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Accounting and Business Basics

10 Videos
1 Hrs 46 Min
01 Test Questions

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Accounting and Business Basics

Course Highlights

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Dedicated Tutors

1 Hrs 46 Min
10 Videos

Accounting and Business Basics

Course Description

1 Hrs 46 Min

10 Videos

Accounting and Business Basics: Accounting and Business Basics are fundamental concepts that serve as the foundation for understanding financial management and running a successful business. Here is a comprehensive overview of both subjects:

Accounting Basics:

Definition of Accounting: Accounting is the systematic process of recording, analyzing, summarizing, and reporting financial transactions and information within an organization. It provides a clear picture of a company’s financial health.

Purpose of Accounting: Accounting serves several crucial purposes:

Financial Reporting: It helps in preparing financial statements like the balance sheet, income statement, and cash flow statement.

Decision-Making: Businesses use accounting data to make informed decisions about budgets, investments, and resource allocation.

Compliance: Accounting ensures compliance with tax laws and financial regulations.

Performance Evaluation: It helps evaluate a company’s financial performance and profitability.

Accounting Principles:Generally accepted accounting principles (GAAP) govern accounting practices in many countries. These principles provide consistency and comparability in financial reporting.

Types of Accounting: Accounting can be divided into several categories:

Financial Accounting: Focuses on preparing financial statements for external stakeholders.

Managerial Accounting: Concentrates on providing internal management with financial data for decision-making.

Tax Accounting: Deals with tax-related financial reporting and compliance.

Auditing: Involves the examination of financial statements by auditors to ensure accuracy and compliance.

Key Accounting Concepts:

Double-Entry Accounting: Every financial transaction has two equal and opposite entries – a debit and a credit – which ensures the accounting equation (Assets = Liabilities + Equity) always balances.

Accrual vs. Cash Basis: Businesses can use either accrual accounting (recording transactions when they occur) or cash basis accounting (recording transactions when cash changes hands).

Business Basics:

Business Definition: A business is an organization or entity engaged in commercial, industrial, or professional activities with the primary goal of making a profit. It can take various forms, including sole proprietorships, partnerships, corporations, and limited liability companies (LLCs).

Business Functions: Businesses perform several essential functions:

Production or Service: Creating products or offering services for customers.

Marketing and Sales: Promoting and selling products or services.

Operations: Managing day-to-day business activities.

Finance and Accounting: Handling financial transactions, budgeting, and financial management.

Human Resources: Managing employees, including recruitment, training, and payroll.

Business Planning: Successful businesses often start with a well-thought-out business plan. This plan outlines the company’s mission, vision, goals, target market, competitive analysis, and strategies for achieving success.

Business Ownership Structures: Businesses can take various ownership forms:

Sole Proprietorship: Owned and operated by a single individual.

Partnership: Owned by two or more individuals or entities.

Corporation: A separate legal entity owned by shareholders.

Limited Liability Company (LLC): Combines the liability protection of a corporation with the flexibility of a partnership.

Business Ethics: Ethical considerations are vital in business. Maintaining integrity, honesty, and responsible practices is essential for long-term success and reputation.

Financial Management: Effective financial management is crucial for business success. It involves budgeting, financial analysis, cash flow management, and investment decisions.

Marketing and Customer Relations: Understanding the target market, marketing strategies, and building strong customer relationships are key to business growth.

Legal and Regulatory Compliance: Businesses must adhere to laws and regulations governing their industry, taxes, employment, and more.

In summary, accounting and business basics are essential knowledge for anyone involved in finance, entrepreneurship, or business management. Understanding these concepts is vital for making informed financial decisions, managing a successful business, and achieving long-term sustainability and growth.

Course Syllabus

Module 1: Accounting

  1. Introduction
  2. Business Entities
  3. Beginning Your Business
  4. Financial Basics Part 1
  5. Financial Basics Part 2
  6. Employees Payroll
  7. Getting Your Business Out There
  8. SEO
  9. Other Topics
  10. Closing

Has Accounting always sounded like a foreign language to you?

Do Financial Statements add so much confusion to your life that you secretly avoid them?

If you are struggling to understand ‘the numbers’ as they say and have answered YES to ANY of these questions – You’ve come to the right place.

Basic accounting provides information to identify and classify financial transactions. Business owners often need basic accounting skills to manage their company’s financial information.

The Basics of Business Accounting starts at the very beginning introducing the student to essential accounting principles and concepts that apply to any business or industry.  Through this course, the student will learn to interpret the key sections of the Four Main Financial Statements: the Balance Sheet, the Income Statement, the Cash Flow Statement, and the Statement of Owners’ Equity.

Students will learn to apply the Fundamental Accounting Equation, and other vital accounting concepts such as depreciation, revenue recognition, accrual accounting, cash flow, and many others.

Business owners might consider attending basic accounting courses at a local university to improve their understanding of business accounting. Websites and business ownership seminars are informal resources business owners can use to improve their basic accounting knowledge for small businesses.

