Learn to Construct Financial Statements from the Ground Up

Learn to Construct Financial Statements from the Ground Up

Have you recently started your own side-hustle, operate as a sole trader or work in a management role in organisation? This course will help you get a handle on your businesses finances and become proficient in accounting principles and fundamentals.

Are you unfamiliar with accounting and your job requires input to finance or accounting matters?

Or are you a student studying accounting, double entry bookkeeping or financial accounting and struggling with some of the material?

This course will benefit anybody who wants to learn or up-skill in the area of accounting and financial reporting. In this course you will learn the fundamentals of accounting and through TEN Interactive Microsoft Excel Workbooks, you will construct a set of Financial Statements from the foundations up. You will have an opportunity to attempt the accounting for the different scenarios presented before the tutor works through the solution with you in the recorded tutorial.

The Financial Statements you will construct comprise the Income Statement, Balance Sheet and the Cashflow Statement.

What this course will cover:

- You will learn the underlying principles of accounting.

- You will understand core accounting concepts such as the ‘accruals’ concept, the ‘matching principle’ and ‘going concern’.

- You will be able to distinguish between accruals accounting and cash accounting.

- You will understand the accounting equation and how it is affected by business transactions.

- You will learn what debits and credits are and know how bookkeepers use these to record revenues, expenses, assets, liabilities, and equity in an enterprise.

- You will learn what a Trial Balance is in Accounting.

- You will understand what an accounting ‘journal’ is and how this impacts an entity’s Trial Balance.

- You will know what the Income Statement, Balance Sheet and Cash Flow Statements are and how these are used for by businesses.

- You will understand what ‘Capitalisation’ means in accounting and have an appreciation of why depreciation is required under accounting principles.

- Once the underlying accounting principles and concepts are covered you will construct a set of financial statements from the foundations up using ‘Interactive Microsoft Excel Workbooks’. This is a key feature of the course as the tutor believes that students learn best by doing it yourself.

- You will account for various items such as purchases of inventory, how to account for a sale (and recognise the associated costs under the matching principle), account for accrued expenses, accrued income, prepayments, deferred income and more.

- You will learn inventory cost and valuation methodologies FIFO, LIFO and Weighted Average Costing (AVCO)

- Once the Income Statement and Balance Sheet are prepared, you will learn how to construct the Cash Flow Statement.

- You will learn how a financial period-end close works in practice and how ‘Retained Earnings’ are impacted from the end of one financial year to the beginning of the next financial year.

This hands on, practical course will bring you from beginner to expert in the field of accounting and financial reporting!

Accounting Fundamentals - Learn Accounting from the Foundations Up

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What you will learn

• Learn the underlying principles of accounting
• Learn core accounting concepts such as the ‘accruals’ concept, the ‘matching principle’ and ‘going concern’
• Learn and distinguish between accruals accounting and cash accounting when preparing financial statements

Rating: 5

Level: Beginner Level

Duration: 4.5 hours

Instructor: Ryan Quinn