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Accounting - An Introduction

For many, the term ‘financial accounting’ brings to mind the endless struggle to balance accounts and the confusion associated with double-entry, debits, credits, and so on. From the non-specialist’s perspective, however, the important skills to develop are not the skills of double-entry or accounts preparation, but the skills required to navigate and analyze financial statements so as to be able to make informed decisions.

 

This course introduces the subject of financial accounting to those new to the area. It starts off with a broad look at what exactly financial accounting involves, before discussing the different types of financial statements. It also describes the main accounting concepts and conventions, including a look at the important role of accounting standards and standard setters.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Explain the fundamental role of accounting and outline the structure of the three main financial statements

    Describe the key accounting concepts and conventions used in the preparation of financial statements

  • COURSE OUTLINE

    Topic 1: The Role of Accounting

    What is Accounting?

    Users of Accounting Information

    Elements of Financial Statements

    Double-Entry Bookkeeping & the Accounting Equation

    The Accounting Process

    Financial Statements

    o Balance Sheet

    o Income Statement

    o Cash Flow Statement

    Topic 2: Accounting Concepts & Conventions

    Concepts and Conventions

    Other Qualities of Accounting Information

    Accounting Principles and Standards – GAAP

    Financial Accounting Standard Setters

    o Financial Accounting Standards (FASB)

    o International Accounting Standards Board (IASB)

    o Accounting Standards Board (ASB)

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    60 Minutes

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