Accounting Fundamentals

Learning Method: Instructor-led Classroom Learning Duration: 2.00 Days

*Click here to view upcoming Accounting Fundamentals Classes

In Accounting Fundamentals 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. We will cover 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?
  • Personal traits of accountants. Integrity

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

  • The Different Accounting Functions – How they work together
  • Organizing the Accounting Department
  • Accounts Payable Function
  • Accounts Receivable Function
  • Inventory Control Function
  • Payroll Function
  • General Ledger Function

Section 6:  Month End Procedures

  • The Accounting Cycle
  • Month End Closing Steps
  • The Trial Balance and General Ledger
  • Journal Entries – The role of the 7 JE’s Types
  • Producing Financial Reports
  • Analyzing the Financial Statements – Is it Right

Section 7:  Using Accounting to Manage Your Business

  • Pricing your Products for Sale
  • Inventory Controls
  • Fixed Asset Controls
  • Understanding Cost of Goods Sold and Gross Margins
  • Understanding Overhead Costs – Fixed vs Variable

Section 8:  Accounting Controls

  • Cash Controls
  • Separation of Duties and why that is important
  • Fraud and Embezzlement Prevention Technics

Section 9: Using Accounting to aid in Business Decisions – Big Picture

  • Analyzing the Financial Statements
  • Trend Analysis
  • Understanding Cash Flow
  • The Break-Even Analysis
  • Making Projections and Budgets
  • Financial Status Checklist and Common Ratios
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