Most businesses use the accrual basis , where revenue is recorded when earned and expenses when incurred, regardless of when cash actually changes hands.
This foundational course introduces the essential principles and practices of financial accounting. You will learn how to record, classify, and summarize business transactions, as well as prepare and interpret key financial statements. Topics include the accounting cycle, double-entry bookkeeping, trial balances, adjusting entries, and the preparation of the Statement of Financial Position (Balance Sheet), Income Statement, and Statement of Cash Flows. Designed for beginners, this course equips students, entrepreneurs, and professionals with the skills to understand and communicate an organization’s financial health. basic financial accounting and reporting