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Financial Adjustments, Recording Transactions & Corrections

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Financial Adjustments, Recording Transactions & Corrections

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Gain insight into a topic and learn the fundamentals.
Beginner level

Recommended experience

2 weeks to complete
at 10 hours a week
Flexible schedule
Learn at your own pace
Gain insight into a topic and learn the fundamentals.
Beginner level

Recommended experience

2 weeks to complete
at 10 hours a week
Flexible schedule
Learn at your own pace

What you'll learn

  • Understand the role of source and business documents in accounting transactions.

  • Learn how technology transforms accounting practices and ensures data security.

  • Master the fundamentals of double-entry bookkeeping and accounting equations.

  • Get hands-on experience with prime entry books and managing adjustments in accounting systems.

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Recently updated!

May 2026

Assessments

4 assignments

Taught in English

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This course is part of the Accounting Basics: ACCA/CIMA/CMA/CA/AAT/Cambridge/Edexcel Specialization
When you enroll in this course, you'll also be enrolled in this Specialization.
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There are 2 modules in this course

This course features Coursera Coach! A smarter way to learn with interactive, real-time conversations that help you test your knowledge, challenge assumptions, and deepen your understanding as you progress through the course.

In this course, you will explore core accounting principles, such as recording transactions, understanding source and business documents, and mastering the use of accounting software. You’ll also dive into important adjustments in accounting, such as depreciation, accruals, and tax treatments, helping you navigate common real-world financial scenarios. As the course progresses, you'll learn how to use prime entry books, understand different accounting equations, and recognize the importance of technology in transforming accounting practices. With a mix of theory and practical demonstrations, this course ensures you grasp the essential skills needed to record and adjust financial transactions effectively. This course is designed for beginners or individuals looking to expand their knowledge in accounting. If you’re working in finance or aspiring to become an accountant, this course will provide a solid foundation. By the end of the course, you will be able to record and adjust financial transactions, understand key accounting equations, and implement depreciation and other adjustments in various accounting systems.

In this module, we will cover the fundamental aspects of recording transactions in accounting. We will discuss the importance of source and business documents, explore the transformative effects of technology on accounting systems, and explain the double-entry bookkeeping method. You will also learn how transactions are recorded in journals and ledgers, ensuring accuracy and consistency in financial reporting.

What's included

25 videos2 readings1 assignment

25 videos•Total 426 minutes
  • Source Documents•17 minutes
  • Business Documents•6 minutes
  • Impact on Technology to Accounts•13 minutes
  • Benefits of Using Technology in Accounting•3 minutes
  • Advantages and Disadvantages in Accounting Softwares•2 minutes
  • Issues in Security of Data•2 minutes
  • Methods of Protecting Data•3 minutes
  • Book-keeping vs Accounting•5 minutes
  • Profit and Losses•9 minutes
  • Basic Accounting Equation•19 minutes
  • Expanded Accounting Equation – Part 01•24 minutes
  • Expanded Accounting Equation – Part 02•25 minutes
  • Double Entry (Debit and Credit)•34 minutes
  • Accounting Process•9 minutes
  • Prime Entry Books – Overview•22 minutes
  • Prime Entry Books – Cash Receipt Journal•25 minutes
  • Prime Entry Books – Cash Payment Journal•22 minutes
  • Prime Entry Books – Petty Cash Journal•23 minutes
  • Prime Entry Books – Purchase Journal•11 minutes
  • Prime Entry Books – Sales Journal•10 minutes
  • Prime Entry Books – Purchase Return Journal•11 minutes
  • Prime Entry Books – Sales Return Journal•8 minutes
  • Prime Entry Books – General Journal•14 minutes
  • Ledgers – Part 01•9 minutes
  • Ledgers – Part 02•102 minutes
2 readings•Total 20 minutes
  • Introduction to the course 'Financial Adjustments, Recording Transactions & Corrections'•10 minutes
  • Full Course Resources•10 minutes
1 assignment•Total 15 minutes
  • Recording Transactions - Assessment•15 minutes

In this module, we will dive into various accounting adjustments crucial for accurate financial reporting. You will learn how to handle discounts, VAT, and capital expenditures. We will also cover different depreciation methods for property, plant, and equipment (PPE), such as straight-line and reducing balance methods. Additionally, we will explore the handling of accruals, prepayments, and bad debts to maintain precise financial statements.

