Certificate of Achievement
has completed the following course:
Bookkeeping for Personal and Business Accounting
This short course explored the fundamental principles underpinning accounting and bookkeeping, and the numerical skills to prepare the appropriate ledger accounts using the double-entry bookkeeping system. The course combined theory and practice, and encouraged participants to share work and discuss topics together.
4 weeks, 3 hours per week
Dave Hall
University Secretary
The Open University
Transcript
Learning outcomes
- Describe and define bookkeeping and accounting
- Explain the general purposes and functions of accounting
- Explain the differences between management and financial accounting
- Describe the main elements of financial accounting information – assets, liabilities, revenue and expenses
- Identify the main financial statements and their purposes
- Apply the essential numerical skills required for bookkeeping and accounting
- Explain the relationship between the accounting equation and double-entry bookkeeping
- Record transactions in the appropriate ledger accounts using the double-entry bookkeeping system
- Balance off ledger accounts at the end of an accounting period
- Produce a trial balance, balance sheet and a profit and loss account
Syllabus
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
Issued on 5th July 2020
The person named on this certificate has completed the activities in the transcript above. For more information about Certificates of Achievement and the effort required to become eligible, visit futurelearn.com/proof-of-learning/certificate-of-achievement.
This certificate represents proof of learning. It is not a formal qualification, degree, or part of a degree.