Basic Accounting for the Business/Legal Professional

The emphasis of this introductory session is to develop an understanding of accounting information for business and legal entities. Basic accounting concepts and procedures are included as they relate to the accounting cycle, including the preparation of journal entries, ledgers, financial statements, and so on.

We cover core principles and practical mechanics, demystifying concepts often perceived as complex. Focusing on logic over advanced mathematics, you will build skills through clear explanations and practical examples.

Key topics covered include:

• Understanding the fundamental role of accounting in business and legal environments.
• Exploring Generally Accepted Accounting Principles (GAAP) and essential concepts like the Business Entity, Time Period, and Cost.
• Mastering the Accounting Equation: Assets = Liabilities + Equity.
• Identifying and classifying basic account types: Assets, Liabilities, and Owner's Equity, including tangibles, intangibles, payables, and unearned revenues.
• Analyzing the key financial statements: the Income Statement (using the Matching Concept), the Balance Sheet, and the Statement of Owners' Equity, and understanding their interrelation.
• Learning the Double-Entry System using Debits (Left) and Credits (Right) to record transactions.
• Journalizing business transactions and posting them to the Ledger (T-Accounts).
• Preparing a Trial Balance to verify the equality of debits and credits.

By the end of this course, you will possess the essential accounting literacy needed to confidently engage with financial data relevant to your professional field.