Basic Concepts of Accounting

This course provides a solid foundation in accounting principles and practices essential for professionals interacting with financial data. It equips participants with practical skills to interpret financial statements, understand double-entry bookkeeping, and implement core accounting principles. Ideal for those new to accounting or transitioning into finance roles, it ensures confidence in applying fundamental concepts to real-world corporate environments.

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

• Apply double-entry bookkeeping to record financial transactions accurately
• Prepare and interpret core financial statements
• Understand and apply fundamental accounting principles
• Execute adjusting and closing entries within the accounting cycle
• Develop basic budgeting and financial planning skills

• Entry-level accounting professionals
• Non-accounting professionals managing budgets
• Career switchers into finance roles
• Individuals managing personal or small business finances

Module 1: Introduction to Accounting

• Importance of accounting in business
• Roles and responsibilities of accountants
• Overview of financial statements
• Accounting equation
• Types of business entities

Module 2: Fundamental Accounting Principles

• Accrual vs. cash basis accounting
• Revenue recognition and matching
• Historical cost and objectivity principles
• Materiality and consistency

Module 3: Double-Entry Bookkeeping

• Debits and credits
• T-accounts and general ledger
• Recording transactions
• Preparing a trial balance

Module 4: Recording Transactions

• Analyzing business transactions
• Journalizing and posting
• Practice exercises and real-life examples

Module 5: Adjusting Entries

• Purpose and types of adjustments
• Accruals and deferrals
• Depreciation and bad debts
• Examples and exercises

Module 6: Financial Statements

• Income statement preparation
• Balance sheet structure
• Cash flow statement overview
• Financial ratio analysis

Module 7: Closing Entries and the Accounting Cycle

• Purpose and steps of closing entries
• Income summary and retained earnings
• Reversing entries
• Full accounting cycle review

Module 8: Introduction to Budgeting

• Role of budgeting in planning
• Types and steps in budget creation
• Budgeting techniques
• Budgetary control and variance analysis

Module 9: Case Studies and Applications

• Real-world scenarios in accounting
• Application of principles to cases
• Group discussions and feedback

Module 10: Review and Assessment

• Summary of key concepts
• Final group discussion
• Knowledge assessment quiz and wrap-up

The course combines various teaching methods, including instructor-led presentations, group discussions, case study analyses, and assessments through quizzes and a final exam to engage participants and ensure they understand and retain the material.