Financial Literacy & Skills: Contents

Course Contents

1. Accounting - The Language of Business

• 3 Essential Elements of Business - Money, Product & Customer
• Interaction of the 3 Elements of Business
• Sales without Collection is Suicide

2. Accounting & the Management Process

• Book Keeping, Reporting, Analysis, Planning
• Accounting - A Tool for Effective Management
• Understand your Accountant and obtain the right help from him

3. Bookkeeping & Reporting

• Cash Book, Stock Book, Creditors Book & Debtors Book
• Profit & Loss Account & Balance Sheet
• Accrual Accounting - Profit & Loss Account is not Cash

4. Analysis of Financial Reports

• Roles & Uses of Profit & Loss Account, Balance Sheet and Cash Flow
• Evaluating performance Vs Determining the worth of the Business
• Efficiency, Liquidity and Profitability Ratios

5. Financial Planning

• Roles of Management vs Accountant
• The Budget Process
• Prepare a Budget

How You Will Benefit

By the end of the course you will:

• You'll know the Most Essential Elements of Business
• You'll understand the jargons in accounting.
• You'll know the basic principles of accounting used in Bookkeeping, Reporting, Analysis and Planning.
• You'll be able to communicate effectively with your accountants and bank managers to get the right help from them.
• You'll be able to use Financial Reports to evaluate your business to determine whether you’re efficient, profitable and able to pay your debts.
• You'll be able to take hunches out of your decision making to improve your performance.