Learning the basics of accounting is easier than you think with our list of the best free online accounting courses. As a crucial operations process necessary for the success of both large and small businesses, accounting is a solid skill to learn. Most large companies have their own accounting departments with several employees working on various tasks, while smaller businesses may do all the accounting themselves or hire a bookkeeper. Whether you are trying to learn how to keep meticulous financial records as a freelancer or small business owner or you are interested in finding a position as a bookkeeper, we have something here for you.
Featured ProgramsDisclaimer: Some courses may include an affiliate link. Courses were chosen first based on the methodology with affiliate links only added after the ranking was complete.In curating this list of the top free online courses for accounting, we had to narrow down a lot of choices, but through our exclusive methodology, we've come up with a solid group of offerings. Listed in descending order with the best options at the top of the list, the following free accounting courses are worth looking into.
Ranking 15 Free Online Courses for Accounting
1. Introduction to Bookkeeping and Accounting
Offered by Open Learn
This free introductory accounting course from Open University is eight hours long and comes with a complimentary statement of participation upon completion. In it, students will learn:
• How to apply the essential skills requiredfor accounting and bookkeeping
• To explain the relationship betweendouble-entry bookkeeping and the accounting equation
• How to use the double-entry bookkeepingsystem to record transactions in the appropriate ledger accounts.
• How to balance off ledger accounts at theend of an accounting period
• How to prepare a balance sheet, trialbalance, and profit and loss account
Open Learn is a well-reviewed learningplatform that offers over 900 free courses that can be downloaded in over tenformats. Students can track their progress through their profile as theycomplete each module, and the engaging quizzes and activities will helpsolidify the material presented.
Cost: FreeCertificate: YesTime toComplete: Eight hoursCurriculum: IntroductoryUserExperience: ExcellentQualityof Instruction: ExcellentPros:•Thorough and detailed, with quizzes to testyour progress
•Excellent user interface
•An excellent starting point for those whowant to learn basic accounting skills
Cons:•None
2. Financial Accounting and Reporting
Offered by Open Learn
The Financial Accounting and Reporting coursefrom Open Learn introduces students to the role accountants play as purveyorsof information for decision making. It looks at the needs of those who use thatinformation and how important it is for accountants to be aware of conceptualand regulatory frameworks.
The free online accounting course discusses the differences between managerial and financial accounting and identifies the primary financial statements and the purpose of each one. It also covers the most critical elements of financial accounting information like assets, liabilities, revenue, and expenses.
Students can track their progress on theirOpen Learn profile as they progress through each module. Upon completion, astatement of participation will be issued.
Cost: FreeCertificate: YesTime toComplete: Twelve hoursCurriculum: IntermediateUserExperience: ExcellentQualityof Instruction: ExcellentPros:• Quizzes to test your progress
• Great User Experience
• Detailed information
Cons:•Not many reviews
3. Accounting Fundamentals Course
Offered by Corporate Finance Institute (CFI)
The Corporate Finance Institute providesonline valuation and financial modeling courses that use the skills ofintuition, theory, and application to help students learn in virtual classesthat can be taken anytime and anywhere.
The Accounting Fundamentals Course is part ofthe FMVA Financial Analyst Certification path and one of 18 classes needed toapply for certification. However, the course can be taken independently of theothers at no cost. In it, students will learn how to construct a balance sheet,an income statement, and a cash flow statement. Upon completion, there is acourse assessment to complete.
Cost: FreeCertificate: NoTime toComplete: 2.5 hoursCurriculum: IntroductoryUserExperience: ExcellentQualityof Instruction: ExcellentPros:• Ideal way to learn about constructingaccounting sheets at no charge
• Great user platform
• A free graded assessment to see what skillsyou have learned
Cons:• Part of a certification that is hiddenbehind a paid component
4. How to Read Financial
Statements
Offered by Corporate Finance Institute (CFI)
The Corporate Finance Institute's second freeoffering—How to Read Financial Statements— is an ideal course for anyone inbusiness. It's highly interactive, with lots of practical exercises, casestudies, and pop quizzes. Students will learn how to find their way aroundfinancial statements with the included reference guides, accounting factsheet,and a glossary—all of which can be downloaded for future reference.
