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Understanding Financial Accounting
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Course Overview
This 40-hour Financial Accounting course is designed for students, professionals, and entrepreneurs to build a solid foundation in financial reporting, accounting principles, and financial statement preparation. The course includes theoretical learning and practical exercises to ensure competency in core accounting practices.
Course Modules
Module 1
2 hours
Introduction to Financial Accounting
Definition and Purpose of Financial Accounting - Financial vs. Managerial Accounting - Stakeholders in Financial Reporting
Objectives: Understand the role and scope of financial accounting.
Assessment: Introductory quiz.
Module 2
3 hours
Accounting Principles and Standards
Generally Accepted Accounting Principles (GAAP) - International Financial Reporting Standards (IFRS) - The Conceptual Framework of Accounting
Objectives: Explain core accounting standards and principles.
Assessment: Case studies on principles and standards.
Module 3
4 hours
The Accounting Cycle
Steps in the Accounting Cycle - Identifying and Recording Transactions - Adjusting Entries - Closing Entries
Objectives: Complete the full accounting cycle.
Assessment: Practical accounting cycle exercise.
Module 4
3 hours
Recording Financial Transactions
Journals and Ledgers - Posting to General Ledger - Trial Balance Preparation
Objectives: Accurately record and post financial transactions.
Assessment: Ledger and journal posting tasks
Module 5
2 hours
Cash and Accrual Accounting
Differences Between Cash and Accrual Methods - Revenue Recognition Principle - Matching Principle
Objectives: Differentiate and apply cash vs. accrual accounting.
Assessment: Short exercises on revenue and expense recognition.
Module 6
4 hours
Preparing Financial Statements
Income Statement - Balance Sheet - Statement of Cash Flows - Statement of Changes in Equity
Objectives: Prepare complete financial statements.
Assessment: End-to-end financial statement preparation.
Module 7
3 hours
Accounting for Assets
Current vs. Non-Current Assets - Depreciation Methods (Straight-line, Declining Balance) - Intangible Assets and Amortization
Objectives: Record and account for different asset types.
Assessment: Depreciation and amortization exercises.
Module 8
3 hours
Accounting for Liabilities
Current vs. Long-term Liabilities - Notes Payable and Bonds - Contingent Liabilities
Objectives: Properly record and report liabilities.
Assessment: Liability accounting case studies.
Module 9
3 hours
Accounting for Equity
Common Stock and Preferred Stock - Retained Earnings - Dividends
Objectives: Account for equity transactions.
Assessment: Equity-related transaction exercises.
Module 10
3 hours
Inventory Accounting
Inventory Valuation Methods (FIFO, LIFO, Weighted Average) - Perpetual vs. Periodic Inventory Systems - Cost of Goods Sold (COGS)
Objectives: Apply inventory accounting methods.
Assessment: Inventory valuation tasks.
Module 11
2 hours
Internal Controls and Fraud Prevention
Principles of Internal Controls - Common Types of Fraud - Preventive and Detective Controls
Objectives: Design and evaluate internal control systems.
Assessment: Internal controls analysis.
Module 12
3 hours
Financial Statement Analysis
Ratio Analysis - Trend Analysis - Comparative Financial Statements
Objectives: Analyze financial health using statements.
Assessment: Financial analysis exercises.
Module 13
2 hours
Ethics in Financial Accounting
Ethical Issues in Accounting - Role of Professional Codes of Conduct - Real-World Accounting Scandals
Objectives: Recognize ethical responsibilities.
Assessment: Ethics scenario analysis.
Module 14
4 hours
Final Project and Course Review
Comprehensive Case Study - Preparing Financial Reports for a Business - Final Exam - Feedback and Q&A
Objectives: Integrate all course knowledge in a practical project.
Assessment: Final project submission and exam.