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.
After completing this course, you'll 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
- Analyze and interpret information from each of the four financial statements
Upon completion of the course, learners may be eligible for:
- PMI PDUs: 5
- Power Skills PDUs: 1.75
- Business Acumen PDUs: 2.25
- Ways of Working PDUs: 1
- IACET CEUs: 0.5 (Contact Hours: 5 hours)
- HRCI Credits: 5 (Type: Specified - Strategic Business)
- SHRM PDCs: 5
Learners must achieve an average test score of at least 70% to meet the minimum successful completion requirement and qualify to receive IACET CEUs.
This course is offered through our curriculum partner, MindEdge, Inc. MindEdge was founded in 1998 by Harvard and MIT educators with a mission to improve the way the world learns. Since then, more than three million learners have participated in MindEdge programs.
Registered students will receive individualized communication with further instructions to help you prepare for class.