Who is this course for?

This course is designed for anyone interested in learning the fundamentals of accounting, particularly those pursuing ACCA, CIMA, CMA, CA, AAT, Cambridge, or Edexcel certifications. It's also useful for business owners or professionals aiming to enhance their understanding of financial processes and adjustments.

How long does it take to complete the course?

The course consists of 21 hours of video content, designed to be consumed at your own pace. You can expect to complete the specialization in a few weeks depending on your available time and pace of learning.

Can I preview a course before enrolling?

Yes, you can preview the first video and view the syllabus before you enroll. You must purchase the course to access content not included in the preview.

When will I have access to the lectures and assignments?

If you decide to enroll in the course before the session start date, you will have access to all of the lecture videos and readings for the course. You’ll be able to submit assignments once the session starts.

What will I get when I enroll?

Once you enroll and your session begins, you will have access to all videos and other resources, including reading items and the course discussion forum. You’ll be able to view and submit practice assessments, and complete required graded assignments to earn a grade and a Course Certificate.

When will I receive my Course Certificate?

If you complete the course successfully, your electronic Course Certificate will be added to your Accomplishments page - from there, you can print your Course Certificate or add it to your LinkedIn profile.

Why can’t I audit this course?

This course is currently available only to learners who have paid or received financial aid, when available.

Is financial aid available?

Yes. In select learning programs, you can apply for financial aid or a scholarship if you can’t afford the enrollment fee. If fin aid or scholarship is available for your learning program selection, you’ll find a link to apply on the description page.

Financial Adjustments, Recording Transactions & Corrections

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Financial Adjustments, Recording Transactions & Corrections

This course is part of Accounting Basics: ACCA/CIMA/CMA/CA/AAT/Cambridge/Edexcel Specialization

Instructor: Packt - Course Instructors

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2 modules

Gain insight into a topic and learn the fundamentals.

Beginner level

Recommended experience

2 weeks to complete

at 10 hours a week

Flexible schedule

Learn at your own pace

2 modules

Gain insight into a topic and learn the fundamentals.

Beginner level

Recommended experience

2 weeks to complete

at 10 hours a week

Flexible schedule

Learn at your own pace

What you'll learn

Understand the role of source and business documents in accounting transactions.
Learn how technology transforms accounting practices and ensures data security.
Master the fundamentals of double-entry bookkeeping and accounting equations.
Get hands-on experience with prime entry books and managing adjustments in accounting systems.

Skills you'll gain

Tools you'll learn

Accounting Software

Details to know

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Add to your LinkedIn profile

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This course is part of the Accounting Basics: ACCA/CIMA/CMA/CA/AAT/Cambridge/Edexcel Specialization

When you enroll in this course, you'll also be enrolled in this Specialization.

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There are 2 modules in this course

This course features Coursera Coach! A smarter way to learn with interactive, real-time conversations that help you test your knowledge, challenge assumptions, and deepen your understanding as you progress through the course.

In this course, you will explore core accounting principles, such as recording transactions, understanding source and business documents, and mastering the use of accounting software. You’ll also dive into important adjustments in accounting, such as depreciation, accruals, and tax treatments, helping you navigate common real-world financial scenarios. As the course progresses, you'll learn how to use prime entry books, understand different accounting equations, and recognize the importance of technology in transforming accounting practices. With a mix of theory and practical demonstrations, this course ensures you grasp the essential skills needed to record and adjust financial transactions effectively. This course is designed for beginners or individuals looking to expand their knowledge in accounting. If you’re working in finance or aspiring to become an accountant, this course will provide a solid foundation. By the end of the course, you will be able to record and adjust financial transactions, understand key accounting equations, and implement depreciation and other adjustments in various accounting systems.

In this module, we will cover the fundamental aspects of recording transactions in accounting. We will discuss the importance of source and business documents, explore the transformative effects of technology on accounting systems, and explain the double-entry bookkeeping method. You will also learn how transactions are recorded in journals and ledgers, ensuring accuracy and consistency in financial reporting.

