Accounting Fundamentals Curriculum Outline
Basic Accounting Principles and Framework
Overview/DescriptionAccounting and finance are the universal languages of business, and their functions form the core of most organizations. The accounting function sets up the bookkeeping system, monitors it, prepares and presents the financial statements to management, and interprets them as needed. Bookkeeping is a part of the accounting function and involves the mechanical aspect of recording, classifying, and summarizing transactions in account books and posting them to respective financial statements. Apart from the statutory importance, accounting data is very critical to any organizations decision and control system. Managers, decision makers, external stakeholders, and interest groups take the basic accounting data, mix them with other external and supplementary information, and produce meaningful information used for decision making and control purposes. This course aims at familiarizing all learners with basic accounting principles and concepts that set the ground for more advanced learning in this area. Youll be introduced to key accounting terms and concepts such as key characteristics of accounting, the accounting equation, double entry bookkeeping, and basic accounting principles. This course also helps you recognize key characteristics of the International Financial Reporting Standards (IFRS) vis-à-vis the Generally Accepted Accounting Principles (GAAP).
Target AudienceAnyone serving in an accounting role with no previous experience in accounting, and non-accounting employees who want a working understanding of accounting and bookkeeping functions
Expected Duration (hours)1.0
Lesson Objectives Basic Accounting Principles and Framework
Recognize key concepts about accounting Recognize principles underlying the preparation of financial statements Recognize basic accounting practices and their descriptions Recognize the importance of common accounting practices Identify the main characteristics of IFRS Course Number:
fin_03_a01_bs_enus Back to ListThe Accounting Equation and Financial Statements
Overview/DescriptionBusiness owners and managers, regardless of form and size of their organizations, put their best efforts in generating enough assets to pay for businesss liabilities and build adequate stockholders equity. The basic accounting equation offers us a simple way to understand how these three elements – assets, liabilities, and stockholders equity – relate to each other. Every economic activity, or transaction, in an organization affects two or more of these elements. It is therefore important to understand how these elements, and the underlying transactions, appear in financial statements that provide a summary of a businesss performance over a period of time. This course aims at familiarizing learners with the basic accounting equation and financial statements. You are introduced to the accounting equation and how given transactions affect the specific accounts using the debit and credit rule. This course also presents the key characteristics of financial statements and how they are related to each other.
Target AudienceAnyone either serving in an accounting role, or who just wants to have a working understanding of the accounting and bookkeeping functions, but who has no previous experience in accounting.
Expected Duration (hours)1.0
Lesson Objectives The Accounting Equation and Financial Statements
Determine how given transactions affect the accounting equation Determine how common transactions affect specific accounts using the debit and credit rule Recognize key characteristics of financial statements Recognize the key relationships between financial statements Course Number:
fin_03_a02_bs_enus Back to ListThe Accounting Cycle and Accrual Accounting
Overview/DescriptionAccounting involves recording, summarizing, and presenting financial transactions. You need to analyze transactions before recording them in daily journals. Organizations use a variety of accounts, called general ledgers collectively, to record transactions in a number of business areas. A chart of accounts lists all these accounts in the general ledger. All individual accounts are then compiled, totaled and verified for correctness, and then presented as financial statements to the organizations internal and external users. As in most other things, timing is of prime importance in accounting, specifically in recording transactions. Most organizations record revenue or expense transactions when they actually take place – known as accrual accounting. Others do it when money actually changes hands – known as cash accounting. This course teaches the essentials of the accounting cycle, chart of accounts, and accrual accounting method. It walks you through various stages in the accounting cycle, categories of accounts, and how they are organized in respective financial statements. Finally, it introduces the cash and accrual accounting methods and their differences with help of examples.
Target AudienceAnyone either serving in an accounting role, or who just wants to have a working understanding of the accounting and bookkeeping functions, but who has no previous experience in accounting.
