Theoretical and conceptual foundation

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Conceptual Framework

Conceptual Framework

Runtime Approximately 9.5 hours; Access period 30 days from registration date; Learners Accounting students, entrepreneurs, non-accountant professionals; Recommended previous course Standard Setting; Recommended next course Accounting Equation.

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The course discusses the latest Conceptual Framework released by the IASB in March 2018. It contains changes to the 2010 release. Its purpose is to assist the IASB in developing and revising IFRSs that are based on consistent concepts, and to help preparers develop consistent accounting policies for areas not yet covered by a standard or where there is choice of accounting policy. The framework also assists in understanding and interpreting IFRS. The framework is not a standards in itself and does not override any specific IFRS.

Course Content

Course Discussion

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Business Organizations

Business Organizations

Runtime Approximately 100 minutes; Access period 30 days from registration date; Learners Accounting students, entrepreneurs, non-accountant professionals; Recommended previous course Environment of Accounting; Recommended next course Standard Setting.

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Accounting is a necessary function, whether a business is a corner store run by a single individual or a multi-billion enterprise with global presence. There are three major types of business organization, each with certain advantages and disadvantages. The type of organization has implications on the accounting function. Some transactions are more complicated than others because of size, nature of transactions, regulatory and reporting requirements, and information needs of capital providers. The course discusses the dominant types of business organization, how they are organized, the nature of its liabilities, management, and taxation.

Course Content

QuizzesStatus
1

Quiz

Course Discussion

This is a discussion forum exclusively for this course. Post comments and replies, which will be visible to all users enrolled in the course. Discussions are moderated and may be graded as part of the requirements for the course; check your school’s course syllabus or ask  your assigned teacher, if any, if this is the case. Click the button below to go to the course discussion forum category and go to the forum for this course.

Standard Setting

Standard Setting

Runtime Approximately 110 minutes; Access period 30 days from registration date; Learners Accounting students, entrepreneurs, non-accountant professionals; Recommended previous course Business Organizations; Recommended next course Conceptual Framework.

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Accounting provides an important service to decision makers who expect certain qualities in the information provided. To ensure quality and usefulness of information, accounting observes certain standards, in the form of principles and pronouncements. These are promulgated by standard setting authorities who observe rigorous practices that include carefully selected agenda, public consultations, discussions, approval, and post implementation review. The course discusses the standard setting process and introduces the different standard setting authorities.

 

Course Content

QuizzesStatus
1

Quiz

Course Discussion

This is a discussion forum exclusively for this course. Post comments and replies, which will be visible to all users enrolled in the course. Discussions are moderated and may be graded as part of the requirements for the course; check your school’s course syllabus or ask  your assigned teacher, if any, if this is the case. Click the button below to go to the course discussion forum category and go to the forum for this course.

Environment of Accounting

Environment of Accounting

Runtime Approximately 160 minutes; Access period 30 days from registration date; Learners Accounting students, entrepreneurs, non-accountant professionals; Recommended previous course Introduction to Accounting; Recommended next course Business Organizations.

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As early as ancient civilization man has been devising ways to keep records. The need for information was as basic as the need for survival. Since then, accounting has developed into a mature and respected profession, serving the information needs of decision makers. The profession evolved into what it is today because of significant events and discovery in history. These developments either facilitated accounting development, or heightened the need for the service. The course traces those periods and their significance to accounting. The course also covers current developments, challenges, and opportunities in the profession.

Course Content

QuizzesStatus
1

Quiz

Course Discussion

This is a discussion forum exclusively for this course. Post comments and replies, which will be visible to all users enrolled in the course. Discussions are moderated and may be graded as part of the requirements for the course; check your school’s course syllabus or ask  your assigned teacher, if any, if this is the case. Click the button below to go to the course discussion forum category and go to the forum for this course.

Introduction to Accounting

Introduction to Accounting

Runtime Approximately 1 hour; Access period 30 days from registration date; Learners Accounting students, entrepreneurs, non-accountant professionals; Recommended previous course None; Recommended next course Environment of Accounting.

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Learning starts with knowing what is to be learned. Accounting has several definitions. The course defines accounting in the context of service, information, and decision. These aspects have implications in the development of accounting standards, and the quality of reports. Accounting also has characteristics and activities that distinguish it from other professions.

Course Content

QuizzesStatus
1

Quiz

Course Discussion

This is a discussion forum exclusively for this course. Post comments and replies, which will be visible to all users enrolled in the course. Discussions are moderated and may be graded as part of the requirements for the course; check your school’s course syllabus or ask  your assigned teacher, if any, if this is the case. Click the button below to go to the course discussion forum category and go to the forum for this course.

Adjusting Entries: Prepaid, deferred, accrued, and estimated items

Fundamentals of Accounting One

Fundamentals of Accounting-One

Runtime Approximately 21 hours; Access period 180 days from registration date; Learners Accounting students, entrepreneurs, non-accountant professionals; Recommended previous course None; Recommended next course Fundamentals of Accounting Two.

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The course discusses the basic concepts and theories behind the accounting process. In addition to an introduction to accounting that includes its various definitions and description of its environment, a significant portion covers the conceptual framework for the preparation the preparation of financial statements. This framework-based approach facilitates understanding of financial reporting, its objective, and other rationale. Finally, the course traces the evolution of the accounting equation and how it became the basis for the rules of debit and credit, the necessary tools for application of the concepts and principles in the accounting process.

Course Discussion

This is a discussion forum exclusively for this course. Post comments and replies, which will be visible to all users enrolled in the course. Discussions are moderated and may be graded as part of the requirements for the course; check your school’s course syllabus or ask  your assigned teacher, if any, if this is the case. Click the button below to go to the course discussion forum category and go to the forum for this course.

Group Discussion

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Assumptions and Principles

Accounting Equation

Rules of Debit and Credit

Business Activities and Transactions

Accounting Cycle

Journalizing

Journalizing is the first procedural step in the accounting cycle. It involves recording the details of the transactions in the General Journal, also known as the book of original entry. The rules of debit and credit are applied, and accounts are debited or credited based on those rules.

Runtime Approx 40 mins; Access period 30 days from registration date; Learners Accounting students, entrepreneurs, non-accountant professionals; Recommended previous course Accounting Cycle; Recommended next course Posting.

Course overview and objectives

Posting

Posting follows journalizing. In this step, journal entries are posted to the general ledger, also known as the book of final entry. Although largely routine and procedural, errors in posting also affect final balances carried to the financial statements. While less analytical compared to journalizing, posting requires accuracy.

Runtime Approx 30 mins; Access period 30 days from registration date; Learners Accounting students, entrepreneurs, non-accountant professionals; Recommended previous course Journalizing; Recommended next course Unadjusted Trial Balance.

Course overview and objectives

Unadjusted Trial Balance

After the transactions for the period have all been posted from the general journal to the general ledger, each account will have a balance at the end of such period. These balances, found in the individual accounts, will be summarized in one place. This is done by preparing the unadjusted trial balance. The balances of each account are listed, with the debit and credit balances in separate columns. The unadjusted trial balance merely proves that the debits and credits are equal. If the totals of debits and credits are not in balance it means that there is an error that needs correction.

Runtime Approx 40 mins; Access period 30 days from registration date; Learners Accounting students, entrepreneurs, non-accountant professionals; Recommended previous course Posting; Recommended next course Adjustments and Adjusting Entries.

Course overview and objectives