![]() Identify and describe assets, liabilities and owners' equity.Identify why accounting is a necessary skill.The upside of learning basic accounting principles is that, regardless of whether it is a large Fortune 500 company or a small entrepreneurial start-up, the same fundamental rules apply when working with the bottom line. Regardless of which category you fall into, the truth is that anyone can learn the basic principles of accounting and develop a knack for managing the financial aspects of a business. Then there are those of use who are left-brain thinkers-naturally adept at working with numbers, applying logical reasoning, and analytically solving problems. Those of us who are born as right-brain thinkers tend to be better at creative, imaginative, passionate activities. ![]() If you are an entrepreneur, a business owner, or plan to start your own business, copy our examples used in this course, using your own business relevant assets. If you have access to your company's financial statements, please take the time to apply our examples to your company's financials. There is a learning curve, and the skill needs to be practiced (or used in this case) in order for it to be effective. Learning accounting is like any new skill. You need to understand each previous lesson fully in order to understand the concepts covered in later lessons. As such, this course is built incrementally. Additionally, we've set up the course so that you need to master all concepts in any given lesson before you can successfully complete the lesson and move on. We strive to explain all accounting concepts in every day language, using real-life examples wherever possible. We assume you know nothing about accounting or any accounting terms. In this course, we take everything in baby-steps. ![]() Moreover, you'll know and understand the basic accounting equation and how to factor in debits, credits, inventory, and taxes, which will help you to make the right decisions to increase your company's wealth and profit. This course is going to help you understand the basic principles of accounting so that you can read and understand the three main financial reports of a company: the balance sheet, the income statement, and the cash flow statement. Moreover, if you are an entrepreneur, or you ever plan to start your own business, you need to understand, at the very least, the basic principles of accounting. If you work for a company and are currently managing any aspect of the company, or if you aspire to move up to management, then you need to understand what accounting is. In short, if you do not understand the basic principles of accounting, you cannot run a business, nor can you even hope to help a business grow and profit. It provides the most vital information you need to understand how your business grows, makes money, where the profit of a business goes, and what your cash flow is. It tells you the state of the business in numbers, not words. ![]() It records all profits, losses, credits, and debits. Why is accounting important to understand?Īccounting is the most important part of any successful business. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |