Fundamentals Of Accounting

Category: Fundamentals Of Accounting

Course Description

Course Objectives

By the end of the program, participants will be able to:

  • Identify the importance of accounting in running the business.
  • Acquire basic accounting knowledge and skills needed to better support management.
  • Properly distinguish and classify account categories within the accounting system in the company.
  • Accurately account for transactions affecting assets, liabilities and equities.
  • Correctly account for transactions affecting revenues and expenses.
  • Effectively prepare statements of income and balance sheets.
  • Perform hands-on bank reconciliation, account analysis, and General Ledger (GL) to sub-ledger reconciliation.

Course Outline

  • The Role and Purpose of Accounting
  • The Accounting System
  • The Fundamental Accounting Equation
  • Accrual  versus Cash Basis Accounting
  • Matching Principle and Revenue Recognition
  • Steps of the Accounting Cycle:
  • Analyzing Transactions
  • Recording Transactions
  • Preparing Trial Balance
  • Recording Adjusting Entries
  • Recording Closing Entries
  • Preparing Financial Statements
  • Preparing Post-Closing Trial Balance
  • Using Accounts to Summarize Transactions
  • The Rules of Debits and Credits
  • Preparing Trial Balance (TB)
  • Cash and Bank Accounts
  • Accounts and Notes Receivable and Allowance for Doubtful Debts
  • Inventory and Cost of Sale
  • Fixed Assets and Intangible Assets
  • Current Liabilities and Long-Term Liabilities
  • Contributed Capital and Retained Earnings
  • Adjusting for Accruals
  • Adjusting for Deferrals
  • The Income Statement
  • Statement of Owners’ Equity
  • The Balance Sheet
  • Performing Bank Reconciliation
  • Performing Account Analysis
  • Course Review Material