Bookkeeping for Personal and Business Accounting

What topics will you cover?

Week 1 – financial accounting and reporting

• The reasons and objectives of management and financial accounting, including stewardship, control and accountability
• Key terminology including income and expenses, assets and liabilities, profit and loss statements and the balance sheet

Week 2 – essential numerical skills

• Intermediate numerical skills including BODMAS, ratios, percentages, fractions and negative numbers
• The test of reasonableness and the table of equivalencies
• Manipulating equations and formulas

Week 3 – double-entry and the balance sheet

• Business entity and the dual aspect concepts
• The relationship between the accounting equation and double-entry bookkeeping
• Recording transactions in the appropriate ledger accounts using the double-entry bookkeeping system
• Simple balance sheets in a vertical format
• Balancing off accounts at the end of an accounting period
• Preparing a trial balance
• T accounts, debits and credits
• Double-entry and the profit and loss account
• The effect of profit on the accounting equation

Week 4 – accounting

• Income and expense accounts
• Accounting for closing stock
• The account equation and double-entry rules
• Trial balance nominal ledger accounts