Basic Accounting

Course Overview

Accounting principles and assumptions are the essential guidelines under which businesses prepare their financial statements. These principles guide the methods and decisions for a business over a short and long term. For both internal and external reporting purposes, it is important to understand the concepts presented below because they serve as a guideline to the analysis of financial reporting issues.

Course Outline

A. Introduction to Accounting (Fundamentals)

• Introduction to Accounting
• The Five Major Types of Accounts
• Assets Definition and Examples
• Liabilities Definition and Examples
• Capital Definition and Examples
• Expenses Definition and Examples
• Revenue / Income Definition and Examples

B. Two Main Categories of the Major Five types

• Rules of Debit and Credit
• Explain the concept of T-accounts

C. Accounting Cycle

• General Journal Entries
• Journal Ledger Preparation
• Trial Balance Preparation
• Trading Account Preparation
• Profit and Loss Account Preparation
• Balance Sheet Preparation
• Assignments for Practical