Advanced Practical Accounting

Excel in your career with good conceptual understanding of the nuances of Financial Accounting with Advanced Practical Accounting from SoundBasics.

Course Description

The "Advanced Practical Accounting" course aims to equip students and professionals (M.Com students, CA Article clerks, Accounting Associates and working finance professionals) with good conceptual understanding of the nuances of Financial Accounting along with the necessary practical grasp of the accounting process, starting with the fundamentals and going right up to the preparation and interpretation of Financial Statements. The course is aimed at building a solid base in Accounting for these students, with a clear focus on equipping them with industry relevant knowledge in Accounting & Controls. The course lays a lot of stress on the fundamentals, before moving on to cover advanced topics like Financial Statements preparation and a first level analysis of these statements. Many exercises in the course are intersper... Read More »

The “Advanced Practical Accounting” course aims to equip students and professionals (M.Com students, CA Article clerks, Accounting Associates and working finance professionals) with good conceptual understanding of the nuances of Financial Accounting along with the necessary practical grasp of the accounting process, starting with the fundamentals and going right up to the preparation and interpretation of Financial Statements.

The course is aimed at building a solid base in Accounting for these students, with a clear focus on equipping them with industry relevant knowledge in Accounting & Controls.

The course lays a lot of stress on the fundamentals, before moving on to cover advanced topics like Financial Statements preparation and a first level analysis of these statements.

Many exercises in the course are interspersed with ‘real-life’ simulations that help the students effectively bridge the gap between what is taught at the universities and what is required by the industry.

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Course Details:

Target Audience

This course is ideal for MCOM Students, final year BCOM/BBA/BBM Students, Accounting Associates, Article Clerks, Working Finance Professionals.
Certificate Info:

Type of Certification

Certificate of Completion

Format of Certification

Digital

Method of Obtaining Certification

When a learner completes the courses he will automatically be taken to a 'request for certificate' page. The learner will receive a 'Course Completion Certificate' once he/she completes the course.

Course Outline

  • Introduction to the Accounting System
  • Forms of Business Organizations
  • Basic Accounting Concepts
  • Introduction to the Accounting Equation
  • Components of the Accounting Equation
  • How the Balance Sheet represents the Accounting Equation
  • Equity Component of the Accounting Equation
  • Rules of Debit & Credit
  • Debit/Credit Identification
  • Introduction to Grouping
  • Grouping in the Balance Sheet
  • Grouping in P&L Statement
  • Introduction to Journal Entries
  • Recording Journal Entries, Accrual Concept
  • Journal Entry to Ledger
  • Ledger to Trial Balance to Financial Statements
  • Types of Errors
  • Identification and rectification of Errors
  • Matching Concept, Accrual Concept, Adjustment Entries
  • Adjustments – Depreciation, Provisions, Unearned & Unbilled Revenues
  • Closing Process, Accounting Conventions
  • Revenues, Expenses & Inventory for a Merchandising Entity
  • P&L Account of a Merchandising Entity
  • Balance Sheet of a Merchandising Entity
  • Introduction and understanding Accounting for GST and TDS
  • Recording Transactions - Journal Entries (Accounting for GST and TDS)
  • What is Trial Balance Scrutiny
  • How to scrutinize the Trial Balance
  • Direct vs Indirect Costs
  • Cost of Goods Sold
  • Accounting for Closing Inventory (Raw Materials, WIP & Finished goods)
  • Capital vs Revenue Expenditure
  • Fixed vs Variable Cost
  • Revenues, Expenses & Inventory for a Manufacturing Entity
  • P&L Account of a Manufacturing Entity
  • Balance Sheet of a Manufacturing Entity
  • Profitability Ratios, Stock Market Strength Ratio (Interpretation of Ratios based on Industry Averages) - GP, NP, EBITDA, ROCE, EPS, ROE
  • Working Capital Cycle
  • Liquidity & Solvency Ratios, Stock Market Strength Ratio (Interpretation of Ratios based on Industry Averages) - Current Ratio, Quick Ratio, Debt Equity Ratio, Interest Coverage Ratio
  • Management Efficiency/Activity Ratios & Capitalisation Ratios (Receivables Turnover, Receivables Collection Period, Payables Turnover, Payables Payment Period, Inventory Turnover, Inventory Holding Period)
  • Need and Purpose of a CashFlow Statement
  • Preparation of a CashFlow Statement
  • Interpretation of CashFlow Statements
  • Identity Control Concerns
  • Identity Compliance Concerns
  • Introduction to the Purchase Process
  • Ordering / Receiving
  • Vendor Payments
  • Purchase Returns
  • Receipt of Customer Orders
  • Order Execution, Invoicing & Collection
  • Sales Returns
  • Accounting Response
  • Identify P/L Impact
  • Identify CashFlow Impact
  • Identify Income Tax Disallowances
  • Identify Control Concerns
  • Identify Compliance Concerns

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