Accounting Fundamentals

Accounting Fundamentals is designed to provide students with a comprehensive understanding of basic accounting principles and practices. The course covers essential topics such as financial statements, recording transactions, analyzing financial data, and interpreting accounting information. Through a combination of theoretical knowledge and practical exercises, students will develop the foundational skills necessary for success in accounting and related fields.

Introduction to Accounting

  1. Definition and scope of accounting
  2. Importance of accounting in business
  3. Role of accounting in decision-making
  4. Overview of different types of accounting (financial, managerial, tax, etc.)
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Basic Accounting Principles

  1. Generally Accepted Accounting Principles (GAAP)
  2. Accrual vs. Cash Basis accounting
  3. Principles of consistency, relevance, reliability, and comparability.
 
 
 
 
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Financial Statements

  1. Understanding the components of financial statements (Balance Sheet, Income Statement, Statement of Cash Flows)
  2. Preparation and presentation of financial statements
  3. Interpreting financial statements to assess the financial health of a business.
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Recording Transactions

  1. Double-entry accounting system
  2. Debits and credits
  3. Journal entries and posting to the general ledger
  4. Trial balance and the accounting cycle
 
 
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Assets, Liabilities, and Equity

  1. Classification and valuation of assets
  2. Types of liabilities and their characteristics
  3. Equity and its components (common stock, retained earnings)
 
 
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Revenue and Expenses

  1. Recognition and measurement of revenue
  2. Types of expenses (operating, non-operating, etc.)
  3. Matching principle and accrual accounting for expenses
 
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Financial Analysis

  1. Ratio analysis (liquidity, solvency, profitability)
  2. Vertical and horizontal analysis of financial statements
  3. Interpreting financial ratios to evaluate business performance
 
 
 
 
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Special Topics in Accounting

  1. Introduction to budgeting and forecasting
  2. Cost accounting basics
  3. Introduction to taxation and its implications for accounting
 
 
 
 
 
 
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Accounting Software and Technology

  1. Introduction to accounting software packages (e.g., QuickBooks, Xero)
  2. Benefits and limitations of using accounting software
  3. Basic skills in using accounting software for financial transactions and reporting
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Who Should Attend

Students pursuing degrees in accounting, finance, or business administration. Individuals seeking to enter accounting-related professions or roles. Business owners and managers who wish to gain a better understanding of financial statements and accounting principles. Professionals in non-accounting roles who need to interpret financial information as part of their job responsibilities. Anyone interested in learning the fundamentals of accounting for personal or professional development.

Prequisities

No formal prerequisites are required, but a basic understanding of mathematics and business concepts would be beneficial.

Outcome

  1. Understanding: Students will grasp fundamental accounting concepts and principles.

  2. Financial Statement Preparation: They will proficiently prepare and interpret financial statements.

  3. Transaction Recording: Students will accurately record transactions using double-entry accounting.

  4. Financial Analysis: They will analyze financial data to assess business performance.

  5. Principle Application: Students will apply basic accounting principles to recognize revenue and expenses.

  6. Software Proficiency: They will effectively utilize accounting software for data management and analysis.

  7. Ethical Awareness: Students will recognize and address ethical dilemmas in accounting practice.

  8. Communication Skills: They will communicate accounting information clearly to stakeholders.

  9. Problem-Solving: Students will apply critical thinking skills to solve accounting problems.

  10. Preparation for Future Studies/Careers: The course will prepare students for further studies or entry-level positions in accounting or related fields.

 
 
 
 
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