COURSE OVERVIEW:
Accounting is the language of business. It is the system of recording, summarising, and analysing an economic entity's financial transactions. Effectively communicating this information is key to the success of every business. Those who rely on financial information include internal users, such as a company's managers and employees, and external users, such as banks, investors, governmental agencies, financial analysts, and labour unions. These users depend upon data supplied by accountants to answer the following types of questions:
- Is the company profitable?
- Is there enough cash to meet payroll needs?
- How much debt does the company have?
- How does the company's net income compare to its budget?
- What is the balance owed by customers?
- Has the company consistently paid cash dividends?
- How much income does each division generate?
- Should the company invest money to expand?
Accountants must present an organisation's financial information in clear, concise reports that help make questions like these easy to answer. The most common accounting reports are called financial statements.
This course will provide participants with an explanation of the scope and meaning of accounting including; the role of accounting, the accounting principles, the accounting concepts and limitations, accounting terminology and definitions, accounting branches and accounting systems.
LEARNING OUTCOMES:
By the end of this course, you will be able to understand:
- The need and role of accounting
- How accounting is considered the language of business?
- The meaning of book-keeping and accountancy
- The functions of an accountant
- If accounting is science or art or both
- The definitions and explanation of accounting
- The users of accounting
- The scope of accounting
- The branches of accounting
- The single entry system
- The double entry system
- The cash system
- The mercantile system of accounting
- The objectives of accounting
- The advantages of accounting
- The advantages of book-keeping
- The limitations of accounting
- Why profit shown in financial accounting is not fully exact?
- Why financial accounting does not tell the whole story?
- How accounting statements may be drawn up differently?
- Why all assets are not shown in financial statements?
- The terminology often used in accounting
- The generally accepted accounting principles
- The need of accounting principles
- The characteristics of accounting principles
- The separate entity concept
- The money measurement concept
- The dual aspect concept
- The going concern concept
- The cost concept
- The accounting period concept
- The matching concept—periodic matching of costs and revenues concept
- The realisation concept
- The types of accounting conventions such as; conservatism, consistency , materiality and full disclosure convention
COURSE DURATION:
The typical duration of this course is approximately 2-3 hours to complete. Your enrolment is Valid for 12 Months. Start anytime and study at your own pace.
COURSE REQUIREMENTS:
You must have access to a computer or any mobile device with Adobe Acrobat Reader (free PDF Viewer) installed, to complete this course.
COURSE DELIVERY:
Purchase and download course content.
ASSESSMENT:
A simple 10-question true or false quiz with Unlimited Submission Attempts.
CERTIFICATION:
Upon course completion, you will receive a customised digital “Certificate of Completion”.