Accounting is the process of systematically recording, analyzing, and interpreting your business’s financial information. Business owners use accounting to track their financial operations, meet legal obligations, and make stronger business decisions.

Regardless of who manages your business accounting, it’s wise to understand accounting basics. If you can read and prepare these basic documents, you’ll understand your business’s performance and financial health as a result, you’ll have greater control of your company and financial decisions.

Here are the documents and calculations we recommend mastering, even if you work with a professional, consulting agency, or have hired a certified public accountant (CPA). They provide valuable snapshots and measures of your business performance.

This course is designed to give you must needed insights into the World of Accounts where we go over the building blocks of Bookkeeping, Accounting, Financial Statements and Ratio Analysis together.

Accounting for small businesses is done by keeping a complete record of all the income and expenses and accurately extracting financial information from business transactions.

Whether you are starting your own business or supplementing your understanding of accounting, this business course will help you understand accounting basics and give you meaningful financial tools to understand business.

Who this course is for:

  1. Anyone who are is not familiar with Accounting and wants to learn more in a quick and fun way.
  2. Business Owners looking for a quick refresher to Basics of Financial Accounting.
  3. Managers with limited accounting backgrounds.
  4. Budding Investors who think reading Financial Statements and Understanding Accounts is their ‘weakest link.’

What you’ll learn:

  1. You will BUILD A SOLID FOUNDATION IN UNDERSTANDING BUSINESS by learning the Basics of Accounts.
  2. You will understand how the Income Statement, Balance Sheet and Cash Flow Statement work and tie in together.
  3. You will learn practical strategies which can be used to REACH BUSINESS GOALS FASTER.
  4. You will have a complete ‘Paradigm shift’ in how you view business making you understand the world of Business better.
  5. You will learn about RATIO ANALYSIS & FINANCIAL RATIOS to help you get quick & insightful information about companies.
  6. You will LEARN TO READ FINANCIAL STATEMENTS to assess the health of any Business.
  7. You will learn about common Entrepreneurial mistakes – such as not understanding the difference between Profits and Cash Flow which drain an Entrepreneurs Resources.
  8. You will learn ‘Accounting Jargon’ and ‘Real Life Business Examples’ making you a better Investor.
  9. You will learn the Basics of Bookkeeping and how to use free Accounting Software to manage Accounts.
  10. Necessary accounting terminology and concepts.
  11. The basics of the four financial statements.
  12. The building blocks of financial accounting.
  13. The different accounting cycles in a business break-even analysis, target profit analysis, and degree of operating leverage.

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Frequently Asked Questions

Instructional methods, course requirements, and learning technologies can vary significantly from one online program to the next, but the vast bulk of them use a learning management system (LMS) to deliver lectures and materials, monitor student progress, assess comprehension, and accept student work. LMS providers design these platforms to accommodate a multitude of instructor needs and preferences.

Online education may seem relatively new, but years of research suggests it can be just as effective as traditional coursework, and often more so. According to a U.S. Department of Education analysis of more than 1,000 learning studies, online students tend to outperform classroom-based students across most disciplines and demographics. Another major review published the same year found that online students had the advantage 70 percent of the time, a gap authors projected would only widen as programs and technologies evolve.

All new learning innovations are met with some degree of scrutiny, but skepticism subsides as methods become more mainstream. Such is the case for online learning. Studies indicate employers who are familiar with online degrees tend to view them more favorably, and more employers are acquainted with them than ever before. The majority of colleges now offer online degrees, including most public, not-for-profit, and Ivy League universities. Online learning is also increasingly prevalent in the workplace as more companies invest in web-based employee training and development programs.

The concern that online students cheat more than traditional students is perhaps misplaced. When researchers at Marshall University conducted a study to measure the prevalence of cheating in online and classroom-based courses, they concluded, “Somewhat surprisingly, the results showed higher rates of academic dishonesty in live courses.” The authors suggest the social familiarity of students in a classroom setting may lessen their sense of moral obligation.

Choosing the right course takes time and careful research no matter how one intends to study. Learning styles, goals, and programs always vary, but students considering online courses must consider technical skills, ability to self-motivate, and other factors specific to the medium. Online course demos and trials can also be helpful.
Our platform is typically designed to be as user-friendly as possible: intuitive controls, clear instructions, and tutorials guide students through new tasks. However, students still need basic computer skills to access and navigate these programs. These skills include: using a keyboard and a mouse; running computer programs; using the Internet; sending and receiving email; using word processing programs; and using forums and other collaborative tools. Most online programs publish such requirements on their websites. If not, an admissions adviser can help.

Frequently Asked Questions

Instructional methods, course requirements, and learning technologies can vary significantly from one online program to the next, but the vast bulk of them use a learning management system (LMS) to deliver lectures and materials, monitor student progress, assess comprehension, and accept student work. LMS providers design these platforms to accommodate a multitude of instructor needs and preferences.

