches how to apply accounting principles and assumptions, such as the accrual basis and matching principle, to ensure the accuracy of financial reports derived from limited data.

Through step-by-step examples and practical exercises, learners gain the skills needed to compile a basic income statement showing revenue, expenses, and net profit, as well as a statement of financial position summarizing assets, liabilities, and capital. This course is particularly useful for small business owners, accountants, and students who often deal with businesses that do not maintain complete accounting records but still require meaningful financial statements for decision-making and reporting purposes.