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 Outline

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