The accounting equation is Assets = Liabilities + Equity. It ensures that the resources a business owns are balanced with its obligations and owners' claims.
Duration of the online course: 10 hours and 14 minutes
4.5
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Build job-ready accounting skills with this free online course: master statements, journal entries, ratios, and bank reconciliation to read business performance fast.
Financial accounting is the language businesses use to explain what they own, what they owe, and how well they performed over a period. This free online course helps you understand that language from the ground up, so you can follow the story behind the numbers and make sense of real-world reports. Whether you want to sharpen your business fundamentals, support a growing company, or feel more confident reading financial information, you will gain practical skills that translate directly to the workplace.
You will start by building a clear mental model of assets, liabilities, and equity, then connect those ideas to the accounting equation. From there, you will learn how financial statements are prepared and how they work together, including the income statement, balance sheet, and the statement of changes in equity. Along the way, you will practice interpreting what each statement is designed to communicate and why timing and dates matter when presenting financial positions and results.
The course also focuses on the mechanics that make reporting reliable. You will learn how journal entries capture business events, how posting to T-accounts helps organize and check the flow of transactions, and why a trial balance is used to support accuracy. You will then work through the role of adjusting entries so financial statements reflect the correct period, including common scenarios like prepayments, accruals, and supplies usage. You will see how the adjusted trial balance supports the final reporting process and how closing entries reset temporary accounts for a new fiscal year.
To round out your skills, you will apply financial ratios to evaluate liquidity and basic financial health, and you will explore cash-focused topics such as bank reconciliation and error correction. Exercises throughout the course reinforce concepts in a hands-on way, helping you move from memorizing terms to understanding how accounting decisions affect reports and analysis. By the end, you will be able to trace the path from transaction to statement, explain what key figures mean, and use accounting information to support better business conversations and decisions.
10 hours and 14 minutes of online video course
Digital certificate of course completion (Free)
Exercises to train your knowledge
100% free, from content to certificate
What is the accounting equation, and how does it help prepare a balance sheet?
The accounting equation is Assets = Liabilities + Equity. It ensures that the resources a business owns are balanced with its obligations and owners' claims.
Why are adjusting journal entries needed before preparing financial statements?
Adjusting entries record revenues earned and expenses incurred in the correct accounting period, so the financial statements reflect accurate balances.
What is the purpose of a bank reconciliation in financial accounting?
A bank reconciliation compares the company’s cash records with the bank statement to identify timing differences, errors, and the correct cash balance.
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Course comments: Financial Accounting
Students found the free course informative, comprehensive, and easy to understand. They especially appreciated the clear explanations, valuable accounting content, and knowledgeable, engaging instruction.
Mpho Ngobeni
I really loved the course, the facilitator is very knowledgeable and easy to listen to.
Reshma kazi
simple and easy explanation to understand.
Constanta-Alina Fernandes
Excellent comprehensive financial accounting course with extensive explanations. I searched for a free professional bookkeeping course for years.
Livingstone Doko
this is a great course. I love it
Floyd Mabaso
great course content
Unathi Hlalatu
I enjoyed the course, great stuff
Arpita Dnyaneshwar Gopale
knowledgeable course
Maxwell Brocke
I'm in shs now and I'm learning financial accounting
Vincent Kachimanga
a very good tutorial... very easy to understand thanks for the lessons
Arshad Ali
Such a wonderful course about accounting