Examples from Individual Daily Life -Mostly

Basic Accounting Examples from Organization where needed

Thursday, April 5, 2018 4:40 PM

Session 1 Session 2
1. Why we need learn about Accounting 1. Accounting Terms 1
a. Why Accounting in personal life a. Chart of Accounts
b. Why Accounting for an organization i. What is an Account
c. How our ERP implementation projects impact Accounting ii. Account Classification
d. Accounting in a Project b. Asset vs Expense
e. Interactions with Business / Customer c. Liability vs Income
2. What is Accounting d. Debit vs Credit
3. Branches of Accounting e. Account Matrix
a. Financial Accounting f. Profit vs Loss
b. Cost Accounting g. Cash vs Profit
c. Management Accounting h. Sub Ledger (Customer AR ledger, AP Ledger, Sales Ledger, Purchase Ledger, Stock
4. Basis of Accounting Ledger, Cash Book, )
a. Cash Basis i. General Ledger
b. Accrual Basis j. Trial Balance
5. Accounting Assumptions k. Corporate Fiscal Year vs Calendar Year vs Income Tax Fiscal Year
6. Accounting Concepts l. Profit and Loss
7. Accounting Standards - Indian, International - US, Europe, IFRS, US GAAP, m. Balance Sheet
ICAI standards, Guidance Notes 2. Accounting Principles / Rules
8. Quiz 3. End to End Flow
a. Business Transaction - (Sales , Purchase, Payment, Goods Receipt, Cash Receipt)
b. Accounting Entry in Subledger
Session 3 c. Accounting Entry in GL
1. Accounting Terms 2 d. Trial Balance
a. Expense Accruals e. Balance Sheet and PL
b. Expense Provisions 4. Quiz
c. Goods Receipt Accruals
d. Advance Payments
e. Reversal Journals Session 4
f. Expense Allocations 1. Customers vs Suppliers
g. Suspense Account a. Intercompany
h. Un-Realized Gain / Loss (Forex , Investment) 2. Sales Price vs Purchase Price
i. Translation vs Revaluation 3. Purchase Value vs Stock Value (inventory valuation)
j. Variance Accounts 4. Purchase order vs Sales Order
k. Cost of Goods Sold 5. AP Invoices vs Sales Invoice
l. Gross Profit vs Net Profit 6. Debit Note vs Credit Note
m. Reserve 7. Purchase Process and Financial Flow Entries
n. Retained Earnings 8. Sales Process and Financials Flow Entries
o. Depreciation 9. Quiz
p. Dividend
q. Share Capital
r. Networth
s. EBIT
t. EBITA
u. Operating Profit
2. Walk through of a real life Profit and Loss Account
3. Walk through of a real life Balance Sheet
4. Quiz

Learnings Page 1