Learning Outcomes

Introduction

Accounting Equation and Terminology

Accounting Assumptions, Standards, and Principles

Accounting Systems and Preparation of Reports

Balance Day Adjustments in the General Journal and Ledger

Lesson Summary

This accounting module dives into the terminology employed in financial circles, the principles used in basic accounting and the systems put in place to ensure financial control is maintained. The accounting course explores the main financial statements including the profit and loss account, the balance sheet and the everyday adjustments that have to be made.

Fundamentals of Accounting - Assessment

Learn the basics of accounting principles and how to analyse financial accounts, with this free online course.

Fundamentals of Accounting

This free online course, updated in 2025, will guide you through the fundamentals of accounting in a clear and step-by-step manner. By the end of the course, you will have a much stronger understanding of the main financial statements used in accounting systems, including the profit and loss account and the balance sheet. The course will also guide you through important accounting terminology and principles. Get started today.

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