This free course, Fundamentals of accounting, will explain the fundamental purpose and role of accounting, as well as the double-entry rules that are the foundation of all financial records and reports in any modern business.

Learning outcomes:

• Understand and explain the purpose and role of bookkeeping and accounting, both financial and management, within any business.
• Understand and apply the key numerical skills required for accounting.
• Understand and describe the three concepts that form the basis of double-entry accounting (the business entity concept, the accounting equation and the duality concept).
• Record transactions in the appropriate ledger accounts using the double-entry accounting system.
• Balance off ledger accounts at the end of an accounting period and prepare a trial balance and balance sheet.