Description
In Financial Management: Fundamental Accounting Concepts, participants become familiar with basic accounting concepts and terms, enabling them to track business transactions that affect assets, liabilities, and owner's equity. They learn how use universal accounting tools-such as the general journal, general ledger, and trial balance-to ensure an organization follows sound accounting practices.
Audience
Managers and employees who want to learn more about basic accounting concepts.
Prerequisites
(Currently no course prerequisite information)
Objective
- Participate in the nine steps of the accounting cycle.
- Properly place debits and credits in 'T' accounts.
- Post transactions in a general journal and general ledger.
- Prepare a trial balance.
- Prepare common financial statements.
Topics Include
Unit 1: Background Information - Define the term accounting.
- Identify why sound accounting practices are important to an organization.
- List the nine steps of the accounting cycle.
- Simulation Overview:
- In this simulation, you will be meeting with Carla Jackson, one of Icon International's Human Resources Assistants, to discuss accounting and its purpose in an organization. Through your questions, you will learn the reasons to study accounting and the reasons to use sound accounting practices.
Unit 2: Basic Concepts and Terms - Differentiate among assets, liabilities, and owner's equity.
- Write the accounting equation.
- Properly place debits and credits in 'T' accounts for assets, liabilities, and owner's equity.
- Write the expanded accounting equation, including revenues and expenses.
- Differentiate between temporary and permanent accounts.
- Provide examples of fixed and variable costs.
- Simulation Overview:
- In this simulation, you will be meeting with Don Hamilton, Icon's Vice-President of Sales, to discuss basic accounting concepts. By completing several exercises, you will learn about the accounting equation, the 'T' Account, and the Golden Rule of accounting.
Unit 3: The Books of Accounting - Differentiate between a General Journal and a General Ledger.
- Follow the three-step process for analyzing a transaction.
- Post transactions from the General Journal to the General Ledger.
- Balance the accounts in a General Ledger.
- Describe the difference between the cash basis and accrual basis of accounting.
- Simulation Overview:
- In this simulation, you will be meeting with Janet Porter, Icon's Director of Business Development, to complete several exercises relating to the books of accounting. By completing these exercises, you will learn about the Chart of Accounts, the General Journal, and the General Ledger.
Unit 4: Balancing Fundamentals and Financial Statements - Prepare a Trial Balance.
- List the most common errors found in Trial Balances.
- Identify and fix a transposition error.
- Differentiate among an Income Statement, Balance Sheet, Cash Flow Statement, and Statement of Stockholders' Equity.
- Simulation Overview:
- In this simulation, you will be meeting with Janet Porter, Icon's Director of Business Development. During this meeting, you will complete several exercises on preparing Trial Balances and recognizing financial statements.
Duration
4
Minimum Requirements
The CDROM version of this course requires:
- At least a 486DX 33Mhz CPU.
- Microsoft Windows 3.1 or higher and a Microsoft compatible mouse.
- At least 8MB RAM.
- At least VGA graphics capability with a minimum 512K video RAM (1MB video RAM recommended).
- At least a double speed CDROM drive.
- An MPC compliant sound card with attached speakers or headphones is recommended (Currently, only the CDROM version supports audio).
The network version of this course requires:
- At least a 486DX 33Mhz CPU.
- Microsoft Windows 3.1 or higher and a Microsoft compatible mouse.
- At least 8MB RAM and 22MB available hard disk space or file server space.
- At least VGA graphics capability with a minimum 512K video RAM (1MB video RAM recommended).
Media
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