PrerequisitesNone
Expected Duration (hours)1.0
Lesson Objectives The Accounting Cycle and Accrual Accounting
Sequence an example of using the accounting cycle Match the Balance Sheet and Income Statement to the Chart of Accounts categories to which they are linked Recognize examples of various categories of accounts Recognize examples of transactions that are ignored in cash-based accounting systems Identify key characteristics of cash and accrual accounting Course Number:
fin_03_a03_bs_enus Back to ListAccounting Transactions and Books of Account
Overview/DescriptionBookkeeping is a critical accounting activity that provides the solid foundation on which an organization stands. The correctness and integrity of the financial statements that an organization produces largely depend on the correctness and integrity of its bookkeeping activities. Journalization and posting to ledgers are the two core bookkeeping activities. The journals are where all transactions are first recorded on a daily basis. Information from a journal is then posted to the ledgers to update each account. Various accounts in the ledgers are then summarized, tested, and validated, and used for producing financial statements at the end of an accounting period. This course covers the key accounting skills of recording accounting transactions in a journal and then posting them into a ledger. Youll be guided through examples of appropriate general and special journals entries and youll learn how to use general ledgers and subsidiary ledgers for a variety of transactions. Finally, youll learn to analyze a transaction, record it in the appropriate journal, and then post it to the ledgers.
Target AudienceAnyone either serving in an accounting role, or who just wants to have a working understanding of the accounting and bookkeeping functions, but who has no previous experience in accounting
Expected Duration (hours)1.0
Lesson Objectives Accounting Transactions and Books of Account
Recognize examples of correct general journal entries Recognize examples of using special journals appropriately Recognize the relationship between journals and associated general and subsidiary ledgers Post common transactions from special journals to subsidiary and general ledgers Course Number:
fin_03_a04_bs_enus Back to ListTrial Balance & Adjusting Entries
Overview/DescriptionA typical accounting cycle begins with the analysis of business transactions and ends with a post-closing trial balance. Trial balances are prepared at several times in an accounting cycle. A trial balance lists all of the ledger accounts and checks if debit and credit totals for all accounts match. Trial balances provide an opportunity to correct any calculation, recording, or posting errors in the account books. Adjusting entries are then made to record accrued or deferred amounts followed by another trial balance to check equality of debits and credits. Financial statements are also prepared at this stage in the cycle. Finally, all temporary accounts are closed and a post-closing trial balance is prepared. This course teaches you how to prepare a trial balance, make adjusting entries, and close the temporary account books at the end of an accounting period. It introduces several types of trial balances performed within the accounting cycle and walks you through the preparation of a trial balance. This course also teaches you how to classify and make adjusting entries and close the accounts at period end.
Target AudienceAnyone either serving in an accounting role, or who just wants to have a working understanding of the accounting and bookkeeping functions, but who has no previous experience in accounting
Expected Duration (hours)1.0
Lesson Objectives Trial Balance & Adjusting Entries
Prepare a trial balance Sequence the steps for preparing a trial balance Recognize key characteristics of several types of trial balances performed within the accounting cycle Classify adjusting entries as being accruals or deferrals Make adjusting entries Sequence the steps for closing the accounts Course Number:
fin_03_a05_bs_enus Back to ListThe Income Statement
Overview/DescriptionFinancial statements show the financial performance of an organization. They are comprised of the Income Statement, the Cash Flow Statement, and the Balance Sheet, and are used both internally and externally by a variety of users. The Income Statement can also be referred to as profit and loss statement or statement of operations, and is one of the most important financial statements. It shows the profitability of a company during a specified accounting period. This course aims to familiarize you with the Income Statement and give you an understanding of how it interacts with other financial statements. Youll be taken through the various components of the Income Statement and taught hands-on knowledge of how to calculate gross profit, operating income, and net income. Finally, the course presents how common business transactions affect the Income Statement and how it interacts with other financial statements.
Target AudienceAnyone either serving in an accounting role, or who just wants to have a working understanding of the accounting and bookkeeping functions, but who has no previous experience in accounting
PrerequisitesNone
Expected Duration (hours)1.0
Lesson Objectives The Income Statement
Identify key characteristics of the Income Statement Recognize examples of revenues, gains, expenses, and loss-incurring activities Calculate gross profit, operating income, and net income Recognize how common transactions affect the Income Statement Identify how the income statement interacts with the other financial statements Course Number:
fin_03_a06_bs_enus Back to ListThe Balance Sheet
Overview/DescriptionThe Balance Sheet is arguably the most important of all financial statements. It is a financial snapshot of a companys health at a specific point in time as measured in terms of assets, liabilities, and owners or shareholders equity. It allows you to see what a company owns as well as what it owes to other parties. People who might be interested in the Balance Sheet include creditors, investors, company management, suppliers, customers, competitors, government agencies, and analysts. The Balance Sheet is closely connected to the other key financial statements – the Income Statement and Cash Flow Statement. This course walks you through a Balance Sheet and its key components. It also illustrates how common transactions affect the Balance Sheet with the help of accounting examples. It also teaches you how to prepare a Balance Sheet and how the Balance Sheet interacts with other financial statements.
