Course Title:

Foundations of Financial Accounting and Principles

Course Duration:

40 Hours

Course Type:

Non-vocational / Continuing Education

Course Description:

This non-vocational course provides an introduction to the principles and practices of financial accounting. Students will explore the concepts and processes involved in recording business transactions, preparing financial statements, and understanding financial reports. No prior accounting knowledge is required. The course is ideal for individuals interested in enhancing their financial literacy, understanding business operations, or pursuing personal or professional growth in non-certification pathways.

Course Learning Outcomes:

By the end of this course, students will be able to:

• Understand the role and importance of financial accounting in various organizational settings.

• Apply basic accounting concepts to record business transactions.

• Prepare and interpret the core financial statements.

• Analyze financial information for informed personal or organizational decision-making.

• Recognize ethical considerations in financial reporting.

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Introduction to Financial Accounting (4 hours)

• What is financial accounting?

• Differences between financial and managerial accounting

• Users and uses of financial information

• Introduction to accounting standards (GAAP & IFRS)

Accounting Principles and the Accounting Equation (4 hours)

• Basic accounting principles and assumptions

• The accounting equation: Assets = Liabilities + Equity

• Double-entry bookkeeping

• Examples of everyday financial transactions

The Accounting Cycle – Part 1 (4 hours)

• Identifying and recording transactions

• Journals and ledgers

• Chart of accounts

• Practice exercises

The Accounting Cycle – Part 2 (4 hours)

• Posting to ledgers

• Trial balance preparation

• Common errors and how to spot them

Adjusting Entries and Accrual Accounting (4 hours)

• Accrual vs. cash accounting

• Types of adjusting entries

• Revenue recognition and matching principle

Financial Statements – Structure and Purpose (4 hours)

• Income Statement

• Balance Sheet

• Statement of Retained Earnings

• Cash Flow Statement (overview)

• Linkage between statements

Accounting for Assets and Liabilities (4 hours)

• Current and non-current assets

• Depreciation basics

• Types of liabilities (short and long-term)

• Interest and loan basics

Owner’s Equity and Capital Transactions (4 hours)

• Sole proprietorship vs. corporation equity

• Capital contributions and drawings

• Retained earnings

Financial Analysis and Decision Making (4 hours)

• Understanding key financial ratios (liquidity, solvency, profitability)

• Using financial information for personal and business decisions

• Introduction to budgeting and forecasting

Ethical Considerations and Final Review (4 hours)

• Common ethical issues in financial reporting

• Importance of transparency and integrity

• Review of key concepts

• Course wrap-up and Q&A

Teaching Methods:

• Interactive lectures and discussions

• Real-world case examples

• Group activities and problem-solving

• Short practice exercises and worksheets

• Visual aids and simplified financial statements

Assessment:

• Weekly in-class activities and practice quizzes

• Group discussions and case reflections

• Final project: Create a basic financial statement for a sample business scenario

• Participation and attendance

Materials Required:

• Instructor-prepared course booklet or handouts

• Calculator

• Access to spreadsheets (Excel or Google Sheets)

• Optional: Financial Accounting Made Simple (Recommended reading)

Target Audience:

• Adult learners seeking financial literacy

• Early-stage entrepreneurs or small business owners

• College students in non-business programs

• Community members interested in understanding financial information