90976 Accounting concepts for small entities
This course covers the things you'll need to know and be able to do for achievement standard 90976.
In it you'll find answers to questions like:
- What is accounting, what specialised areas of accounting exist and who are the users of accounting information?
- What is the accounting equation and what are the financial elements of accounting?
- What are transactions and how do we record transactions?
- What are the financial elements of accounting and how are these applied?
- What are financial statements and what is the purpose of financial statements?
- How are accounts classified and how do we distinguish between a service business and a retail business?
- What is the Income Statement and how is it prepared?
- What is the Statement of Financial Position and how is it prepared?
- How would we explain and apply the accounting concepts of an accounting entity, monetary measurement, historical cost, going concern, period reporting and accrual basis?
- What are capital and revenue expenditures?
- What is depreciation?
- What types of accounting entity exist and what are their features?
How you'll learn
There are a variety of ways you can learn and interact with the materials in this course.
Self-paced learning – the material is set up so you can learn at your own pace. Although there are 'suggested' times for each page, they're just a guideline - plan your learning to suit you.
Practice activities – throughout this course there are short activities. These activities are for you, not for someone to mark them. These activities give you a great chance to practice what you've learned and compare your answer to the model feedback. Look at the feedback carefully to see if you have missed out any aspects from your answer.
Submitting photos – sometimes people find it easier to scribble down a diagram or show their working with pen and paper. No problem! You can still store all your working and diagrams with the activity. That way you'll be able to refer back to your answers when you're revising. Simply take a photo of your work and upload it with the relevant activity.