Basic Accounting: Principles and Framework
- Link: Basic Accounting: Principles and Framework
- Topic: Management - Budget & Finance
- Level: Elective
- Sponsor: WebJunction/Skillsoft
- Format: self paced online
- Contact Hours: 1
NOTE: You must have a WebJunction Skillsoft Learning account to access this course. Instructions for setting up an account are in the yellow box on the right side of the Voluntary Certification Homepage.
Click on the link above and enter your learning account login and password. Follow the path below to find the course.
Catalog> Management > Basic Accounting: Principles and Framework
The accounting function sets up the bookkeeping system, monitors it, prepares and presents the financial statements to management, and interprets them as needed. Bookkeeping is a part of the accounting function and involves the mechanical aspect of recording, classifying, and summarizing transactions in account books and posting them to respective financial statements. Apart from the statutory importance, accounting data is very critical to any organization's decision and control system. Managers, decision makers, external stakeholders, and interest groups take the basic accounting data, mix them with other external and supplementary information, and produce meaningful information used for decision making and control purposes. This course aims at familiarizing all learners with basic accounting principles and concepts that set the ground for more advanced learning in this area. You'll be introduced to key accounting terms and concepts such as key characteristics of accounting, the accounting equation, double entry bookkeeping, and basic accounting principles. This course also helps you recognize key characteristics of the International Financial Reporting Standards (IFRS).Target AudienceAnyone serving in an accounting role with no previous experience in accounting, or who want a working understanding of accounting and bookkeeping functionsExpected Duration1.0Lesson Objectives recognize key concepts about accounting recognize principles underlying the preparation of financial statements recognize basic accounting practices and their descriptions recognize the importance of common accounting practices identify the main characteristics of IFRS