Fundamentals of accounting
Fundamentals of accounting

Start this free course now. Just create an account and sign in. Enrol and complete the course for a free statement of participation or digital badge if available.

Free course

Fundamentals of accounting

Week 2: Essential numerical skills for accounting

Introduction

Expertise in mathematics is not required for you to succeed as an accountant. The core skill needed is the confidence and ability to be able to add, subtract, multiply, divide as well as use decimals, fractions and percentages. The learning material this week thus covers the basic numeracy skills from multiplication and division, through to decimals, percentages, fractions and negative numbers. It is expected that you will use a calculator for most of the activities but you are also encouraged to use mental calculations.

An important skill in accounting is also the ability to manipulate simple equations. This week you will also be introduced to the accounting equation which is the foundation of the double-entry system of accounting. Being able to understand and express the accounting equation in different forms is crucial to understanding and preparing the balance sheet (the principal financial statement) and the income statement.

Skip Your course resources
B124_1

Take your learning further

Making the decision to study can be a big step, which is why you'll want a trusted University. The Open University has 50 years’ experience delivering flexible learning and 170,000 students are studying with us right now. Take a look at all Open University courses.

If you are new to University-level study, we offer two introductory routes to our qualifications. You could either choose to start with an Access module, or a module which allows you to count your previous learning towards an Open University qualification. Read our guide on Where to take your learning next for more information.

Not ready for formal University study? Then browse over 1000 free courses on OpenLearn and sign up to our newsletter to hear about new free courses as they are released.

Every year, thousands of students decide to study with The Open University. With over 120 qualifications, we’ve got the right course for you.

Request an Open University prospectus371