Everyone who works in a business has accounts. All Business and Accounting majors have accounts exams. We all know that they are hugely important, however few can claim to understand accounts properly.
Skillsology guides you through the complex maze of the accounting world by teaching in language that is easy to understand. Topics covered include payroll, shareholders' equity, balancing the books and preparing financial statements
Whether you are interested in becoming an Accountant or Bookkeeper or simply want to understand more about the numbers at your business, our online course will teach you how to get on top of accounts painlessly.
Importance of accounting ● Different types of accounting ● Financial accounting ● How the course works and what it covers
Choose the right type of business organisation ● Cash and accrual accounting
What are debits and credits● Key terms explained ● Statement of Position ● Statement of Activities ● Key terms explained
Deciding on an appropriate level of detail ● Using account numbers ● Grouping accounts under headings
Understanding the accounting jigsaw ● From transactions to financial statements – how all the steps in the bookkeeping and accounting process fit together
The benefits of using a computerized system ● Are there any drawbacks? ● On your computer or online? ● The key players includingQuickBooks, Sage, Bookkeeper and Xero
Understanding what goes on in your computerized system and how your transactions inputs are turned into meaningful accounts
Making sure you have what your customers want to buy when they want to buy it ● Differences between manufacturers and retailers ● The different methods for valuing stock ● FIFO, LIFO, Weighted average ● Periodic and perpetual ● Lower of cost and market value
Cash and credit sales ● Discounts and how to account for them – gross or net ● Accounting for doubtful debts using the percentage sales and aging methods ● The accounting entries
Cash in hand and bank accounts ● Safeguarding cash – the key controls to keep cash safe ● Bank reconciliations – the different methods and how to use them
Business or private? How to identify expenses properly ● Keeping a tight grip on your costs ● Managing petty cash for smaller expense amounts
Differences between employees and independent contractors ● How to record payroll transactions
How to deal with long term assets ● Different types of long-term assets ● Accounting entries of acquisitions and disposals ● Depreciation and amortization ● Intangible assets
Liabilities explained ● Types of current liability ● Calculating current liabilities ● Types of noncurrent liability ● Calculating noncurrent liabilities
Types of equity ● Recording equity transactions ● Dividends: key dates and recording dividends ● Equity disclosure in the Balance Sheet
Why bother with a trial balance? ● Finding common bookkeeping and accounting errors and sorting them out
Moving from bookkeeping to accounting ● Accruals and prepayments ● Depreciation methods – straight line, reducing balance, sum of digits, unit of production
The importance of financial statements ● Format of financial statements ● Statement of Activity ● Statement of Shareholders' Equity ● Statement of Position ● Statement of Cash Flows
Using accounts figures to make business decisions ● The key accounts measures that tell you how well a business is doing ● Return and margin ratios
CLiquidity and solvency ● Current Ratio ● Quick Ratio ● Debt-to-Equity Ratio
How the right controls can protect your business ● Safeguarding your cash ● Protecting against fraud and theft ● Employee bonding
Understanding and calculating the most important business taxes ● Employee Taxes ● Sales Taxes ● Corporate Taxes
The reports your accounting system needs to produce to send to government ● Dates and deadlines● Employee and payroll reports ● Tax reports
What you need to do at the end of each year ● The accounting entries that are necessary to get you ready for the next year
Review of the accounting cycle and how everything starts again
Reasons to value a company ● Different valuation methods ● Assets, Market, Income
Pricing is for 12 months access.
Completion Time: 12 hours (average)
Our author Lita, has an outstanding reputation for explaining essential accounts concepts clearly to business audiences. Lita has written this course with a practical focus explicitly in mind. We have overlaid the writings with some further practical examples and downloadable templates by our own in-house writing team. The course is also updated with responses to customer requests and updates in the world of accounts - you get all this for free.
Lita Epstein, MBA