Financial Records (in English)

Syllabus

Syllabus: Week 1: Accounting Foundations and Framework • The key principles, concepts, and characteristics of accounting: Understanding the fundamental qualitative characteristics of financial information. • The regulatory framework: Overview of the rules and regulations governing financial record-keeping. • Maintaining financial records: The purpose and importance of maintaining accurate books. Week 2: Elements and the Double-Entry System • The elements of financial statements: Assets, liabilities, equity, income, and expenses. • Principles of double-entry bookkeeping: Recording financial data and understanding the flow of information toward final statements. Week 3: The General Ledger and Journals • Preparation of journal entries: Mastering the use of the journal as a book of prime entry. • Preparation of general ledger accounts: Posting from journals to ledger accounts and balancing them. Week 4: Trading Transactions: Sales and Purchases •Recording Sales and Purchases: Documentation and ledger entries for credit and cash transactions, including discounts and taxes. Week 5: Cash Management and Control •Cash and bank: Recording receipts and payments in the cash book. •Bank reconciliation: Identifying differences between the cash book and bank statements and performing necessary adjustments. Week 6: Inventory Management •Inventories: Accounting for the cost of goods sold and valuing closing inventory (FIFO and Weighted Average methods). Week 7: Tangible Non-Current Assets •Tangible non-current assets: Recording the acquisition and disposal of assets. •Depreciation: Calculating and recording depreciation using various methods (straight-line vs. reducing balance). Week 8: Accruals and Prepayments •Accrued and prepaid expenses: Adjusting for expenses relating to the period. •Accrued and deferred income: Adjusting for income earned vs. income received. Week 9: Receivables, Payables, and Provisions •Receivables and Payables: Managing ledger balances and reconciliations. •Provisions: Accounting for irrecoverable debts and allowances for receivables. •Payables account reconciliation: Reconciling ledger balances with supplier statements. Week 10: Capital, Finance Costs, and the Trial Balance •Capital and finance costs: Distinguishing between capital and revenue expenditure; accounting for interest. •Preparing a trial balance: Extracting ledger balances to check for mathematical accuracy. Week 11: Error Correction •Correction of errors: Identifying types of errors (omission, commission, principle, etc.). •Manual journal entries: Using the journal and suspense accounts to rectify bookkeeping mistakes. Week 12: Preparation of Financial Statements •Financial Statement preparation: Compiling the Statement of Profit or Loss and the Statement of Financial Position. •Incomplete records: Techniques for deriving missing figures to complete the accounts. Week 13: Partnership Accounting •Partnership agreement and records: Understanding the legal and accounting basis of partnerships. •Partnership financial statements: Appropriation accounts, current accounts, and capital accounts. •Change in partner: Accounting for the admission or retirement of partners.