Target AudienceAnyone either serving in an accounting role, or who just wants to have a working understanding of the accounting and bookkeeping functions, but who has no previous experience in accounting
Expected Duration (hours)1.0
Lesson Objectives The Balance Sheet
Recognize examples of the components of a Balance Sheet Prepare a Balance Sheet Determine how common transactions affect the Balance Sheet Recognize how the Balance Sheet connects and interacts with the other financial statements Course Number:
fin_03_a07_bs_enus Back to ListThe Cash Flow Statement
Overview/DescriptionAs the popular saying goes – revenue is vanity, margin is sanity, and cash is king. While it is very important for an organization to keep earning revenue and maintaining a good profit margin, a positive cash flow is equally important for its survival. Cash flowing in to the organization must meet or exceed the cash flowing out to enable the organization to pay its debts and liabilities and meet its growth and day-to-day cash requirements. The Cash Flow Statement is a key financial statement that reports cash receipts, payments, and net change in cash resulting from operating, investing, and financing activities during a reporting period. This course discusses various aspects of Cash Flow Statements and walks the learner through the steps in preparing one using a business scenario. Learners are introduced to various components in a Cash Flow Statement and also shown how to calculate cash at the end of the accounting period. This course also presents examples of how various transactions affect cash balances in an organization and how a Cash Flow Statement connects with the Income Statement and Balance Sheet.
Target AudienceAnyone either serving in an accounting role, or who just wants to have a working understanding of the accounting and bookkeeping functions, but who has no previous experience in accounting
Expected Duration (hours)1.0
Lesson Objectives The Cash Flow Statement
Match examples of Cash Flow Statement items to the section of the Cash Flow Statement they belong to Calculate the cash balance at the end of the accounting period in a scenario-based example Identify how the Cash Flow Statement connects with the Income Statement and the Balance Sheet Recognize how common transactions affect different types of cash flows in the Cash Flow Statement Prepare a Cash Flow Statement in a scenario using the indirect method Course Number:
fin_03_a08_bs_enus Back to ListAccounting for Companies Stock Transactions and Dividends
Overview/DescriptionA publicly or privately held company, also known as a corporation, is an entity separate and distinct from its stockholders. When an investor puts money in a company in return for part ownership, the company issues stocks to the investor. Stock is the evidence of the ownership interest of the stockholder. Sometimes a company also reacquires some of its outstanding stocks from its stockholders for retiring, holding, or reselling purposes. Stocks reacquired and held with the company are called treasury stocks. Companies often decide to share part of their net income, called dividends, with stockholders as reward for stockholders investment risk in the company. Implications of issuing common and preferred stocks, treasury stocks, and dividends are very significant for companies accounts. This course presents basic concepts and accounting treatments involving companies common and preferred stocks, treasury stocks, and dividends. The course aims at identifying key characteristics of incorporated organizations and how common equity transactions affect their financial position. It walks you through the accounting treatments for common, preferred, and treasury stocks. You are also taught how to record transactions involving cash and stock dividends.
Target AudienceAnyone either serving in an accounting role, or who just wants to have a working understanding of the accounting and bookkeeping functions, but who has no previous experience in accounting
Expected Duration (hours)1.0
Lesson Objectives Accounting for Companies Stock Transactions and Dividends
Identify major characteristics of incorporated organizations Identify how common equity transactions affect a corporations financial position Record the issuance of stock in a journal Account for the purchase and sale of treasury stock using the cost method Account for transactions involving cash dividends and stock dividends Course Number:
fin_03_a09_bs_enus Back to List
Accounting Fundamentals
Financial accounting is a key element to establishing and maintaining prosperity within a particular firm or corporation.
In order to do this it uses a set amount of standards, discipline and even its own type of language. If business accounting
is to be properly understood, the professional would need to have knowledge of the many concepts, terms and general records
that are involved in common financial activities. CBT Direct’s online course on financial accounting will help the
professional to gain a grasp on these basics.
At the end of a fiscal year, there is a great importance placed on all monies being accounted for. Earned revenue has to
match all acquired expenses in order for that revenue to be created. It is extremely important that all of a company’s
financial records be accurate because these documents are used to make important financial decisions in the future. Our
online training will explain the importance of keeping track of all the incoming and outgoing revenue, and the proper
ways to report these processes.
