The following course in Accounting Fundamentals is provided in its entirety by Atlantic International University's "Open Access Initiative" which strives to make knowledge and education readily available to those seeking advancement regardless of their socio-economic situation, location or other previously limiting factors. The University's Open Courses are free and do not require any purchase or registration, they are open to the public.

The course in Accounting Fundamentals contains the following:

• Lessons in video format with explaination of theoratical content.
• Complementary activities that will make research more about the topic , as well as put into practice what you studied in the lesson. These activities are not part of their final evaluation.
• Texts supporting explained in the video.
• Evaluation questionnaire, that will grant access to the next lesson after approval.
• Final exam for overall evaluation of the course.

The Administrative Staff may be part of a degree program paying up to three college credits. The lessons of the course can be taken on line Through distance learning. The content and access are open to the public according to the "Open Access" and " Open Access " Atlantic International University initiative. Participants who wish to receive credit and / or term certificate , must register as students.

Lesson 1: The Financial Statements

Liabilities and owners equity are on the right, and typically have credit balances. These three main categories are separated and further divided to show important relationships and subtotals. Assets are broken down into current and noncurrent (or long-term). Assets are listed from top to bottom in order of decreasing liquidity, i.e., how fast they can be converted to cash. Current assets are cash and other assets that are expected to be used during the normal operating cycle of the business, usually one year. 

Lesson 2: Processing Accounting Information

Lesson 2 discusses how companies record the transactions that take place and eventually become part of the financial statements. A transaction is any event that has a financial impact on the business and can be measured reliably. Transactions provide objective information about the financial impact on a company, and it has two sides.

Lesson 3: Adjusting Entries

Adjusting entries are accounting journal entries that convert a company's accounting records to the accrual basis of accounting. An adjusting journal entry is typically made just prior to issuing a company's financial statements. Example for the need for an accounting adjusting entry: Let's assume that a company borrowed money from its bank on December 1, 2013 and that the company's accounting period ends on December 31

Lesson 4: Internal Control & Cash

Enron Corporation and WorldCom Corporation are used as examples of companies that experienced fraudulent activities that led to the end of both companies and financial hardship for many individuals. Shareholders and market reaction is highly related to managers’ actions. Directors are increasingly judged on profit and growth and have large bonuses at stake. Companies and directors want to use reports to present the message they want investors to see and sometimes, that involves creative accounting

Lesson 5: Receivables & Investments

The purpose of owning a trading security is to hold it for a short time and then sell it for more than its cost. These securities can be in the form of stock or debt of another company. Trading securities are reported on the balance sheet at their current value. Unrealized gains and losses are created when the market value increases or decreases from the original purchase amount

Lesson 6: Inventory & Cost of Sales

The cost of inventory should include all costs necessary to acquire the items and to get them ready for sale. Inventory is merchandise purchased by merchandisers (retailers, wholesalers, distributors) for the purpose of being sold to customers. Inventory or Merchandise Inventory - account that reports the cost of merchandise purchased but not yet sold. Inventory is reported as a current asset on the company's balance sheet. Inventory is a significant asset that needs to be monitored closely.

Lesson 7: Long-Term Assets

Natural resources such as oil and gas reserves, coal mines, or stands of timber, are accounted for as long-term assets when they are purchased or developed. As the natural resource is extracted, its cost is transferred to inventory. Later, as the inventory is sold, its cost is transferred to cost of goods sold.

Lesson 8: Liabilities

Companies with shorter payment periods are generally better credit risks than those with longer payment periods. However, some companies with strong credit ratings strategically withhold payment to suppliers as long as possible, while speeding up collections, in order to conserve cash. Short-term notes payable - common form of financing, notes are due within one year. Companies may issue short-term notes payable to borrow cash or to purchase assets. A company must accrue interest expense and interest payable at the end of the period.

Lesson 9: Stockholders’ Equity

Ultimate Control of the corporation rests with the stockholders who elect a board of directors that sets company policy and appoints officers. The Board elects a chairperson who usually is the most powerful person in the organization. The chairperson of the board of directors has the title chief executive officer or CEO. The board of directors also designates the president, who is the chief operating officer COO. The COO is in charge of day-to-day operations Most corporations also have vice presidents in charge of sales, manufacturing, accounting, and finance like the CFO.

Lesson 10: Cash Flow Statement

The balance sheet reports financial position, and balance sheets from two periods show whether cash increased or decreased. But that doesn’t tell why the cash balance changed. The income statement reports net income and offers clues about cash, but the income statement doesn’t tell why cash increased or decreased. We need a third financial statement

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