Audience

Managers, prospective managers, and any other employees seeking competency in the area of accounting

Prerequisites

A basic understanding of the accounting function

Course Aim

To provide learners with an understanding of basic accounting concepts and methods

Learning Objectives

Give a brief history of accounting theory. Outline the generally accepted accounting principles. Outline contemporary accounting practices. Explain the debit-credit equation. List and explain the steps in the formal accounting cycle. Define cost behavior and explain its importance. Discuss methods of estimating future costs. Explain the cost-volume-profit relationship. Define the term business activities. Define and discuss the expenditure cycle. Explain the fundamentals of the revenue and conversion cycles. Explain how and why budgets are used. Outline the various budgetary strategies. Discuss the most common types of budget.

Topics Covered

Accounting and Business Today - Accounting: A brief history - Generally Accepted Accounting Principles - Hands-on: Know your accounting history - Today's accounting world The Formal Accounting Cycle - Basic accounting principles - Debit and credit in practice - Hands-on: Identifying debit and credit balances - What is the accounting cycle? The Question of Cost - Cost behavior - Estimating cost - Hands-on: Performing a regression analysis - The cost-volume-profit relationship Business Activities - What are business activities? - The expenditure cycle - The revenue and conversion cycles introduced - Hands-on: Arranging steps in the revenue and conversion cycles Budgets - Why use budgets? - Budgetary strategies - Hands-on: Identifying the correct budgeting strategy - Types of budgets

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