The free online accounting course is part of a certification path to FMVA Financial Analyst Certification and can be taken at your own leisure.
Cost: FreeCertificate: NoTime toComplete: 1.5 hoursCurriculum: BeginnerUserExperience: ExcellentQualityof Instruction: ExcellentPros:• Taught by industry expert Scott Powell
• Excellent user interface
• Lifetime access
Cons:• Too short
5. Accounting – Core Practices
and Theory
Offered by Alison
Founded in 2007 by Mike Feerick, Alison wasthe first (MOOC) massive online open course platform online. The site hasaround six million registered users and offers some of the best onlineaccounting classes you will find.
The Diploma in Accounting – Core Practices andTheory will not earn you an actual diploma. However, you will get a freeLearner Achievement Verification and the option to purchase a shareablecompletion certificate for around $20. A final grade of 80 percent or better isneeded to pass, but you can take the exam as many times as you want.
The course consists of three assessments as well as five modules including:
• Accounting and its Use in Business Decisions
• Recording Business Transactions
• Adjustments for Financial Accounting
• Completing the Accounting Cycle
• Accounting Theory
Cost: FreeCertificate: Yes, with a feeTime toComplete: 10-15 hoursCurriculum: BeginnerUserExperience: ExcellentQualityof Instruction: ExcellentPros:• Industry-recognized leader in onlinelearning
• Excellent user interface
• Video tutorials and course assessments
Cons:• Students wishing to obtain a certificatewill need to purchase it in the online store
6. Professional Bookkeeping and
Accounting 1
Offered by Alison
Alison's MOOC platform allows students to takeprofessional courses in an array of subjects. This Professional Bookkeeping andAccounting Course will give you the knowledge you need to record sales andpurchase transactions in your daybooks. But there is more to this course thanthat. It's fairly comprehensive, covering subjects like:
• Introduction to record-keeping and the accounting equation
• Salestax
• Salesand sales invoicing
• Purchases
Upon completion, you will go through a courseassessment where you will need a passing score of at least 80 percent, afterwhich you will be eligible to purchase a completion certificate in the AlisonStore. However, a certificate is optional, and you will also receive a LearnerAchievement Verification at no cost.
Cost: FreeCertificate: Yes, with a feeTime toComplete: 2-3 hoursCurriculum: BeginnerUserExperience: ExcellentQualityof Instruction: ExcellentPros:• Taught by Paula Guilfoye of the Excel Club
• Excellent user experience
• Video tutorials and a final course exam
Cons:• Students wishing to obtain a certificatewill need to purchase it in the online store
7.Introduction to Financial and
Managerial Accounting
Offered by MIT
This undergraduate-level accounting course isoffered through MIT Open Courseware and is the same course taught on campus,with one exception: You will never have to spend a dime to take it. While youwon't receive any certification, knowing that you are taking courses at one ofthe world's leading universities should be motivation enough.
The syllabus is comprehensive, so we won't list it in its entirety. Instead, here are a few of the topics covered in the free online course in accounting:
• The Income Statement and Principles ofAccrual Accounting
• Revenue Recognition
• Long-term Assets/Depreciation
• Marketable Securities
• Leases and Off-Balance Sheet Financing
• Intangibles and Business Combinations
• Current Liabilities and Contingencies
Cost: FreeCertificate: NoTime toComplete: 50 hoursCurriculum: IntermediateUserExperience: GoodQualityof Instruction: ExcellentPros:• Learn through one of the most well-knownUniversities in the world at no cost
• Taught by professors at the Sloan School ofManagement.
