Book Keeping & Accounting Basic & Intermediate Course

Description

This course covers the essentials of bookkeeping and accounting, equipping students with knowledge and skills to manage and maintain accurate financial records. It includes the fundamentals of double-entry bookkeeping, financial statement preparation, and intermediate topics like adjusting entries and financial analysis.

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Course Objectives:

By the end of this course, students will:

1. Understand fundamental accounting concepts and the accounting cycle.
2. Record and categorize transactions using double-entry bookkeeping.
3. Prepare and interpret financial statements.
4. Apply intermediate accounting practices, including adjustments and reconciliations.
5. Analyze financial data to support decision-making.

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Course Structure & Modules:

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Module 1: Introduction to Bookkeeping and Accounting

• What is Accounting? Overview of accounting’s role in business.
• Difference between Bookkeeping and Accounting: Functions and responsibilities.
• Key Accounting Terms: Assets, liabilities, equity, revenue, expenses.
• Importance of Accurate Record-Keeping: Compliance, decision-making, and reporting.

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Module 2: The Accounting Equation and Financial Statements

• The Accounting Equation: Understanding assets = liabilities + equity.
• Introduction to Financial Statements: Balance sheet, income statement, and cash flow statement.
• Relationships Between Financial Statements: How statements interlink.
• Analyzing Financial Statements: Basics of interpreting financial data.

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Module 3: Double-Entry Bookkeeping

• Principles of Double-Entry: Debits and credits explained.
• Creating Journal Entries: Recording transactions in the general journal.
• T-Accounts and Ledgers: Posting entries to general ledger accounts.
• Trial Balance Preparation: Ensuring debits equal credits.

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Module 4: Recording Business Transactions

• Sales and Revenue Entries: Recording income and sales transactions.
• Expenses and Purchases: Tracking operational expenses and purchase entries.
• Handling Assets and Liabilities: Recording acquisitions and liabilities.
• Dealing with Equity Transactions: Owner contributions, withdrawals, and retained earnings.

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Module 5: Managing Accounts Receivable and Payable

• Accounts Receivable: Recording and managing customer payments.
• Accounts Payable: Tracking and paying supplier invoices.
• Aging Schedules and Collections: Monitoring overdue receivables.
• Discounts and Returns: Recording sales returns and purchase discounts.

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Module 6: Adjusting Entries and Closing the Books

• Why Adjusting Entries Matter: Matching expenses with revenues.
• Types of Adjusting Entries: Prepayments, accruals, depreciation, and allowances.
• Preparing an Adjusted Trial Balance: Ensuring accurate financial statements.
• Closing Entries: Zeroing out temporary accounts for a new accounting period.

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Module 7: Bank Reconciliation

• Understanding Bank Reconciliation: Importance for cash flow accuracy.
• Steps to Reconcile Bank Statements: Identifying discrepancies.
• Common Reconciliation Adjustments: Outstanding checks, deposits in transit, and bank fees.
• Reconciling Cash Accounts: Maintaining accurate cash balances.

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Module 8: Payroll Accounting Basics

• Payroll Overview: Recording employee compensation and deductions.
• Understanding Payroll Taxes: Social security, Medicare, and state/federal taxes.
• Recording Payroll Expenses: Wages, benefits, and employer taxes.
• Payroll Liabilities and Payments: Paying taxes and liabilities on time.

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Module 9: Inventory and Cost of Goods Sold

• Inventory Tracking: Perpetual vs. periodic inventory systems.
• Inventory Valuation Methods: FIFO, LIFO, and weighted average cost.
• Cost of Goods Sold (COGS): Calculating and recording COGS.
• Adjusting Inventory Balances: Handling stock adjustments and shrinkage.

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Module 10: Depreciation and Fixed Assets

• Introduction to Fixed Assets: Types of assets and useful life.
• Methods of Depreciation: Straight-line, declining balance, and sum-of-the-years-digits.
• Recording Depreciation Expense: Calculating and adjusting asset values.
• Disposal of Fixed Assets: Recording sales or retirement of assets.

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Module 11: Introduction to Financial Analysis

• Analyzing Financial Ratios: Liquidity, profitability, and efficiency ratios.
• Budgeting Basics: Preparing a basic budget and variance analysis.
• Break-Even Analysis: Calculating break-even points for decision-making.
• Forecasting Cash Flow: Projecting future cash needs.

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Module 12: Introduction to Accounting Software

• Choosing Accounting Software: Overview of popular tools (e.g., QuickBooks, Xero).
• Setting Up Accounts: Chart of accounts and initial balances.
• Recording Transactions in Software: Automated entries and reports.
• Generating Financial Reports: Extracting balance sheets, income statements, and cash flows.

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Module 13: Ethics and Regulatory Compliance in Accounting

• Accounting Ethics: Importance of integrity and transparency.
• Regulatory Requirements: Overview of GAAP and IFRS principles.
• Internal Controls for Small Businesses: Segregation of duties and fraud prevention.
• Maintaining Compliance: Regular audits and updates.

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Module 14: Final Project and Certification

• Final Project: Complete a sample set of books for a hypothetical business.
• Project Review and Feedback: Receive feedback from instructors.
• Certification Exam: Validate skills through a comprehensive final exam.

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Additional Course Resources:

• Templates for journal entries, trial balances, and financial statements.
• Practice exercises and quizzes to reinforce learning.
• Video tutorials for each module.
• Downloadable resources and support for software setup.

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Learning Outcomes:

By the end of this course, students will:

• Be proficient in basic and intermediate bookkeeping and accounting principles.
• Confidently record, adjust, and reconcile financial transactions.
• Prepare financial statements and analyze them for business insights.
• Receive a certificate demonstrating proficiency in bookkeeping and accounting.

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This course is ideal for small business owners, aspiring bookkeepers, and anyone looking to build or enhance foundational accounting skills.