Principles & Fundamentals of Accounting

GL Level 1

This course is designed to provide a basic understanding of financial accounting and covers various financial accounting topics, including basic accounting theory, accounting principles, procedures to record business transactions, measurements of assets and liabilities and basic preparations for financial statements. More importantly, students will learn how accounting information assists financial statement users in facilitating their decision making. Here the students will understand both the financial accounting process and its outputs in order to make investing or lending decisions. Therefore, students will learn how to prepare simple financial statements and also learn how to read, understand and use published financial statements for decision-making. Assumed practical financial statements will be used as examples for assignments.
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The main goal of this level is to provide the aspirants with an elementary Knowledge of Book-keeping & Accounting practices and to process source documents to check the accuracy of Book-keeping & Accounting Process.

Following contents will be the major part of the Course:

  • Introduction to Book-keeping & Accounting
  • Accounting Terminology
  • Theory Base (Principles) of Accounting
  • Practical Base of accounting (Rules of Debit & Credit)
  • Vouchers/Documents
  • Accounting Equation
  • Rules of Journalizing
  • Ledger Posting
  • Preparation of Cash Book & 
  • Other Subsidiary Books
  • Bank Reconciliation Statement
  • Trial Balance
  • Depreciation 
  • Rectification of Errors
  • Preparation of Financial Statements (Sole Proprietorship) 

 

Learning Outcomes 

After completing this course, you will be able to: 

  •  Describe the nature and purpose of accounting for business. 
  •  Comprehend accounting terminology and basic concepts underlying financial accounting. 
  •  Recognize that accounting is not a precise science but relies heavily on judgments and estimates. 
  •  Account for common elements of the financial statements and prepare simple financial statements. 
  •  Perform basic financial statement analysis and interpret financial reports.
  • Keep Financial records by processing of Documents.
  • Carry out Daily Book-keeping Processes.
  • Prepare Preliminary Accounting Records to form a base for Financial Analysis.