FS5. Behind the Numbers – The rules and five fundamental concepts

Self-paced, whenever and wherever you like

Five, fundamental accounting concepts and numerous, legally binding rules determine the numbers in your Financial Statements. Understanding those concepts and knowing how your business interprets the rules gives you a much better understanding of your Income Statement (Profit & Loss Account), Balance Sheet and Cash Flow Statement and helps you make better decisions.

Using clear, colourful diagrams and by translating jargon into plain English, this course gives you a clearer understanding of the numbers in your Financial Statements by explaining:

  • The five, fundamental accounting concepts underpinning the numbers in the Financial Statements
  • The legally binding accounting rules and who decides them
  • Where to find out how your business applies the rules that finally determine the numbers in your Financial Statements
  • How transactions are recorded and how all the ledgers fit together
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This approximately one-hour course, which includes several quizzes, explains the important accounting concepts, rules and records in plain English. You can make notes on the accompanying booklet and there’s a Glossary of Terms for easy reference afterwards. You get a certificate when you’ve completed the course. You should be familiar with Income Statements/Profit & Loss Accounts (course FS1), Balance Sheets (course FS2) and Cash Flow Statements (course FS3) before taking this course.

Learning outcomes:

  • Being able to make better, surer business decisions based on a better understanding of the numbers
  • Having the confidence that a deeper understanding of your Financial Statements brings
  • Being able to hold your own in discussions with accountants and ask the searching questions
  • Appreciating why the numbers aren’t always what you may have thought they were
  • Understanding the limitations of numbers in the Financial Statements
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