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Lesson Guide – Lesson 1

081414_2127_Whatisaccou1.jpgLesson 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

Case study