Basic Accounting Principles and Framework

Overview/Description
Accounting 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 organization's 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. You'll 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 Audience
Anyone 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