Free Accounting Courses

Accounting is known as the primary business language. It can be used to infer the investments, financial transactions, and their results. It is a comprehensive system that collects financial information, analyzes it, and communicates its information. Learning Accounting will help the aspirants who plan on pursuing financial Accounting education or business management. Learners who are mathematics admirers will find Accounting very interesting. 

To keep the financial records and reports, you will require to know Accounting. It is not easy to handle the statements and information of large transactions happening in an organization. This is where Accounting comes into the picture. Accounting helps you keep a record of all the financial information and prepare reports on them. This helps widely in business management. There are specific standards an Accountant follows while maintaining the financial transaction information of an organization. 

The primary objectives of Accounting are:

• It helps in keeping systematic records of financial transactions. It helps to collect the data related to transactions and holds a record of it. This allows the accountant to derive valuable insights from financial statements.

• Accounting plays a significant role in defining the profit and loss rate of an organization. With the help of these records, one can quickly determine the profit and loss range.  

• The sheet maintained regarding all the transactions, financial statements, and reports can note their business's position in the financial world. A balance sheet helps you get detailed information regarding the class and value of assets, the capital position of the firm, and the nature and weight of the liability. These factors allow you to derive the soundness of business entities.

• Through all the reports of the financial statements, you can make wise decisions regarding finance. You can infer the reports regarding previous transactions, which will help you invest your money in the right way. Hence, Accounting assists you in decision-making.

• Accounting allows you to fulfill compliance with the law. There are many organizations, companies, trusts, and more that run on different legislative acts. They have to follow specific taxation laws. Hence, each of them has to maintain certain accounts and records regarding their properties and work. This helps them in leading a business in compliance with the law.

There are specific Accounting cycles that need to be followed to run the finance department smoothly. The length of these cycles may vary. An Accounting cycle can be monthly, quarterly, half-yearly, or annually, which differs from business to business. But the process to be followed is the same.

Steps followed in the Accounting process are:

• Collecting and Analyzing the Document

• Posting in Journal

• Maintaining Ledger Account

• Trial Balance

• Adjustments of the Entries

• Adjusted Trial Balance

• Preparing Financial Statements

• Post-closing Entries

• Post-closing Trial Balance

The fundamental concepts of Accounting are:

• Business Entity Concept : This concept defines the business and its owner as two different entities. 

• Money Measurement Concept: This concept is all about maintaining the accounting records, where only those transactions are recorded, which can be measured based on monetary terms.

To understand more fundamental concepts of Accounting, enroll in Great Learning Academy’s free Accounting courses and earn free Accounting certificates. Here, you can find Accounting courses from beginner to advanced level. Enroll in these courses and learn Accounting conveniently.