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Introduction to bookkeeping and accounting

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Learn about the essential numerical skills required for accounting and bookkeeping. This free course, Introduction to bookkeeping and accounting, explains the fundamental rules of double-entry bookkeeping and how they are used to produce the balance sheet and the profit and loss account.

After studying this course, you should be able to:

  • understand and apply the essential numerical skills required for bookkeeping and accounting
  • understand and 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
  • prepare a trial balance, balance sheet and a profit and loss account.

By: The Open University

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Introduction to bookkeeping and accounting

Introduction

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In this free course, Introduction to bookkeeping and accounting, we introduce you to the essential skills and concepts of bookkeeping and accounting. To start with you will gain some practical skills in numeracy including learning about rearranging simple equations as well as some important calculator skills. Afterwards, you will gain knowledge and understanding of the fundamental principles that underpin bookkeeping and accounting. You will learn the time-honoured rules of double-entry bookkeeping and also how to prepare a trial balance and the two principal financial statements: the balance sheet (also known as the statement of financial position) and the profit and loss account (also known as the income statement).

This OpenLearn course is an adapted extract from the Open University course B190 Introduction to bookkeeping and accounting [Tip: hold Ctrl and click a link to open it in a new tab. (Hide tip)] .

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