Accounting Essentials

1 April, 2025
Accounting

Chapter 1: Introduction to Accounting

Accounting is the language of business. This chapter covers its role in measuring performance, introduces key principles like IFRS and GAAP, and walks you through the accounting cycle—from transactions to financial reports. It's the foundation for everything else you'll learn.

1. The Role of Accounting in Business?
2. Key Accounting Principles (IFRS & GAAP)
3. The Accounting Cycle

Chapter 2: Financial Statements

Now that you understand accounting, this chapter introduces financial statements—the reports that show a business’s financial health. You’ll learn about the Balance Sheet, Income Statement, and how to read them easily and confidently.

1. Balance Sheet Components
2. Income Statement Basics
3. Cash Flow Statement Basics

Chapter 3: Revenue & Expense Recognition

This chapter explains how and when to record income and expenses. You’ll learn the difference between accrual and cash accounting, how to recognize revenue and expenses properly, and why the matching principle matters—all in simple, real-world language.

1. Revenue and Expense Recognition
2. Recognizing Revenue & Expenses
3. The Matching Principle

Chapter 4: Depreciation & Amortization

This chapter covers how businesses spread the cost of long-term assets using depreciation and amortization. You’ll learn simple methods for calculating them, how they apply to tangible and intangible assets, and how they affect financial statements—with easy-to-follow examples.

1. Depreciation Methods
2. Amortization of Intangible Assets
3. Impact on Financial Statements

Chapter 5: Inventory Accounting

This chapter explains how businesses track and value inventory using methods like FIFO, LIFO, and Weighted Average. You’ll learn how inventory affects profits, how to handle losses or adjustments, and how it all shows up in your financial statements—simple and mistake-free.

1. FIFO, LIFO and Weighted Average Methods
2. Inventory Valuation and Adjustments
3. Impact of Inventory on Financial Statements

Chapter 6: Internal Controls & Fraud Prevention

This chapter introduces internal controls—systems that protect assets, prevent fraud, and reduce errors. You’ll learn why they matter, how to spot risks, and how audits and compliance keep things accurate and transparent. It’s a must-know for every business owner.

1. Importance of Internal Controls
2. Common Fraud Schemes & Prevention Strategies
3. Auditing & Compliance

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