What's included

25 videos2 readings1 assignment

25 videosTotal 426 minutes

Source Documents17 minutes
Business Documents6 minutes
Impact on Technology to Accounts13 minutes
Benefits of Using Technology in Accounting3 minutes
Advantages and Disadvantages in Accounting Softwares2 minutes
Issues in Security of Data2 minutes
Methods of Protecting Data3 minutes
Book-keeping vs Accounting5 minutes
Profit and Losses9 minutes
Basic Accounting Equation19 minutes
Expanded Accounting Equation – Part 0124 minutes
Expanded Accounting Equation – Part 0225 minutes
Double Entry (Debit and Credit)34 minutes
Accounting Process9 minutes
Prime Entry Books – Overview22 minutes
Prime Entry Books – Cash Receipt Journal25 minutes
Prime Entry Books – Cash Payment Journal22 minutes
Prime Entry Books – Petty Cash Journal23 minutes
Prime Entry Books – Purchase Journal11 minutes
Prime Entry Books – Sales Journal10 minutes
Prime Entry Books – Purchase Return Journal11 minutes
Prime Entry Books – Sales Return Journal8 minutes
Prime Entry Books – General Journal14 minutes
Ledgers – Part 019 minutes
Ledgers – Part 02102 minutes

2 readingsTotal 20 minutes

Introduction to the course 'Financial Adjustments, Recording Transactions & Corrections'10 minutes
Full Course Resources10 minutes

1 assignmentTotal 15 minutes

Recording Transactions - Assessment15 minutes

In this module, we will dive into various accounting adjustments crucial for accurate financial reporting. You will learn how to handle discounts, VAT, and capital expenditures. We will also cover different depreciation methods for property, plant, and equipment (PPE), such as straight-line and reducing balance methods. Additionally, we will explore the handling of accruals, prepayments, and bad debts to maintain precise financial statements.

What's included

34 videos1 reading3 assignments

34 videosTotal 835 minutes

Discounts46 minutes
Profit Markup and Margin23 minutes
Sales Tax VAT48 minutes
IAS 02 Inventories – Part 0164 minutes
IAS 02 Inventories – Part 02 Inventory Systems3 minutes
WAC Periodic6 minutes
Capital and Revenue Expenditure21 minutes
PPE Intro25 minutes
PPE SLM Depreciation52 minutes
PPE Revaluation20 minutes
PPE RBM Depreciation21 minutes
Accounting for Depreciation21 minutes
PPE Disposal24 minutes
Depreciation Policy19 minutes
PPE Usage Depreciation5 minutes
PPE Exchange19 minutes
Fixed Asset Register14 minutes
Accruals and Prepayments76 minutes
Irrecoverable Debt and Allowance for Receivable67 minutes
Salaries and Wages18 minutes
IAS 38 – Intangible Assets31 minutes
IAS 37 – Provisions Contingent Liabilities and Contingent Assets43 minutes
Contra Receivable and Payable7 minutes
Supplier Statement14 minutes
Capital Structure and Finance Cost20 minutes
Accounting for Ordinary Shares7 minutes
Accounting for Right Issue20 minutes
Accounting for Bonus Issue28 minutes
Accounting for Dividends10 minutes
Accounting for Loan Notes16 minutes
Accounting for Preference Shares9 minutes
Reserves in Equity5 minutes
SOCIE Intro32 minutes
Accounting for Income Tax3 minutes

1 readingTotal 10 minutes

Conclusion to the Course 'Financial Adjustments, Recording Transactions & Corrections'10 minutes

3 assignmentsTotal 90 minutes

Full Course Practice Assessment15 minutes
Accounting Adjustments - Assessment15 minutes
Full Course Assessment60 minutes

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Frequently asked questions

This course focuses on the essential concepts of financial adjustments, recording transactions, and accounting corrections. It provides an in-depth understanding of the accounting process, including source documents, journals, ledgers, and adjusting entries like depreciation and VAT. This specialization is vital for individuals looking to gain expertise in handling financial records, especially for those pursuing professional certifications or looking to advance their knowledge in accounting.

After completing this course, you will be able to record and adjust transactions accurately, understand the accounting equation, handle inventory and depreciation, and apply accounting methods like double-entry bookkeeping and VAT. You will also have the skills to maintain financial statements and manage adjustments such as accruals, prepayments, and bad debts.

This course is ideal for beginners in accounting with no prior experience. It assumes no previous knowledge of accounting, making it accessible for anyone interested in gaining foundational financial and accounting skills for professional certifications.