This course introduces fundamental accounting concepts and principles. It covers key accounting concepts such as going concern, accruals, matching, and materiality. Students will learn about the accounting equation, its components, and basic documentation. The course also explores prime books, general ledgers, double-entry bookkeeping, and the preparation of financial statements for sole traders. Emphasis is placed on understanding depreciation, bad debts, and adjustments for accruals and prepayments.
Take a practice test or generate AI study notes to help you excel in this course.
Everything you need to know about this course
Key areas covered in this course
No specific requirements needed
This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.
How your progress will be evaluated (3 methods)
Comprehensive evaluation of course material understanding
Comprehensive evaluation of course material understanding
Comprehensive evaluation of course material understanding
Explore the career paths this course opens up for you
Apply your skills in this growing field
Apply your skills in this growing field
Apply your skills in this growing field
Apply your skills in this growing field
Apply your skills in this growing field
Real-world sectors where you can apply your knowledge
Expert tips to help you succeed in this course
Create a detailed study schedule allocating specific time slots for each unit.
Focus on understanding the fundamental accounting concepts and principles.
Practice applying the accounting equation to various business transactions.
Work through numerous examples of preparing financial statements.
Pay close attention to the treatment of depreciation, bad debts, accruals, and prepayments.
Review all tutor-marked assignments and identify areas where you need further clarification.
Create flashcards for key terms and definitions.
Practice solving problems under timed conditions to improve your speed and accuracy.
Review past examination papers to familiarize yourself with the format and types of questions.
Create concept maps linking related accounting concepts and principles.