Have you ever looked at a set of accounts and not known where to start? Accounts can seem daunting and almost appear in a foreign language! This module looks at accounts in their simplest form and aims to demystify the language of accounts. You will learn about the basics of the accounts and the elements that make up the accounts, along with the basic principles that underpin every set of accounts.
By completing this course, you will be able to:
- Define and classify elements of the accounts as assets, liabilities, equity, income and expenses and understand how this affects how they are accounted for
- Explain terminology including profit, revenue, fixed, current and non-current
- Understand the differences in UK and International terminology
- Understand the difference between management accounts and financial accounts
- Identify the various users of a set of financial statements
- Describe the basic accounting concepts of accruals and going concern and understand how they affect the content of financial statements
Authored by: Gemma Rudrum
Gemma Rudrum qualified as a chartered accountant with Ernst & Young in 2004, working in their Assurance and Advisory team. She joined BPP in 2007 as a tutor teaching financial reporting and auditing subjects. She has also worked in our Learning Media team designing and developing content and is now our Head of Work Based Learning and runs our PGCert programme.
CPD Points: 1
CPD Duration (hours): 1
Access: 12 months from purchase date