• Thorough and comprehensive at 40 hours long
Cons:• Certificates and grading not offered
8. Accounting Essentials
Offered by the Imperial College of London through edX
Offered through edX and the Imperial Collegeof London, this accounting essentials course will introduce you to themanagement and financial accounting skills you need, whether you are working onan MBA or running your own business. Perfect for beginners, the course isdesigned for those that have no prior knowledge of accounting.
During the free online accounting six-week course, you will learn:
• How to create and interpret the incomestatement, balance sheet, and cash flow statement
• The differences between financial accountingand management accounting
• How financial information is used inbusiness and on an MBA program to make decisions
Students can opt for the paid version, whichgives them an instructor-signed shareable certificate from the Imperial Collegeof London, but it's not required. The course can be taken in the audit versionat no cost.
Cost: FreeCertificate: Yes, with a feeTime toComplete: Six weeksCurriculum: IntroductoryUserExperience: ExcellentQualityof Instruction: ExcellentPros:• Taught by Senior Teaching Fellow JeremyFernando
• Optional shareable certificate can bepurchased for $79
• Perfect for those who need an introductoryaccounting course
Cons:• You will need to pay to obtain a shareablecertificate
9. Managerial Accounting and
Corporate Control
Offered by Indiana University through edX
In this 12-week advanced course, students will learn how management uses accounting data to make complex business decisions and how to prepare and analyze this vital information. The free online course in accounting is thorough and detailed and is part of the micro master's program if you wish to pursue further education.
During the course, you will learn:
• Basic accounting terminology and internalmeasurement systems
• How to analyze Costs, prepare budgets, andapply economic framework
• The theoretical framework of accounting and its accompanying interdisciplinary links.
Students can opt for the paid version, whichgives them an instructor-signed shareable certificate from Indiana University.However, it is not necessary to complete the course. It can be taken in auditmode at no cost.
The course is intended for students who havealready completed a bachelor's degree or who have junior or senior standing ata university or college. This is one of the only free online accredited courseson our list that allows students to obtain college credits toward theirmaster's degree at a fraction of the cost.
Cost: FreeCertificate: Yes, with a feeTime toComplete: Twelve weeksCurriculum: AdvancedUserExperience: ExcellentQualityof Instruction: ExcellentPros:• Taught by Associate Professor of AccountingBrian Miller
• Receive credit if you are eligible
• Part of the micro master's program inaccounting
Cons:• Verified learners will need to purchase atextbook
10. Financial Accounting Made
Fun: Eliminating Your Fears
Offered by Babson University through edX
In this four-week edX course, you will gain a solid understanding of statements, financial terms, and metrics to help you make decisions about operations and business performance. The free online accounting course uses a series of scenarios to take you through the process of creating a simple business so you can get comfortable with fundamental accounting tools and concepts.
The course is part of the edX BusinessPrinciples and Entrepreneurial Thought XSeries and is designed to be a fun andengaging way to learn the basics.
Cost: FreeCertificate: Yes, with a feeTime toComplete: 15 hoursCurriculum: BeginnerUserExperience: ExcellentQualityof Instruction: ExcellentPros:• Taught by Professor of Accounting and LawDivision Peter Wilson
• Easy to understand
• Perfect for beginners
Cons:• You will need to pay to obtain a shareablecertificate or earn credit
• Some assignments may not be available in theaudit-only mode.
