Free Basic Accounting Course with Certificate
Basic Accounting
Enroll in this Basic Accounting course to learn to record, summarize, analyze and report financial data pertaining to businesses. Understand the significance of income tax and monitoring transactions online for free.
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About this Free Certificate Course
This free online Accounting course is designed to enrich your knowledge about systems for gathering, evaluating, and reporting information about financial and business transactions. The course begins with explaining accounting and then continues with book-keeping and record-keeping concepts of accounting. You will learn to track transactions, report them, and be knowledgeable about the accounting cycle. Complete the assigned exercises to earn the Basic Accounting certificate upon successfully completing the course.
After this beginner-level, self-paced Basic Accounting course, expand your knowledge with the Management Certificate Courses and earn industry-relevant skills to elevate your contribution to your organization.
Course Outline
This section discusses the basics and different types of accounting. It also covers different stakeholders involved in accounting.
This section discusses what bookkeeping is and points out to the importance of doing it systematically. It also covers different types of bookkeeping practices.
This section explains the logical approach to maintaining records within the organization. It discusses various elements in the record-keeping system with examples.
This section covers the practices to track transactions and the involvement of sales tasks in cash flow. It also discusses various elements that complete transactions.
This section explains the concepts of the balance sheet, income statement, and balance statement. It also demonstrates the approach to maintaining accounts through these practices.
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Frequently Asked Questions
What prerequisites are required to learn this online Accounting course?
The free Accounting course requires you to have no prior knowledge of anything. The course caters to everybody looking to learn Accounting from basics to advance concepts.
How long does it take to complete learning this free online Accounting course?
The course contains one and a half hours of video content that you can finish at your own convenience. Great Learning Academy courses are self-paced and can be finished whenever you get time.
Will I have lifetime access to this free course?
Yes, the Great Learning Academy free course comes with lifetime access. Any learner who wants to brush up on their skills can revisit and take the course again.
What are my next learning options after this course?
After you complete this free online Accounting course and excel with the certificate, you can progress your learning through Great Learning’s Executive Management Program, which covers all the essential skills to build one’s career.
Is it worth learning Accounting?
Yes, Accounting is an essential part of every organization. Financial statements are more trustworthy because of accounting principles.
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Basic Accounting
Accounting, often referred to as the "language of business," is a fundamental tool for recording, summarizing, and communicating financial information. Whether you're a business owner, an individual managing personal finances, or someone working in a corporate environment, understanding the basics of accounting is essential for making informed financial decisions.
At its core, accounting is the systematic process of recording, summarizing, analyzing, and reporting financial transactions. It serves as a structured framework for tracking the financial health of an organization or an individual.
The purposes of accounting are manifold. First and foremost, it involves the accurate recording of financial transactions, encompassing income, expenses, assets, and liabilities. These recorded transactions serve as the foundation for various essential functions. Accounting enables financial analysis, allowing individuals and organizations to evaluate their financial performance, assess profitability, liquidity, and solvency, and make informed decisions. Additionally, it plays a crucial role in regulatory compliance, as many businesses are legally required to maintain financial records and report them to government agencies and stakeholders.
Several basic accounting principles underpin the entire discipline. These principles ensure consistency, accuracy, and comparability of financial information. For example, the entity principle separates business and personal transactions, while the accrual principle records transactions when they occur, not just when cash changes hands. Consistency is emphasized to enable meaningful comparisons over time, and the principle of conservatism guides accountants to be cautious when recognizing gains in the face of uncertainty.
Double-entry accounting is a foundational concept in accounting. It means that for every transaction, there are at least two accounts affected, a debit and a credit, each with opposite effects on different types of accounts. Debits increase assets and expenses or decrease liabilities and equity, while credits increase liabilities and equity or decrease assets and expenses. The basic accounting equation, Assets = Liabilities + Equity, ensures that the total debits always equal the total credits and that the accounting system remains in balance.
The end result of the accounting process is the generation of financial statements. These statements provide a summary of an entity's financial activities and performance. The core financial statements include the Income Statement, which shows revenues, expenses, and net income (or loss) over a specific period; the Balance Sheet, which presents the financial position at a specific point in time, including assets, liabilities, and equity; the Cash Flow Statement, tracking cash flows into and out of the business; and the Statement of Changes in Equity, outlining changes in the equity section of the balance sheet.
Accounting can be categorized into various types. Financial accounting focuses on preparing financial statements for external users, such as investors, regulators, and creditors. Managerial accounting, on the other hand, is concerned with providing financial information to internal management for decision-making and performance evaluation. Tax accountants specialize in preparing and filing tax returns, ensuring compliance with tax laws while minimizing tax liability. Cost accounting is dedicated to analyzing and tracking the costs of producing goods and services, aiding businesses in pricing and cost control decisions.
In the modern era, accounting has been greatly facilitated by accounting software. These powerful tools streamline accounting processes, allowing for the efficient tracking of financial data and generating reports. Popular accounting software packages include QuickBooks, Xero, and Sage.
In conclusion, a fundamental understanding of basic accounting is essential for anyone interested in comprehending and managing their finances or running a business. It provides the structured framework for recording, analyzing, and reporting financial information, facilitating informed decision-making and financial stability in an increasingly complex financial world. Whether you're an aspiring accountant, a business owner, or someone managing personal finances, a grasp of the fundamentals of accounting is a valuable asset.