Learn how to balance your books and develop the skills to manage finances in personal and business environments.
82,081 enrolled on this course
Duration
4 weeksWeekly study
3 hours100% online
How it works
Bookkeeping for Personal and Business Accounting
Get practical financial skills to help you balance the books
Discover how money flows in personal and business environments and develop the skills to manage your finances with this online accounting and bookkeeping course from the Open University.
You’ll master common terms, basic maths and gain the ability to put your knowledge into practice. After this course you’ll be able to perfectly balance your books and understand how concepts of profit and loss lead to revenue or debt.
Develop ideas through conversation
This course is not facilitated. Learners are encouraged to support one another, share personal experiences, and see new perspectives.
What topics will you cover?
Week 1 - financial accounting and reporting
- The reasons and objectives of management and financial accounting, including stewardship, control and accountability
- Key terminology including income and expenses, assets and liabilities, profit and loss statements and the balance sheet
Week 2 - essential numerical skills
- Intermediate numerical skills including BODMAS, ratios, percentages, fractions and negative numbers
- The test of reasonableness and the table of equivalencies
- Manipulating equations and formulas
Week 3 - double-entry and the balance sheet
- Business entity and the dual aspect concepts
- The relationship between the accounting equation and double-entry bookkeeping
- Recording transactions in the appropriate ledger accounts using the double-entry bookkeeping system
- Simple balance sheets in a vertical format
- Balancing off accounts at the end of an accounting period
- Preparing a trial balance
- T accounts, debits and credits
- Double-entry and the profit and loss account
- The effect of profit on the accounting equation
Week 4 - accounting
- Income and expense accounts
- Accounting for closing stock
- The account equation and double-entry rules
- Trial balance nominal ledger accounts
When would you like to start?
Start straight away and join a global classroom of learners. If the course hasn’t started yet you’ll see the future date listed below.
Available now
Learning on this course
On every step of the course you can meet other learners, share your ideas and join in with active discussions in the comments.
What will you achieve?
By the end of the course, you‘ll be able to...
- Describe and define bookkeeping and accounting
- Explain the general purposes and functions of accounting
- Explain the differences between management and financial accounting
- Describe the main elements of financial accounting information – assets, liabilities, revenue and expenses
- Identify the main financial statements and their purposes
- Apply the essential numerical skills required for bookkeeping and accounting
- Explain the relationship between the accounting equation and double-entry bookkeeping
- Record transactions in the appropriate ledger accounts using the double-entry bookkeeping system
- Balance off ledger accounts at the end of an accounting period
- Produce a trial balance, balance sheet and a profit and loss account
Who is the course for?
This accounting course is for anyone wanting an introduction to bookkeeping and financial accounting. It might be of particular interest to small business owners, people who are self employed or those wanting to better manage their own finance. You don’t need any previous experience.
What software or tools do you need?
You can largely work from pen and paper in your notebook, and for more complex tasks use a standard calculator, or if you have a smartphone, the calculator app there. In the second half of the course there is a pre-made spreadsheet template for you to download and work through the exercises in Microsoft’s Excel, or free online software like Google Spreadsheets.
Who will you learn with?
I am Executive Dean of Faculty of Business and Law and Professor of Financial Management and Corporate Governance at the Open University Business School.
Who developed the course?
Established
1969Location
Milton Keynes, UKWorld ranking
Top 510Source: Times Higher Education World University Rankings 2020
Ways to learn | Buy this course | Subscribe & save | Limited access |
---|---|---|---|
Choose the best way to learn for you! | $109/one-off payment | $244.99 for a whole year Automatically renews | Free |
Fulfill your current learning need | Develop skills to further your career | Sample the course materials | |
Access to this course | tick | tick | Access expires 5 Mar 2025 |
Access to 1,000+ courses | cross | tick | cross |
Learn at your own pace | tick | tick | cross |
Discuss your learning in comments | tick | tick | tick |
Tests to check your learning | tick | tick | cross |
Certificate when you're eligible | Printed and digital | Digital only | cross |
Cancel for free anytime |
Ways to learn
Choose the best way to learn for you!
Subscribe & save
$244.99 for a whole year
Automatically renews
Develop skills to further your career
- Access to this course
- Access to 1,000+ courses
- Learn at your own pace
- Discuss your learning in comments
- Tests to boost your learning
- Digital certificate when you're eligible
Cancel for free anytime
Buy this course
$109/one-off payment
Fulfill your current learning need
- Access to this course
- Learn at your own pace
- Discuss your learning in comments
- Tests to boost your learning
- Printed and digital certificate when you’re eligible
Limited access
Free
Sample the course materials
- Access expires 5 Mar 2025
Find out more about certificates, Unlimited or buying a course (Upgrades) Sale price available until 3 March 2025 at 23:59 (UTC). T&Cs apply. |
Find out more about certificates, Unlimited or buying a course (Upgrades)
Sale price available until 3 March 2025 at 23:59 (UTC). T&Cs apply.
Learning on FutureLearn
Your learning, your rules
- Courses are split into weeks, activities, and steps to help you keep track of your learning
- Learn through a mix of bite-sized videos, long- and short-form articles, audio, and practical activities
- Stay motivated by using the Progress page to keep track of your step completion and assessment scores
Join a global classroom
- Experience the power of social learning, and get inspired by an international network of learners
- Share ideas with your peers and course educators on every step of the course
- Join the conversation by reading, @ing, liking, bookmarking, and replying to comments from others
Map your progress
- As you work through the course, use notifications and the Progress page to guide your learning
- Whenever you’re ready, mark each step as complete, you’re in control
- Complete 90% of course steps and all of the assessments to earn your certificate
Want to know more about learning on FutureLearn? Using FutureLearn
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