Introduction
Accounting Fundamentals builds the core knowledge needed to record transactions accurately and produce clear financial statements. This practical program covers basic accounting principles, double-entry bookkeeping, common transaction entries, period-end adjustments, and how the income statement, balance sheet, and cash flow statement fit together.
Course Objectives
By the end of this course, participants will be able to:
· Explain key accounting principles and the accounting equation
· Record common transactions using double-entry bookkeeping
· Post entries to ledgers and prepare a simple trial balance
· Apply basic adjusting entries and understand the period-end close
· Prepare and interpret basic financial statements
Target Audience
This course is designed for:
· Accounting officers and junior accountants
· Finance administrators and assistants
· Non-finance staff moving into accounting roles
· Operations staff supporting budgets and reconciliations
· Anyone needing a strong foundation in accounting basics
Course Outlines
Day 1: Accounting Basics and the Accounting Equation
· What accounting is and why it matters
· Key concepts: assets, liabilities, equity, income, expenses
· The accounting equation and how transactions affect it
· Debits and credits in simple terms
· Activity: Classify common items into the accounting equation
Day 2: Double-Entry Bookkeeping and Journal Entries
· Chart of accounts and account types
· Journal entries: structure, dates, descriptions, references
· Recording common transactions: sales, purchases, receipts, payments
· Source documents and audit trail basics
· Workshop: Create journal entries from 10 transaction scenarios
Day 3: Ledgers, Trial Balance, and Error Checks
· Posting to the general ledger (T-accounts and balances)
· Sub-ledgers overview: AP, AR, inventory (high level)
· Preparing a trial balance and spotting common errors
· Simple reconciliation concepts (bank and control accounts)
· Activity: Post entries and produce a trial balance from a mini case
Day 4: Adjusting Entries and Period-End Close
· Accruals vs prepayments (clear differences)
· Depreciation basics and simple calculation methods
· Bad debts and allowances (high level)
· Closing routine overview: checklists, reviews, approvals
· Case study: Apply adjustments and update the trial balance
Day 5: Financial Statements and Basic Interpretation
· Income statement: revenue, expenses, profit
· Balance sheet: assets, liabilities, equity (and how it links)
· Cash flow statement basics: operating, investing, financing (high level)
· Simple ratio overview: liquidity and profitability
· Activity: Prepare basic statements and write a short performance summary