- The Statement of Profit or Loss (SPL)
- The Statement of Financial Position
- The dual aspect of double-entry bookkeeping
- Double-entering in asset and liability accounts
- Using income accounts (double-entry)
- Using expense accounts (double-entry)
- Double-entry for sales and purchase returns
- Balancing accounts and extracting them for preparation of financial statements
What you'll learn
- By the end of this course you'll easily be able to:
- Explain the reasons for producing financial statements (final accounts)
- Read, adjust and interpret financial statements in their simplest form
- Identify assets and liabilities and calculate equity or capital
- Identify income and expenses and calculate profit or loss
- Confidently process business transactions in a double-entry bookkeeping system
- Show how double-entered business transactions affect the balances in the financial statements
- Balance accounts and identify the financial statement and section that it will be reported in
- Explain how posting errors affect the financial statements and impact decision-making
Description
This course is unlike any other! What and how you'll learn is different - enriching your mind.
As a student, I really struggled to get to grips with double-entry bookkeeping. Why? Quite frankly, it was taught poorly. There was little context, and I was encouraged to memorise processes rather than truly understand them. And I still see this out-dated teaching and learning method being used.
Our brain is not designed to retain what it considers to be useless. It is when we can’t see how what we are learning relates to the real world. No wonder I would forget it so easily.
There is no need for you to struggle! The system is logical, and it will make perfect sense when you learn it properly. You’ll remember it forever, end the continual struggle, and benefit from being a brilliant bookkeeper and accountant.
Anything is difficult to learn unless you can appreciate why you’re learning about it. You must begin by understanding the financial statements, as the purpose of the double-entry bookkeeping system is to produce them.
You’ll learn how to read financial statements in their simplest form. You’ll draw from your own experience, use real examples and be able to put the topic into context. It will make it much easier for you to be able to classify double-entry accounts correctly (income, expense, asset, and liability).
You’ll be adjusting the figures within the financial statements, seeing the impact that business transactions have on them and understand what they tell us about the state of the business. The dual-effect of business transactions will be so much more obvious to you.
It will be much simpler for you to accurately record the same transactions in double-entry accounts, as you’ll already have a good grasp of the complete picture and how the information you’re recording is used.
I use brain friendly learning methods and practices. You’ll be involved from the outset using the natural abilities of your brain to optimise the way you think and learn. So, please set more time aside than the stated length of each video.
You’ll be amazed by the results you can achieve when you learn something properly. Enjoy learning!
Other Courses
Copywriting Mastery Training Program 1.0
Become a Top Copywriter, Write effective sales copy and Grow your online Biz with the Toolkit, Formulas and Templates
GMAT Introduction - 2023
A Complete GMAT Math Course with all Concepts & Best Test taking Strategies for Data Sufficiency & Problem Solving
Basics of Python Programming for Beginners (with Jupyter)
This Free Python For Beginners Course Teaches You Basics Python Language from Installation to Writing Code
Introduction to Bitcoin and Open Blockchains
Kick off your bitcoin and open blockchain education here
How to Create a Stunning Website for Free with Google Sites
Quick and easy learning how to use Google Sites to create professional sites.
About the instructors
- 4.6 Calificación
- 331 Estudiantes
- 1 Cursos
Sonya Ashbarry
Tutor, author, e-learning developer, mentor and coach
I am a successful entrepreneur, accountant and educator. I founded, directed and sold one of the UK's most reputable, leading online accountancy colleges.
I thrive from seeing the progress students make when they engage with brilliant learning materials and educators so I'm now working as a freelance tutor, author, e-learning developer, business assistant, mentor and coach.
I have over 20 years' practical experience to share with you so topics feel real, and easier to understand and apply in the real world. I have a fascination with the science of learning and have equipped myself with skills to help you discover better ways to learn and bring out the best in yourself. I want you to prosper from long-term success too. And most of all, enjoy the process!
AWARDS:
Accountancy Technician of the Year Award (Accountancy Age)
AAT's first Distance Learning Centre of the Year Award winner
Mentored and coached the first winner of AAT's Distance Learning Student of the Year Award
KEY QUALIFICATIONS:
Post Graduate Certificate Level 7 Neuro Linguistic Programming (NLP) specialising in Education and Leadership
Chartered Institute of Management Accountants (CIMA) p/q
Association of Accounting Technicians (AAT)
Certificate in Education (Cert Ed),
D32/33 Assessor and Verifier Award
Teaching English as a Foreign Language (TEFL)
Student feedback
Course Rating
Reviews
It's accounting !! but the course made it palatable. Good job.
A very clear explanation of the basics of double entry bookkeeping. I'm glad I watched it!
Excellent course so far! Very well explained and easy to follow.
Enjoying your class thus far. Only 10% complete though... will provide more details in a review at a later date.
I found this course really helpful, fab video explanations. Thank you.
Really good explanation of double entry - has made things a lot clearer