CBT Direct’s Online Accounting Fundamentals Training will provide a basic knowledge of the accounting finance world
and the particulars behind it. This includes paperwork, the many forms of cash, and inventory. After taking our online
course, the learner should have a better basis on business accounting and the importance it holds for the future
of a business.
Benefits of CBT Direct’s Online Accounting Fundamentals Training
CBT Direct boasts the most beneficial online training on the market. With CBT Direct’s online training, you have the
flexibility to study on your schedule, and with the speed and reliability of the internet, CBT Direct’s Accounting
Fundamentals training course is accessible anywhere you have an internet connection. Convenience finally costs less
with CBT Direct - the most affordable online training solution today.
The unique design of CBT Direct’s Accounting Fundamentals course emphasizes learner initiative, self-management and
experiential learning. CBT Direct’s online course design begins with the definition of user-focused performance objectives
and then proceeds to the selection and implementation of instructional strategies and learning activities appropriate for
those objectives. This effective instruction model for CBT Direct’s Accounting Fundamentals training course ensures the
greatest level of comprehension and retention.
Who Benefits from CBT Direct’s Online Accounting Fundamentals
Training?
CBT Direct’s self-paced online Accounting Fundamentals course would be beneficial to any individual serving in an
accounting role with no experience in accounting and non-financial employees that would like to gain a better understanding
of accounting and bookkeeping functions.
What Professionals Will Learn from CBT Direct’s Online Accounting Fundamentals Training
This self-paced online course will familiarize learners with basic accounting principles and concepts that set the
ground for more advanced learning in this area. This course will introduce students to key accounting terms and
concepts such as key characteristics of accounting, the accounting equation, double entry bookkeeping, and basic
accounting principles. Furthermore, our online training will help you recognize key characteristics of the
International Financial Reporting Standards (IFRS) vis-à-vis the Generally Accepted Accounting Principles (GAAP).
With CBT Direct’s Accounting Fundamentals training course, learners will become familiar with the basic accounting
equation and financial statements. You are introduced to the accounting equation and how given transactions affect the
specific accounts using the debit and credit rule. This course identifies the key characteristics of a financial statement
and examines their relationship with one another.
Click here to see a detailed curriculum outline.
This course teaches the essentials of the accounting cycle, chart of accounts, and accrual accounting method. This
self-paced online course outlines the various stages in the accounting cycle, categories of accounts, and how they are
organized in respective financial statements. Finally, this training course introduces students to cash and accrual
accounting methods and their differences.
This online training course covers the key accounting skills of recording accounting transactions in a journal and
posting them into a ledger. Learners will discover how to use general ledgers and subsidiary ledgers for a variety of
transactions. Finally, you'll learn to analyze a transaction, record it in the appropriate journal, and then post it to
the ledgers.
This training course examines how to prepare a trial balance, make adjusting entries, and close the temporary account
books at the end of an accounting period. It introduces several types of trial balances performed within the accounting
cycle and walks you through the preparation of a trial balance. In addition, this course teaches you how to classify and
make adjusting entries and close the accounts at period end.
With our training course, students will become familiar with the Income Statement and explores how it interacts with other
financial statements. Learners will examine the various components of the Income Statement, as well as, how to calculate gross
profit, operating income, and net income. Finally, you will learn how common business transactions affect the Income Statement
and how it interacts with the Balance Sheet and Cash Flow Statement.
This self-paced online course examines the Balance Sheet and its key components. Students will learn how common business
transactions affect the Balance Sheet. Additionally, this training course teaches individual how to prepare a Balance Sheet
and how the Balance Sheet interacts with the Income Statement and Cash Flow Statement.
This course discusses various aspects of a Cash Flow Statement, in addition to identifying the steps for preparing a
statement. Learners are introduced to various components in a Cash Flow Statement, as well as how to calculate cash at
the end of the accounting period. This course examines how various transactions affect cash balances in an organization
and how a Cash Flow Statement connects with the Income Statement and Balance Sheet.
Learners will explore basic concepts and accounting treatments involving companies' common and preferred stocks, treasury
stocks, and dividends. Students will identify key characteristics of incorporated organizations and how common equity transactions
affect their financial position. It walks you through the accounting treatments for common, preferred, and treasury stocks,
as well as how to record transactions involving cash and stock dividends.
Accounting Fundamentals
