Free course in accounting basics from the University of the United Kingdom
This free course, Fundamentals of Accounting, will introduce you to basic bookkeeping and accounting concepts and skills in four weeks.
To begin, you will learn the basic difference between bookkeeping and accounting. In the first week, you will also learn how the purpose of management accounting differs from that of financial accounting. In the second week, you will gain some practical skills in arithmetic, including learning to rearrange simple equations like the accounting equation. In the third week, you will gain knowledge and understanding of the key concepts that support double entry accounting. You will also learn the rules of double-entry bookkeeping and how to record transactions in ledger accounts. In the fourth and final week, you’ll learn how to prepare a trial balance and balance sheet (also known as a statement of financial position).
After studying this course, you should be able to:
Understand and explain the purpose and role of bookkeeping and accounting, financial and administrative, in any business
Understand and apply the basic numerical skills required for accounting
Understand and describe the three concepts that form the basis of double entry accounting (business entity concept, accounting equation and the concept of duplication)
Record transactions in appropriate ledger accounts using the double entry accounting system
Balancing ledger accounts at the end of an accounting period and preparing trial balance and balance sheet.
You can start this course now without registering. Click on any of the course content sections below to get started at any time on that course.
If you want to be able to track your progress, receive a free participation statement, and have access to all course exams and activities, sign up.
First week: The purpose and role of bookkeeping and accounting
The second week: basic numerical skills for accounting
The third week: double entry accounting
Fourth week: Preparing trial balance and balance sheet