Lesson 1 – Learning Objectives
After completing this unit, you should be able to:
- Define accounting.
- Identify the uses of financial information.
- Have a basic understanding of creating financial reports
- Define assets, liabilities and equity
- Explain sources of assets and types of transactions
- List the elements of a financial statement.
Lesson 1 – Accounting Building Blocks
Click on the link below to assess the lessons. Following the order set here will increase your understanding.
What is accounting?
What is accounting – video
Using accounting to run a successful business
The building blocks of financial reports
Elements of Financial Statements video
Elements of Financial Statement Exercise
Assets, Liabilities, Equity
Types of transactions
Introduction to Financial Statements