Embark on a journey to demystify the accounting world with our newest course, Brain Bites – Business Accounting Basics Part 1. Designed for those new to the field or needing a refresher, this course serves as your guide through the foundational principles of business accounting. You’ll dive into the core of accounting equations, unraveling the intricate balance of assets, liabilities, and equity, the building blocks of any financial statement. Grasping these concepts is not just about numbers; it’s about understanding a business’s financial health and potential.
As you progress, the course illuminates the vital role of debits and credits in the double-entry accounting system. You’ll learn to differentiate between accounts with a normal debit balance and those with a normal credit balance, a skill essential for accurate financial reporting. By the end of this course, you’ll confidently identify and understand the three primary financial statements – the balance sheet, income statement, and cash flow statement – and their unique purposes in business storytelling. We’ll also guide you through the purposes of the Chart of Accounts, the General Journal, and the General Ledger, which are pivotal tools in organizing financial data.
But that’s not all. You’ll explore the function of organizational numbering systems, a key to efficient financial tracking and reporting. The course also demystifies the difference between a calendar year and a fiscal year, an essential distinction for financial planning and analysis. Lastly, you’ll delve into the accrual and cash basis methods of accounting, empowering you to make informed decisions on the best approach for your business needs. Brain Bites – Business Accounting Basics Part 1 isn’t just a course; it’s your first step towards mastering the language of business finance.
Watch the course sample below!
