This free course Introduction to bookkeeping and accounting has covered the skills and knowledge required to understand double-entry bookkeeping, the trial balance and the two principal financial statements: the balance sheet and the profit and loss account. Perhaps the most important aspect of accounting that you learnt is the knowledge that for all organisations and individuals their financial position or worth can be in expressed in the accounting equation i.e. Assets (A) – Liabilities (L) = Capital (C). By extending this simple equation to include income (I) and expenses (E) the accounting equation can also be expressed as A – L = C + (I –E).
This OpenLearn course provides a sample of level 1 study in.
You might be interested in a more recent Open University course, B124 Fundamentals of accounting