COURSE OVERVIEW:
Dual aspect is the basic concept of accounting. According to this concept, for every debit, there has to be a corresponding credit. In other words, when a transaction is recorded, debit amount has to be equal to the credit amount. This is also known as ‘Double Entry Principle’.
The basic principle of double entry system is that each business transaction affects two accounts in the books of a businessman. No transaction is complete without double aspect. The same amount is entered on the debit side as well as credit side of different accounts.
There are two aspects in every business transaction. They are receiving aspect and the other giving aspect. Under this system, every transaction is recorded twice, one on the debit side i.e. the receiving aspect and the other – credit side i.e. giving aspect.
After a business transaction occurs it is recorded in a book called the general journal. While there are many different kinds of journals, it is most important to focus on the general journal. A general journal is often referred to as the book of original entry because this journal is the book in which a transaction is first recorded.
In the first part of this course you will learn about the double entry system, the accounting equation, the rules of Debit and Credit, the accounting cycle and the rules of journalising or the process of journalising.
In the second part you will learn how to record business transactions into the original book of entry—the General Journal. You will also learn how to post to the accounting ledgers and how to make adjusting entries. Finally, you will learn how to close the accounting records of a company.
LEARNING OUTCOMES:
By the end of this course, you will be able to understand:
- What is a double entry system?
- The features of double entry
- The accounting equation
- The double entry principle
- The rules of debit and credit
- The classification & rules of accounts
- The personal accounts
- The natural personal accounts
- The artificial personal accounts
- The representative personal accounts
- The real accounts
- The intangible real accounts
- The fictitious assets
- The nominal accounts
- The advantages of double entry book-keeping
- The accounting cycle
- The sequential steps in an accounting cycle
- The rules of journalising or process of journalising
- The general journal
- The journal entries
- The general ledger
- The trial balance
- How to adjust journal entries?
- Prepaid insurance
- Depreciation expense
- Interest expense
- Accounts receivable write-offs
- The trial balance after adjustments
- Closing journal entries
COURSE DURATION:
The typical duration of this course is approximately 2-3 hours to complete. Your enrolment is Valid for 12 Months. Start anytime and study at your own pace.
COURSE REQUIREMENTS:
You must have access to a computer or any mobile device with Adobe Acrobat Reader (free PDF Viewer) installed, to complete this course.
COURSE DELIVERY:
Purchase and download course content.
ASSESSMENT:
A simple 10-question true or false quiz with Unlimited Submission Attempts.
CERTIFICATION:
Upon course completion, you will receive a customised digital “Certificate of Completion”.