Introduction

Accounting has evolved into several essential branches, including financial, cost, and management accounting, making it a vital function in every business. It enables organizations to systematically record, classify, and report financial transactions to support decision-making and evaluate profitability and financial position.

Accounting information is widely used by stakeholders such as investors, employees, and managers to make informed financial and operational decisions. It also supports financial planning, performance evaluation, cost control, and future forecasting.

This training course provides a foundational understanding of accounting principles and their practical application in business environments. It introduces key accounting systems, processes, and techniques, serving both beginners and professionals seeking to refresh their knowledge.

Course Objectives

Upon successful completion of this course participants shall be able to achieve the following objectives:

• Realize the need for accounting information in different aspects of the business.

• Understand the multi-facets of accounting and their application in personal as well as professional life.

• Be adept at reading and interpreting financial statements.

• Be aware of various accounting concepts and conventions.

• Understand what financial statements include and how they are prepared.

• Understand what and how accounting information is used in various management functions of planning, organizing, directing, and controlling.

• Understand how accounting skills help in tax planing.

• Achieve coordination among various departments through the smooth flow of financial information.

Target Audience

• Entrepreneurs/small business owners/start-up founders

• HR, marketing, production, finance executives and managers

• Accounting assistance

• Retail investors

• Financial analysts

• Relationship managers

• Financial advisers

• Financial planners

Course Outline

Day 1: Fundamentals of Accounting

• Understanding basics of accounting
• Introduction to financial accounting
• Users of financial statements
• Double entry system
• Generally accepted accounting principles (GAAP)
• Accounting terminology
• Accounting cycle
• Chart of accounts
• Cash vs accrual accounting
• Capital vs revenue expenditure

Day 2: Recording Financial Transactions

• Journal entries
• Posting to general ledgers
• Accounts receivable and accounts payable ledgers
• Bank and cash reconciliation
• Provisions
• Depreciation
• Inventory valuation
• Case Study – 1
• Examples of double entry transactions

Day 3: Financial Statements and Reporting

• Components of financial accounts
• Balance sheet
• Income & expenditure account
• Cash flow statement
• Statement of changes in equity
• Notes to financial statements
• International Accounting Standards (IAS)
• International Financial Reporting Standards (IFRS)
• GAAP overview

Day 4: Financial Analysis and Investment Decisions

• Financial statement analysis
• Ratio analysis
• Vertical and horizontal analysis (P&L and balance sheet)
• Capital expenditure and investment appraisal
• Return on investment
• Payback period
• Net present value (NPV)
• Internal rate of return (IRR)
• Lease or buy decisions

Day 5: Budgeting, Costing, and Management Accounting

• Budget process and management
• Preparation of master budget
• Fixed vs flexible budgets
• Quarterly reviews and forward planning
• Budget vs actual comparison
• Zero-based budgeting
• Cost accounting principles
• Absorption costing and marginal costing
• Contribution margin and break-even analysis
• Sensitivity and variance analysis
• Management accounting overview
• Case Study – 2
• Analysis of financial statements of a listed company