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The Open University

Introduction to bookkeeping and accounting

The Open University via OpenLearn


Learn about the essential numerical skills required for accounting and bookkeeping. This free course, Introduction to bookkeeping and accounting, explains the fundamental rules of double-entry bookkeeping and how they are used to produce the balance sheet and the profit and loss account.


  • Introduction
  • Learning outcomes
  • 1 Essential numerical skills required for bookkeeping and accounting
  • 1 Essential numerical skills required for bookkeeping and accounting
  • 1.1 Use of BODMAS and brackets
  • 1.2 Use of calculator memory
  • 1.3 Rounding
  • 1.4 Fractions
  • 1.5 Ratios
  • 1.6 Percentages
  • 1.7 Negative numbers and the use of brackets
  • 1.8 The test of reasonableness
  • 1.9 Table of equivalencies
  • 1.10 Manipulation of equations and formulae
  • 2 Double entry and the balance sheet
  • 2 Double entry and the balance sheet
  • 2.1 Accounting records and financial statements
  • 2.2 Accounting records and the business entity concept
  • 2.3 Definitions of assets, capital and liabilities
  • 2.3.1 What are assets, capital and liabilities?
  • 2.4 A simplified UK balance sheet format
  • 2.5 T-accounts, debits and credits
  • 2.6 Balancing off accounts and preparing a trial balance
  • 2.7 Summary
  • 3 Double entry and the profit and loss account
  • 3 Double entry and the profit and loss account
  • 3.1 Making a profit and generating cash
  • 3.2 The effect of profit on the accounting equation
  • 3.3 The profit and loss account
  • 3.4 Income and expense accounts
  • 3.5 Accounting for closing stock
  • 3.6 The accounting equation and the double-entry rules for income and expenses
  • 3.7 Post trial balance nominal ledger accounts
  • 3.8 Summary
  • Conclusion
  • Next steps
  • Acknowledgements


4.5 rating, based on 4 Class Central reviews

4.2 rating at OpenLearn based on 200 ratings

Start your review of Introduction to bookkeeping and accounting

  • I understand everthing i needed about Accounting and Bookkeeping, double entry, balance. Now i know about profit and loss account
  • great to work with easy to keep up with and nice to be able to work on my own time frame. great course to have on my side.
  • Profile image for Zeeshan Riaz
    Zeeshan Riaz
    This beginner-friendly course unlocks the secrets of bookkeeping and accounting. Brush up on math skills, then delve into the magic of the accounting equation and double-entry bookkeeping. Learn to record transactions with confidence, and discover how these translate into financial statements that reveal a company's financial well-being. Great for aspiring entrepreneurs or anyone who wants to understand business finances. While solo practice lacks feedback, this course equips you for further accounting adventures!
  • It was eye opening ,it revived my rusted accounting knowledge.Its a good course if you want to understand the basics of bookkeeping.

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