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Principles of Accounting

This course introduces the fundamentals of accounting, covering core concepts, GAAP principles, the accounting equation, journal entries, ledger posting, and trial balances. Designed for absolute beginners, it builds practical bookkeeping skills through clear explanations and solved examples.

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No Certificate / Course on Audit Track

About Course

This course provides a foundational understanding of accounting principles and the basic processes used in financial accounting. Learners will explore the fundamental elements of accounting, including the preparation of general journal entries and the proper recording of financial transactions. The course also covers how journal entries are posted to ledger accounts and how ledger balances are transferred to a trial balance. By the end of the course, learners will have developed essential skills for organizing, recording, and summarizing financial information accurately.

Authorship and Attribution

This course has been curated by Riphah International University faculty and staff using publicly available third-party content and Open Educational Resources (OER) for self-paced learning. Learners will engage with curated open-access materials to achieve the course learning outcomes. All third-party content is used under open-access or fair-use policies, while any original materials are developed specifically for this learning experience.

Source and Credits:

  • Instructor: Saheb Academy
  • Provider: YouTube (@SahebAcademy)
  • License: Standard YouTube license

What You'll Learn

By the end of this course, you will be able to: 

  • Define and explain the fundamental concepts, and principles related to underlying accounting practice. 
  • Apply the rules of debit and credit to record business transactions such as purchases, sales, receivables, and payables.
  • Analyze journal entries, ledger postings, and trial balances to distinguish costs, expenses, and expenditures within a company’s records.
  • Evaluate trial balances to identify, classify, and correct errors affecting the accuracy of financial records.

Prerequisites

There are no formal prerequisites for this course, as it is designed for absolute beginners with no prior accounting or bookkeeping experience. However, learners should have basic mathematics skills, including addition, subtraction, multiplication, and division, along with basic reading and comprehension skills in English to follow the course material effectively. Basic computer literacy is also recommended for accessing course resources and completing assignments.

Who Can Take This Course?

This course is designed for beginners with little to no prior accounting knowledge, including students starting their accounting or business education, aspiring bookkeepers, small business owners, and entry-level professionals. It suits anyone looking to build a strong foundation in core accounting concepts, principles, and practical recordkeeping skills.

Course Outline

Basic Elements of Financial Accounting

Accounting Fundamentals (Video)

How to Make Journal Entries

Preparing General Journal (Video)

How to prepare Ledger Accounts

Posting Journal Entries to Ledgers (Video)

How to prepare Trail Balance

Posting Ledger balances to Trail Balance (Video)

Skills You Will Gain

Accounting Fundamentals Journal Entry Preparation Ledger Account Posting Trial Balance Preparation Financial Transaction Recording Debit Credit Understanding Accounting Cycle Knowledge Financial Data Organization

Course Information

Duration

Approximately 2.2 Hours

Course Information

Difficulty Level

Beginner

Learning Mode

Fully Online (Asynchronous)

Learning Type

Self Paced

Language

English Only

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Instructor/Curator

Course Instructor