Fundamentals of Accountancy

Module 1: Introduction to Accounting

• Understanding the role and importance of accounting in business.
• Overview of accounting principles, concepts, and standards.
• Differentiating between financial accounting and managerial accounting.

Module 2: Financial Statements and Reporting

• Introduction to financial statements: balance sheet, income statement, cash flow statement, and statement of retained earnings.
• Understanding the purpose and components of each financial statement.
• Principles of financial statement analysis and interpretation.

Module 3: Double-Entry Accounting and Transactions

• Basics of double-entry accounting: debits, credits, and journal entries.
• Recording common business transactions: sales, purchases, expenses, and revenue recognition.
• Understanding the accounting equation and its relationship to the balance sheet.

Module 4: Accounting Cycle and Adjusting Entries

• Overview of the accounting cycle: from journal entries to financial statements.
• Understanding accrual accounting and the need for adjusting entries.
• Preparing adjusting entries for accruals, deferrals, depreciation, and bad debts.

Module 5: Merchandising Operations and Inventory

• Understanding merchandising operations and inventory accounting.
• Methods of inventory valuation: FIFO, LIFO, and weighted average.
• Recording inventory transactions and adjusting inventory accounts.

Module 6: Receivables and Payables Management

• Managing accounts receivable and accounts payable.
• Accounting for bad debts and allowances for doubtful accounts.
• Analyzing receivables turnover and days sales outstanding (DSO) ratios.

Module 7: Fixed Assets and Depreciation

• Introduction to fixed assets and property, plant, and equipment (PP&E).
• Methods of depreciation: straight-line, units of production, and declining balance.
• Accounting for depreciation expense and the impact on financial statements.

Module 8: Financial Ratios and Analysis

• Overview of financial ratios for liquidity, profitability, solvency, and efficiency.
• Interpreting financial ratios to assess business performance and financial health.
• Conducting ratio analysis and benchmarking against industry standards.

Module 9: Budgeting and Forecasting

• Importance of budgeting in financial planning and control.
• Developing operating and financial budgets: sales, production, cash, and capital budgets.
• Monitoring budget performance and preparing variance analysis reports.

Module 10: Cost Accounting and Management

• Basics of cost accounting: cost classification, cost behavior, and cost-volume-profit analysis.
• Job costing, process costing, and activity-based costing (ABC).
• Using cost data for decision-making and performance evaluation.