Course Description

Course Overview

This course introduces the fundamentals of accounting, including essential principles, financial statements, and bookkeeping practices. Ideal for beginners or those interested in pursuing a career in finance, this course provides the skills needed to understand, manage, and analyze financial information.

Course Duration

3 to 6 months (depending on level and intensity)

Eligibility

• High school diploma or equivalent
• Basic math skills and an interest in finance

Course Objectives

• Understand the fundamental principles of accounting
• Develop proficiency in recording financial transactions
• Learn to prepare and interpret essential financial statements
• Gain familiarity with accounting software and tools
• Understand the role of accounting in business decision-making

Course Syllabus

1. Introduction to Accounting

   • Definition and purpose of accounting
   • Types of accounting (financial, managerial, cost, and tax accounting)
   • Accounting terminology and basic concepts

2. Accounting Principles and Concepts

   • Generally Accepted Accounting Principles (GAAP)
   • Key concepts: Accrual basis, matching principle, and revenue recognition
   • The accounting cycle and its importance

3. Recording Transactions

   • Double-entry bookkeeping system
   • Debits and credits
   • Chart of accounts and journal entries
   • General ledger and subsidiary ledgers

4. Financial Statements

   • Overview of financial statements: Balance sheet, income statement, cash flow statement, and statement of owner’s equity
   • Preparing and analyzing financial statements
   • Interpreting financial health through ratios

5. Adjusting Entries and Closing Process

   • Purpose of adjusting entries (accruals and deferrals)
   • Adjusting entries for depreciation, accrued expenses, and prepaid expenses
   • Closing the books at the end of the accounting period

6. Cash and Banking Transactions

   • Bank reconciliation and cash control
   • Petty cash management
   • Recording cash receipts and payments

7. Accounts Receivable and Accounts Payable

   • Managing receivables and payables
   • Bad debts and allowances
   • Recording credit transactions and payments

8. Inventory and Cost of Goods Sold

   • Types of inventory and costing methods (FIFO, LIFO, and weighted average)
   • Inventory valuation and adjustments
   • Calculating cost of goods sold (COGS)

9. Payroll Accounting

   • Basics of payroll and employee compensation
   • Calculating gross and net pay
   • Recording payroll expenses and taxes

10. Accounting Software and Tools

    • Introduction to accounting software (e.g., QuickBooks, Xero)
    • Using spreadsheets for accounting
    • Generating and managing reports

11. Budgeting and Forecasting

    • Purpose and process of budgeting
    • Preparing budgets and forecasts
    • Variance analysis (actual vs. budgeted results)

12. Ethics in Accounting

    • Importance of ethical practices in accounting
    • Recognizing and preventing fraud
    • Role of auditors and internal controls

Practical Training

• Real-world exercises on bookkeeping and financial statement preparation
• Using accounting software for transaction recording and reporting
• Budgeting and financial analysis projects

Assessment and Certification

• Regular quizzes and practical assignments
• Final exam covering theoretical and practical aspects
• Certificate of completion upon successful assessment

Career Opportunities

• Entry-level accounting roles (e.g., bookkeeper, accounts assistant)
• Pathway to further studies in accounting or finance