Fundamentals of Financial Accounting
Master financial accounting basics—ledgers, balance sheets & income statements. Learn to track, analyze & report business finances accurately.
Duration: 1 Day
Hours: 3 Hours
Training Level: All Levels
About the Course:
This 3-hour course, “Fundamentals of Financial Accounting,” is designed to provide participants with a solid foundation in financial accounting concepts and practices. Covering essential topics like the accounting cycle, financial statements, and basic reporting requirements, the course demystifies accounting for non-accountants and builds confidence in reading and interpreting financial information. Through interactive examples and practical exercises, participants will gain a clear understanding of how accounting information supports sound business decision-making.
Course Objective:
By the end of this course, participants will be able to:
- Understand the purpose and importance of financial accounting in business.
- Explain key accounting concepts such as assets, liabilities, equity, revenue, and expenses.
- Describe the steps of the accounting cycle, from transaction analysis to financial statements.
- Prepare and interpret basic financial statements: balance sheet, income statement, and cash flow statement.
- Identify common accounting principles and standards (GAAP/IFRS).
- Apply double-entry bookkeeping concepts using simple examples.
Who is the Target Audience?
This course is ideal for:
- Non-finance professionals seeking to understand accounting fundamentals.
- Small business owners and entrepreneurs who manage or oversee financial records.
- Managers and team leaders are looking to improve their financial literacy.
- Students and early-career professionals interested in developing essential accounting knowledge.
Basic Knowledge:
- There are no prerequisites for this course.
Curriculum
Total Duration: 3 Hours
Module 1: Introduction to Financial Accounting
- What is financial accounting, and why is it important?
- Users of financial information: internal and external stakeholders
Module 2: Key Accounting Concepts and Principles
- The accounting equation: Assets = Liabilities + Equity
- Revenue, expenses, gains, and losses
- Overview of GAAP and IFRS
Module 3: The Accounting Cycle
- Recording transactions (debits and credits)
- The general ledger and chart of accounts
- Adjusting entries and trial balances
Module 4: Financial Statements
- Preparing and understanding the balance sheet
- Creating an income statement
- Introduction to the cash flow statement
Module 5: Double-Entry Bookkeeping
- Debits and credits explained
- Common examples of journal entries
Module 6: Practical Application and Wrap-Up
- Hands-on exercise: Recording transactions and preparing basic statements
- Review of key takeaways and best practices
- Q&A and next steps