Principles of Accounting

 1 Day
Delivery Methods
 VILT    Private Group

Businesses are often involved in a series of complicated business transactions. Detailed accounting entries are required for external reporting to governmental and/or financial institutions, as well as to track internal profitability. With a solid understanding of basic accounting principles, terminology, and financial statements, bookkeepers and business owners can effectively communicate and interpret the financial results of an enterprise. In an age of computerized accounting processes, a core foundation of accounting basics will lead to optimum use of today’s technology. It is with such knowledge that business owners and bookkeepers successfully utilize accounting software, such as QuickBooks, to accumulate this vital financial information.


Upcoming Class Dates and Times

This class is not currently scheduled.
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Course Objectives

    Throughout this course you will learn key concepts behind the science of accounting, enabling you to manage the processing of business transactions and interpret reports with ease.


1 - Basic Accounting Terminology Used by Accountants and Bookkeepers
  • The Financial Statements Used by Businesses
  • The Income Statement
  • The Balance Sheet Equation
  • Assets, Liabilities, Owner’s Equity
  • Types of Equity
2 - The Chart of Accounts
  • Account Numbers and Organization of the Chart of Accounts
  • Contra Accounts
  • Temporary vs. Permanent Accounts
  • Which Accounts are Included in the Balance Sheet and Income Statement
3 - The Accounting Equation
  • Defining Debits and Credits
  • Increase vs. Decrease of Account Balances
  • Double Entry Accounting
  • How Debits and Credits Affect General Ledger Accounts
  • T-accounts
4 - T-Account exercises
  • How to Prepare Journal Entries
  • Test Your Knowledge
  • Analyzing Financial Statements in the Present
  • Analyzing Financial Statements for the Future
  • Explanation of the AIPB Certification Requirements

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