Accounting Fundamentals for Small Businesses

Course Description

Following basic accounting principles is an essential and necessary part of any business, regardless of size. As a small business owner, it is crucial to recognize the importance of maintaining proper financial records. Accounting records help identify sources of revenue, monitor the progress of business operations, assist in identifying areas that need improvement, and aid in preparing accurate financial statements.

This course will introduce you to fundamental accounting concepts and develop your ability to record and analyze business transactions, and prepare the four major financial statements.

Learning Outcomes

After completing this course, the learner should be able to:

• Understand the business entity concept and how it is applied
• Apply the rules of double-entry accounting
• Create and record business transactions
• Understand how to post transactions to the general journal and general ledger
• Explain the concept of T-accounts
• Discuss the systematic classification of accounts in the chart of accounts
• Interpret the rules of debit and credit
• Explain the general purpose of financial statements
• Describe the relationships between financial statements