11. Accounting and Finance for
Entrepreneurs
Offered by Learn@Forbes
If you thought Forbes was just a glossyfinance magazine, think again. The company has its own impressive learningplatform offering a wide range of courses. In Accounting and Finance forEntrepreneurs, students will learn about:
• Generally Accepted Accounting Principles(GAAP)
• Core financial operations such as payables,receivables, and balancing accounts
• Core financial analysis and decision makingincluding ROI, payback period, and break-even
• Preparing the primary financial statementstax authorities, lenders, and investors need to see
• The three major pricing strategies and how to optimize pricing
The course can be accessed free for 14 dayswith a trial to Learn@Forbes. It is five hours long, so if you want it toremain free, you will need to jump on it and start learning. After 14 days, youwill be charged a monthly fee for membership
Upon completion, you will be eligible for acertificate that you can display on your website, CV, resume, or LinkedInProfile
Cost: FreeCertificate: Yes, with a monthly membershipTime toComplete: VariesCurriculum: Beginner to IntermediateUserExperience: ExcellentQualityof Instruction: ExcellentPros:• Free subscription gives you unlimited accessfor 14 days
• Study at your own pace
• Excellent reputation
Cons:• You can only receive certification behindthe paywall
12. Introduction to Payroll
Accounting
Offered by Learn@Forbes
In this brief one hour course, you will get anoverview of payroll accounting and talk about credits, debits, liabilities, andassets as well as how to classify accounts and record journal entries forpayroll transactions. You will also learn how payroll practices impact the costof running an organization and create a handy guide for best practices.
The online accounting course can be accessed free for 14 days with a trial to Learn by Forbes. Upon completion, you will be eligible for a certificate that you can display on your website, CV, resume, or LinkedIn Profile
Cost: FreeCertificate: Yes, with a monthly membershipTime to Complete: One hourCurriculum: Beginner to IntermediateUserExperience: GoodQualityof Instruction: ExcellentPros:• Taught by payroll professional ShirleyBrickous
• Easy to understand
• Can be completed quickly
Cons:• Much too short
13. Accounting Fundamentals:
Understanding Financial Statements
Offered by Skill Share
This course is taught by Skill Share CEO MattCooper, who provides a refreshing perspective on the basics of accounting.There are 10 Short lessons in this 46-minute course, which is designed to helpstudents learn the basics of business accounting. Whether you are a studentgoing for your accounting degree or an entrepreneur who needs to keep the booksbalanced, Matt will cover the essentials for you.
Cost: FreeCertificate: NoTime toComplete: 46 minutesCurriculum: IntroductoryUserExperience: ExcellentQualityof Instruction: ExcellentPros:• Learn from the CEO at Skillshare
• Easy sign-up
• Includes a project to create a real or mock financial spreadsheet from scratch
Cons:• Too short
14. Introduction to Accounting
Basics
Offered by Accounting Coach
The accounting coach website offers freecourses in every aspect of accounting. Taught in a clear and step-by-stepfashion, the platform will appeal to anyone who prefers learning by beingthorough and meticulous. The lessons are presented in a read-only format, withpractice quizzes and games at the complimentary level. To access more featuressuch as flashcards, cheat sheets, and exams, users can upgrade to the paidversion, which is optional.
The website offers an excellent userexperience and a clean interface designed to help you master accountingconcepts without distraction.
Cost: FreeCertificate: Yes, with a feeTime toComplete: VariesCurriculum: Beginner to AdvancedUserExperience: ExcellentQualityof Instruction: GoodPros:• Over 1000 lessons
• Interactive
• Comprehensive resource
Cons:• Completion certificate offered at the paidlevel only
15. Accounting for Creatives
Offered by Skillshare
Former CPA Michelle Cornish is a writer and an illustrator who will teach you the basics of keeping track of income and expenses for creative freelancers. Perfect for artist, writers, and musicians, the free online accounting course will inform users about:
• Tracking revenue to identify the mostprofitable products or services you offer
• Claiming eligible business expenses
• Common deductions most freelancers miss
• Saving tax with donations
• Accounting apps
If you don't want to invest a lot of time,this may be the perfect choice for you. At just 19 minutes long, thismini-course is packed with fast-paced learning and can be completed in lesstime than it takes to make a batch of brownies.
Cost: Free for the first two months—$99 per year after thatCertificate: NoTime toComplete: 19 minutesCurriculum: IntroductoryUserExperience: FairQualityof Instruction: ExcellentPros:• Short and sweet
• Will help freelancers get organized
• Video tutorials
Cons:• Must cancel the subscription before thetwo-month trial period ends to avoid being charged a fee.
