Fundamentals of Bookkeeping and Financial Accounting

You can start studying this course at any time of the year as soon as you have completed your registration, you can get started. There are no specific registration dates!

This course contains a CourseBookTM, which is an innovative fusion of the traditional textbook and online course, combining quality educational content with an interactive, social learning experience to promote success. The course has been broken into three Study Phases:

1. Study Phase 1 Quiz:
   • An introduction to business, bookkeeping, and accounting
   • The accounting equation and the double-entry system
   • Value Added Taxy
2. Study Phase 2 Quiz:
   • Recording cash transactions
   • Recording credit and sundry transactions
   • Inventory systems
   • Bank reconciliation
3. Study Phase 3 Quiz:
   • Trade receivables and Trade payables
   • Creditors reconciliation
   • Financial Statements

Work through the workbook. At the end of each Study Phase, there is a quiz to complete. You need to complete and pass each of the quizzes with a minimum of 70% to get a certificate. No restrictions on your attempts.

After completing this course, you should be able to:

• Apply basic accounting and bookkeeping principles, using the double-entry system for accurate financial transaction recording across various business structures.
• Master the accounting equation, analyzing its role in assessing business financial health and utilizing it to maintain balanced financial records.
• Effectively utilize source documents for record-keeping, ensuring compliance with financial regulations and the integrity of financial data.
• Accurately record and manage cash and credit transactions, using journals and ledgers to reflect true business activities and maintaining VAT calculations and returns.
• Prepare and interpret trial balances, utilizing them to verify the accuracy of financial records and identify discrepancies promptly.
• Navigate inventory systems and conduct bank reconciliations, choosing appropriate inventory methods and ensuring the accuracy of financial records through bank statement comparisons.
• Manage trade receivables and payables efficiently, keeping precise records of business transactions related to customers and suppliers.
• Conduct creditors reconciliation, aligning internal records with supplier statements to ensure accuracy in reported amounts owed.
• Prepare basic financial statements, including profit or loss statements and balance sheets, to communicate the financial performance and position of the business effectively.
• Demonstrate understanding of bookkeeping and accounting’s role in business, emphasizing their importance in decision-making, compliance with legal requirements, and the overall management of financial resources.