Accounting is often referred to as the language of business, providing vital financial information that helps organizations make informed decisions. This 5-day introductory course is designed to provide participants with a solid understanding of accounting principles, terminology, and practices. Whether you’re new to accounting or seeking to refresh your knowledge, this course will cover the essentials of financial statements, bookkeeping, and accounting systems. By the end of the course, participants will be able to understand and apply basic accounting concepts and prepare financial reports for businesses.

Course Objectives

• Understand the fundamental principles and concepts of accounting.
• Learn how to prepare and interpret key financial statements: balance sheet, income statement, and cash flow statement.
• Gain knowledge of the accounting cycle and how transactions are recorded and processed.
• Explore basic bookkeeping techniques, including journal entries and ledgers.
• Learn how to apply accounting software and tools in modern business environments.
• Equip participants with the knowledge to make informed financial decisions.

Who Should Attend?

• Individuals looking to start a career in accounting or finance.
• Business owners and managers seeking to understand the financial health of their company.
• Students interested in gaining a basic understanding of accounting.
• Professionals in fields such as marketing, HR, or operations who want to enhance their financial literacy.
• Anyone seeking to improve their ability to understand and manage financial statements.

Day 1: Introduction to Accounting and Basic Concepts

• Session 1: What is Accounting?
  • Definition of accounting and its role in business
  • The importance of accounting in decision-making and financial transparency
  • The key users of financial accounting information (owners, investors, creditors)
• Session 2: Key Accounting Principles and Assumptions
  • Introduction to Generally Accepted Accounting Principles (GAAP)
  • The basic accounting assumptions: economic entity, monetary unit, time period, and going concern
  • The accounting equation: Assets = Liabilities + Owner’s Equity
• Session 3: Types of Accounting
  • Financial accounting vs. managerial accounting
  • The role of cost accounting and tax accounting in business operations
  • Overview of external and internal users of accounting information

Day 2: Understanding Financial Statements

• Session 1: The Balance Sheet
  • Components of the balance sheet: assets, liabilities, and equity
  • How to classify assets and liabilities (current vs. non-current)
  • How to analyze the balance sheet for financial health
• Session 2: The Income Statement
  • Understanding revenues, expenses, and net income
  • How to prepare and interpret an income statement
  • The relationship between the income statement and the balance sheet
• Session 3: The Cash Flow Statement
  • Importance of the cash flow statement in tracking cash movement
  • The three sections: operating activities, investing activities, and financing activities
  • How to use the cash flow statement for financial analysis

Day 3: The Accounting Cycle and Bookkeeping Basics

• Session 1: The Accounting Cycle
  • The 8-step process of the accounting cycle
  • Identifying and recording transactions
  • The role of journals, ledgers, and trial balances in the accounting cycle
• Session 2: Double-Entry Bookkeeping
  • The concept of debits and credits
  • How to record journal entries in the general journal
  • The relationship between the general ledger and the trial balance
• Session 3: Posting Transactions
  • How transactions are posted from journals to ledgers
  • The concept of T-accounts and their use in tracking balances
  • Preparing the trial balance and correcting errors in the trial balance

Day 4: Accrual vs. Cash Basis Accounting and Financial Reporting

• Session 1: Cash vs. Accrual Accounting
  • The difference between cash basis and accrual basis accounting
  • The advantages and disadvantages of each method
  • When to use cash vs. accrual accounting in business
• Session 2: Adjusting Entries
  • The importance of adjusting entries in accrual accounting
  • Common types of adjusting entries: prepaid expenses, accrued revenues, and accrued expenses
  • Preparing adjusting journal entries and understanding their impact on financial statements
• Session 3: Financial Reporting and Analysis
  • The role of financial statements in business reporting
  • Using financial ratios to analyze business performance
  • Introduction to vertical and horizontal analysis for financial statements

Day 5: Accounting Software and Practical Applications

• Session 1: Introduction to Accounting Software
  • Overview of popular accounting software (e.g., QuickBooks, Xero, Sage)
  • Benefits of using accounting software for businesses
  • How to set up and use accounting software for daily bookkeeping
• Session 2: Financial Decision-Making
  • How to use accounting data for budgeting and forecasting
  • Analyzing financial performance through key performance indicators (KPIs)
  • Making informed decisions based on accounting information
• Session 3: Ethics in Accounting and Conclusion
  • Ethical considerations in accounting: honesty, integrity, and transparency
  • The role of accountants in maintaining business ethics
  • Course review and key takeaways

Course Conclusion

• Recap of Key Learnings
• Interactive Q&A Session
• Certification of Completion
• Networking Opportunity