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The Open University

Introduction to bookkeeping and accounting

The Open University via OpenLearn

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Overview

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Learn about the essential numerical skills required for accounting and bookkeeping. This free course, Introduction to bookkeeping and accounting, explains the fundamental rules of double-entry bookkeeping and how they are used to produce the balance sheet and the profit and loss account.

Syllabus

  • Introduction
  • Learning outcomes
  • 1 Essential numerical skills required for bookkeeping and accounting
  • 1 Essential numerical skills required for bookkeeping and accounting
  • 1.1 Use of BODMAS and brackets
  • 1.2 Use of calculator memory
  • 1.3 Rounding
  • 1.4 Fractions
  • 1.5 Ratios
  • 1.6 Percentages
  • 1.7 Negative numbers and the use of brackets
  • 1.8 The test of reasonableness
  • 1.9 Table of equivalencies
  • 1.10 Manipulation of equations and formulae
  • 2 Double entry and the balance sheet
  • 2 Double entry and the balance sheet
  • 2.1 Accounting records and financial statements
  • 2.2 Accounting records and the business entity concept
  • 2.3 Definitions of assets, capital and liabilities
  • 2.3.1 What are assets, capital and liabilities?
  • 2.4 A simplified UK balance sheet format
  • 2.5 T-accounts, debits and credits
  • 2.6 Balancing off accounts and preparing a trial balance
  • 2.7 Summary
  • 3 Double entry and the profit and loss account
  • 3 Double entry and the profit and loss account
  • 3.1 Making a profit and generating cash
  • 3.2 The effect of profit on the accounting equation
  • 3.3 The profit and loss account
  • 3.4 Income and expense accounts
  • 3.5 Accounting for closing stock
  • 3.6 The accounting equation and the double-entry rules for income and expenses
  • 3.7 Post trial balance nominal ledger accounts
  • 3.8 Summary
  • Conclusion
  • Next steps
  • Acknowledgements

Tags

Reviews

4.0 rating, based on 7 Class Central reviews

4.2 rating at OpenLearn based on 227 ratings

Start your review of Introduction to bookkeeping and accounting

  • Profile image for ALBERTO DOMÍNGUEZ CASASOLA
    ALBERTO DOMÍNGUEZ CASASOLA
    Un curso bastante completo, aunque este orientado a las leyes financieras y contables de UK pero por lo general los conceptos contables se explican muy bien y también repasa conceptos matemáticos desde cero. Lo recomiendo personalmente
  • Profile image for IJAZ AHMAD
    IJAZ AHMAD
    I recently completed an accounting course, and it was a very valuable experience. The course covered the fundamentals of financial and managerial accounting in a clear and structured way, making even complex topics easy to understand. The instructor explained key concepts like balance sheets, income statements, and cash flow with real-world examples, which helped me connect theory to practice.
    One of the best aspects of the course was the focus on practical exercises. The assignments and case studies gave me hands-on practice, improving my confidence in preparing and analyzing financial statements. The course materials were well-organized and easy to follow, and the instructor was very responsive to questions.
  • Profile image for Levi Francisco Luís Mendes
    Levi Francisco Luís Mendes @mendes019
    I understand everthing i needed about Accounting and Bookkeeping, double entry, balance. Now i know about profit and loss account
  • Azib Amjad Bhutta
    I really enjoyed this course. It explained the basics of bookkeeping and accounting in a clear and simple way. The examples and exercises were very helpful. A great starting point for anyone new to accounting.
  • Profile image for Tammy Waller
    Tammy Waller @Tammywaller3619
    1
    great to work with easy to keep up with and nice to be able to work on my own time frame. great course to have on my side.
  • Profile image for Zeeshan Riaz
    Zeeshan Riaz
    1
    This beginner-friendly course unlocks the secrets of bookkeeping and accounting. Brush up on math skills, then delve into the magic of the accounting equation and double-entry bookkeeping. Learn to record transactions with confidence, and discover how these translate into financial statements that reveal a company's financial well-being. Great for aspiring entrepreneurs or anyone who wants to understand business finances. While solo practice lacks feedback, this course equips you for further accounting adventures!
  • Profile image for Ziyanda Tshazi
    Ziyanda Tshazi
    It was eye opening ,it revived my rusted accounting knowledge.Its a good course if you want to understand the basics of bookkeeping.
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