Key accounting concepts and principles

Overview 

Key Accounting Concepts and Principles How do organizations communicate vital business and financial information? Achieving maximum clarity in communication requires knowledge of financial management and a solid understanding of the fundamentals of accounting. Accounting is an internal function that involves identifying, recording, synthesizing, and reporting business transactions and financial events in an organization. In this course, you will learn the main concepts and financial fundamentals of accounting, such as the accounting equation and its components, as well as the debit and credit rule. You will also develop your financial skills by exploring the accounting cycle and the effect of cash and accrual-based accounting systems.

Objectives

• matching basic accounting practices with their descriptions
• recognizing examples of assets, liabilities and equity of shareholders
• determining how certain transactions affect the accounting equation
• determining how common transactions affect specific accounts using the debit and credit rule
• ordering steps accounting cycle
• identifying the characteristics of accounting based on cash and accumulations