Accounting Fundamentals Level 1

Learning Method: Instructor-led Classroom Learning Duration: two half days

*Click here to view upcoming Accounting Fundamentals Classes

In Accounting Fundamentals Level 1 You Will Learn:

You will learn the basics of Accounting. Accounting principles and terminology. Purpose of double-entry accounting, accounting procedures and the various accounting functions. Covering topics such as recording transactions, producing accounting reports and how to analyze financial results. You will be introduced to accounts receivable, accounts payable, inventory accounting, payroll procedures and various common banking activities. Additionally, we will cover all the steps from daily transactions to preparing financial statements and closing the books at the end of the accounting period. This course is designed to give you an overall understanding of accounting in the business environment.

Course Outline: 

Section 1: Principles of Accounting

  • Accounting Definition – The language of business
  • Why is accounting important?
  • Who needs it and what they need?

Section 2: Accounting Structure

  • Business Organization and the difference between:
  • Proprietorship
  • Partnerships
  • Limited Partnerships
  • Corporations
  • Cash vs. Accrual Accounting
  • Tax and Accounting Periods

Section 3: Fundamentals of Accounting

  • The Accounting Equation
  • The Chart of Accounts
  • Profit and Loss – Income and Expense Accounts
  • Balance Sheet – Assets, Liabilities, Equity Accounts

Section 4: Recording Transactions

  • Double Entry Accounting
  • Understanding Debits and Credits
  • Accounting entries are always in balance
  • Working with Accounts – How to pick the right one

 Section 5: The different Accounting Functions

  • Accounts Payable Function
  • Accounts Receivable Function
  • Inventory Control Function
  • Payroll Function
  • General Ledger Function
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