3 Review(s)

Basic Accounting Concepts and Principles:Explanation of fundamental accounting concepts like accrual basis, going concern, consistency, and prudence.Understanding accounting principles such as the historical cost principle, matching principle, and revenue recognition principle.Double Entry System:Explanation of the double-entry system of accounting and its significance in maintaining the accuracy of financial records.Practice exercises on recording transactions using the double-entry system.Accounting Equation:Understanding the accounting equation (Assets = Liabilities + Equity) and its application in preparing financial statements.Solving problems related to changes in the accounting equation due to various transactions.Financial Statements:Preparation of basic financial statements: Income Statement (Profit and Loss Account), Balance Sheet, and Cash Flow Statement.Analysis and interpretation of financial statements using ratios and other financial metrics.Journal Entries:Recording transactions in the journal and posting them to the ledger accounts.Practice exercises on journalizing transactions and posting them to appropriate ledger accounts.Trial Balance:Preparation of a trial balance and its role in ensuring the accuracy of accounting records.Identifying and correcting errors through the trial balance.Bank Reconciliation Statement:Understanding the purpose and preparation of a bank reconciliation statement.Reconciling discrepancies between the cash book and bank statement.Depreciation:Methods of calculating depreciation (straight-line method, diminishing balance method, etc.).Recording depreciation expense and its impact on financial statements.