• Too basic for students looking for a moredetailed course
Frequently Asked Questions About
Free Accounting Courses
Why Should I Take Free Accounting Courses?
Learning accounting will give you knowledgeand skills you can apply across a broad range of industries. With accountantsalways in demand, the occupation is nearly recession-proof, and as long asthere is money in the world, there will always be the need for someone tocreate and analyze financial records.
Traditional coursework is expensive butfilling in some of your learning gaps with free accounting courses can help.Free classes can prepare you for more in-depth college classes and, in some cases,may even earn you credit.
Who Should Take Free Accounting
Courses?
Accounting is one of the more challenging courses of study, with rigorous academic requirements. If math and analytics come easy to you, accounting might be just your niche. Detail-oriented students who enjoy problem-solving and don't mind analyzing lots of data might find this field to be ideal.
The world of numbers is stable and constant.Those who thrive on change and excitement will probably not enjoy accounting.However, those that are most comfortable with predictable routines may findaccounting to be a great option.
If you are considering a career in accounting,taking some free classes before investing in more costly college courses canhelp you decide if this is the field for you. If you are an entrepreneur orsmall business owner, you may benefit financially from learning more aboutaccounting principles or software. And if you are already in the industry,taking some free courses can help you brush up on your skills and improve yourprospects of being hired.
What Are the Requirements and
Prerequisites?
Free online accounting courses are typicallyopen to anyone. However, If you want to succeed, you should at least have solidmath and keyboard skills.
Will I Earn College Credits by
Taking an MOOC?
Most free accounting courses do not offercollege credits, but here are exceptions. Some of the courses on our list maybe part of a broader accounting specialization where users can earn credit fortheir work. When in doubt, you should check the course materials.
How Long Do Free Online Courses
Take?
Most free online courses in accounting areself-paced, so the completion time is flexible. There is usually an estimatedduration listed, but many students find it works best to undertake the lessonswhen they fit into other aspects of their lives. Most classes on our list takebetween a few hours to a few months.
Are Free Online Courses Graded?
Typically not. However, some components of aclass, such as final exams or capstone projects, may have a graded componentbehind a paywall. Quizzes are sometimes auto-graded through the learningplatform so you can test your knowledge of a particular skill. Occasionally,free classes that offer a certificate at no cost will also have an auto-gradedtest you will need to pass to earn your certification.
Are There Specific Start Times
and Deadlines for Free Online Classes?
One of the best things about free onlinecourses is that they are flexible, so although some may have scheduled starttimes, most will allow you to progress at your own pace. If an assignment doeshave a deadline, it is typically a "suggested" time for completion tohelp keep you on track. Most often you can take free courses wherever andwhenever you would like.
If These Courses are Free Why
Does It Look Like There Is a Fee Involved?
You will sometimes come across classes thatoffer graded components that can only be accessed by signing up for a freetrial or membership. This is called a paywall. Most often, certificates ofcompletion will be behind this paywall. If you opt to obtain a certificate, youwill want to sign up as a paid member of the platform.
However, each of the courses we have listedcan be accessed for free by taking them in audit mode. This means you can lookat all the course materials at no charge; you simply won't be graded. It'sworth noting that the first few classes on each of our lists typically offersome type of verification of completion for free, which is why they are ratedhigher than others.
If you need a certificate of completion, butyou can't afford one, some sites offer financial aid or scholarships.
Are Free Online Accounting
Courses Worth It?
Taking free online courses is definitely worth your time. Not only will you obtain some new skills but taking the classes can help you determine whether a job in the accounting industry is right for you. Whether you want to improve your current skill set, obtain an entry-level position as a bookkeeper, or you want to get a better handle on the finances of your business, there has never been a better time to take free accounting classes.
OCR Staff
March 2020
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