Online education may seem relatively new, but years of research suggests it can be just as effective as traditional coursework, and often more so. According to a U.S. Department of Education analysis of more than 1,000 learning studies, online students tend to outperform classroom-based students across most disciplines and demographics. Another major review published the same year found that online students had the advantage 70 percent of the time, a gap authors projected would only widen as programs and technologies evolve.

All new learning innovations are met with some degree of scrutiny, but skepticism subsides as methods become more mainstream. Such is the case for online learning. Studies indicate employers who are familiar with online degrees tend to view them more favorably, and more employers are acquainted with them than ever before. The majority of colleges now offer online degrees, including most public, not-for-profit, and Ivy League universities. Online learning is also increasingly prevalent in the workplace as more companies invest in web-based employee training and development programs.

The concern that online students cheat more than traditional students is perhaps misplaced. When researchers at Marshall University conducted a study to measure the prevalence of cheating in online and classroom-based courses, they concluded, “Somewhat surprisingly, the results showed higher rates of academic dishonesty in live courses.” The authors suggest the social familiarity of students in a classroom setting may lessen their sense of moral obligation.

Choosing the right course takes time and careful research no matter how one intends to study. Learning styles, goals, and programs always vary, but students considering online courses must consider technical skills, ability to self-motivate, and other factors specific to the medium. Online course demos and trials can also be helpful.
Our platform is typically designed to be as user-friendly as possible: intuitive controls, clear instructions, and tutorials guide students through new tasks. However, students still need basic computer skills to access and navigate these programs. These skills include: using a keyboard and a mouse; running computer programs; using the Internet; sending and receiving email; using word processing programs; and using forums and other collaborative tools. Most online programs publish such requirements on their websites. If not, an admissions adviser can help.

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Description

Accounting and Business Basics: Accounting and Business Basics are fundamental concepts that serve as the foundation for understanding financial management and running a successful business. Here is a comprehensive overview of both subjects:

Accounting Basics:

Definition of Accounting: Accounting is the systematic process of recording, analyzing, summarizing, and reporting financial transactions and information within an organization. It provides a clear picture of a company’s financial health.

Purpose of Accounting: Accounting serves several crucial purposes:

Financial Reporting: It helps in preparing financial statements like the balance sheet, income statement, and cash flow statement.

Decision-Making: Businesses use accounting data to make informed decisions about budgets, investments, and resource allocation.

Compliance: Accounting ensures compliance with tax laws and financial regulations.

Performance Evaluation: It helps evaluate a company’s financial performance and profitability.

Accounting Principles:Generally accepted accounting principles (GAAP) govern accounting practices in many countries. These principles provide consistency and comparability in financial reporting.

Types of Accounting: Accounting can be divided into several categories:

Financial Accounting: Focuses on preparing financial statements for external stakeholders.

Managerial Accounting: Concentrates on providing internal management with financial data for decision-making.

Tax Accounting: Deals with tax-related financial reporting and compliance.

Auditing: Involves the examination of financial statements by auditors to ensure accuracy and compliance.

Key Accounting Concepts:

Double-Entry Accounting: Every financial transaction has two equal and opposite entries – a debit and a credit – which ensures the accounting equation (Assets = Liabilities + Equity) always balances.

Accrual vs. Cash Basis: Businesses can use either accrual accounting (recording transactions when they occur) or cash basis accounting (recording transactions when cash changes hands).

Business Basics:

Business Definition: A business is an organization or entity engaged in commercial, industrial, or professional activities with the primary goal of making a profit. It can take various forms, including sole proprietorships, partnerships, corporations, and limited liability companies (LLCs).

Business Functions: Businesses perform several essential functions:

Production or Service: Creating products or offering services for customers.

Marketing and Sales: Promoting and selling products or services.

Operations: Managing day-to-day business activities.

Finance and Accounting: Handling financial transactions, budgeting, and financial management.

Human Resources: Managing employees, including recruitment, training, and payroll.

Business Planning: Successful businesses often start with a well-thought-out business plan. This plan outlines the company’s mission, vision, goals, target market, competitive analysis, and strategies for achieving success.

Business Ownership Structures: Businesses can take various ownership forms:

Sole Proprietorship: Owned and operated by a single individual.

Partnership: Owned by two or more individuals or entities.

Corporation: A separate legal entity owned by shareholders.

Limited Liability Company (LLC): Combines the liability protection of a corporation with the flexibility of a partnership.

Business Ethics: Ethical considerations are vital in business. Maintaining integrity, honesty, and responsible practices is essential for long-term success and reputation.

Financial Management: Effective financial management is crucial for business success. It involves budgeting, financial analysis, cash flow management, and investment decisions.

Marketing and Customer Relations: Understanding the target market, marketing strategies, and building strong customer relationships are key to business growth.

Legal and Regulatory Compliance: Businesses must adhere to laws and regulations governing their industry, taxes, employment, and more.

In summary, accounting and business basics are essential knowledge for anyone involved in finance, entrepreneurship, or business management. Understanding these concepts is vital for making informed financial decisions, managing a successful business, and achieving long-term sustainability and growth.

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