Financial Fundamentals 1

Learning Outcomes:

• Define key accounting terms

• Identify financial tools - deposit book, sales invoices, payment devices, online storage, log book,

and online payroll calculator

• Describe the role of the auditor and audit proofing

• Identify the key elements of the financial organization - controlling, protecting, organizing paper

flow, and storage

• List the components of basic bookkeeping - debits, credits, journal entries, and different options

for accounting systems

• Read, prepare and improve basic financial statements – income statement, trial balance, and

balance sheet

• Complete government reporting – requirements and process of completing

• Explain various tax issues and the process of filing taxes

• Compare and contrast computerization options - Sage 50, QuickBooks, and mobile applications

• Calculate pricing of products and services

• Create a budget A-Z - personal requirements, budget for business, and excel spreadsheet

introduction (prepared manually)

• Complete a cash flow projection

• Analyze financial data – liquidity, solvency, turnovers and comparison to industry standards

• Review all concepts of accounting activity

Standard Topics:

• Bookkeeping fundamentals

• Financial statements

• Budgets and cash flow projections

• Government reporting requirements

• Tax compliance

• Pricing products

• Basic financial analysis