What's included

34 videos1 reading3 assignments

34 videos•Total 835 minutes
  • Discounts•46 minutes
  • Profit Markup and Margin•23 minutes
  • Sales Tax VAT•48 minutes
  • IAS 02 Inventories – Part 01•64 minutes
  • IAS 02 Inventories – Part 02 Inventory Systems•3 minutes
  • WAC Periodic•6 minutes
  • Capital and Revenue Expenditure•21 minutes
  • PPE Intro•25 minutes
  • PPE SLM Depreciation•52 minutes
  • PPE Revaluation•20 minutes
  • PPE RBM Depreciation•21 minutes
  • Accounting for Depreciation•21 minutes
  • PPE Disposal•24 minutes
  • Depreciation Policy•19 minutes
  • PPE Usage Depreciation•5 minutes
  • PPE Exchange•19 minutes
  • Fixed Asset Register•14 minutes
  • Accruals and Prepayments•76 minutes
  • Irrecoverable Debt and Allowance for Receivable•67 minutes
  • Salaries and Wages•18 minutes
  • IAS 38 – Intangible Assets•31 minutes
  • IAS 37 – Provisions Contingent Liabilities and Contingent Assets•43 minutes
  • Contra Receivable and Payable•7 minutes
  • Supplier Statement•14 minutes
  • Capital Structure and Finance Cost•20 minutes
  • Accounting for Ordinary Shares•7 minutes
  • Accounting for Right Issue•20 minutes
  • Accounting for Bonus Issue•28 minutes
  • Accounting for Dividends•10 minutes
  • Accounting for Loan Notes•16 minutes
  • Accounting for Preference Shares•9 minutes
  • Reserves in Equity•5 minutes
  • SOCIE Intro•32 minutes
  • Accounting for Income Tax•3 minutes
1 reading•Total 10 minutes
  • Conclusion to the Course 'Financial Adjustments, Recording Transactions & Corrections'•10 minutes
3 assignments•Total 90 minutes
  • Accounting Adjustments - Assessment•15 minutes
  • Full Course Assessment•60 minutes
  • Full Course Practice Assessment•15 minutes

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Frequently asked questions

This course focuses on the essential concepts of financial adjustments, recording transactions, and accounting corrections. It provides an in-depth understanding of the accounting process, including source documents, journals, ledgers, and adjusting entries like depreciation and VAT. This specialization is vital for individuals looking to gain expertise in handling financial records, especially for those pursuing professional certifications or looking to advance their knowledge in accounting.

After completing this course, you will be able to record and adjust transactions accurately, understand the accounting equation, handle inventory and depreciation, and apply accounting methods like double-entry bookkeeping and VAT. You will also have the skills to maintain financial statements and manage adjustments such as accruals, prepayments, and bad debts.

This course is ideal for beginners in accounting with no prior experience. It assumes no previous knowledge of accounting, making it accessible for anyone interested in gaining foundational financial and accounting skills for professional certifications.

This course is designed for anyone interested in learning the fundamentals of accounting, particularly those pursuing ACCA, CIMA, CMA, CA, AAT, Cambridge, or Edexcel certifications. It's also useful for business owners or professionals aiming to enhance their understanding of financial processes and adjustments.

The course consists of 21 hours of video content, designed to be consumed at your own pace. You can expect to complete the specialization in a few weeks depending on your available time and pace of learning.

Yes, you can preview the first video and view the syllabus before you enroll. You must purchase the course to access content not included in the preview.

If you decide to enroll in the course before the session start date, you will have access to all of the lecture videos and readings for the course. You’ll be able to submit assignments once the session starts.

Once you enroll and your session begins, you will have access to all videos and other resources, including reading items and the course discussion forum. You’ll be able to view and submit practice assessments, and complete required graded assignments to earn a grade and a Course Certificate.

If you complete the course successfully, your electronic Course Certificate will be added to your Accomplishments page - from there, you can print your Course Certificate or add it to your LinkedIn profile.

This course is currently available only to learners who have paid or received financial aid, when available.

Yes. In select learning programs, you can apply for financial aid or a scholarship if you can’t afford the enrollment fee. If fin aid or scholarship is available for your learning program selection, you’ll find a link to apply on the description page.

Financial aid available,