About the Course

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 upto 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.

A certificate will be awarded at the end of the course.

How can the course Advanced Practical Accounting help CA Article clerks and Working Accountants?

Course Content

  1. Accounting System Overview
  • Introduction to the Accounting Sytem
  • Forms of Business Organisations
  • Basic Accounting Concepts
  1. Accounting Equation
  • Introduction to the Accounting Equation
  • Components of the Accounting Equation
  • How the Balance sheet represents the Accounting Equation
  • Equity Component of the Accounting Equation
  1. Accounting Rules
  • Rules of Debit & Credit
  • Debit/Credit Identification
  1. Grouping of Accounts
  • Introduction to Grouping
  • Grouping in the Balance Sheet
  • Grouping in P&L Statement
  1. Recording of transactions
  • Introduction to Journal Entries
  • Recording Journal Entries, Accrual Concept
  1. Posting entries to the T account & Preparation of the Trial Balance
  • Journal Entry to Ledger
  • Ledger to Trial Balance to Financial Statements
  1. Accounting Error Rectification
  • Types of Errors
  • Identification and rectification of Errors
  1. Preparation of P&L Statement & Balance Sheet for Service Entities
  • Matching Concept, Accrual Concept, Adjustment Entries
  • Adjustments - Depreciation,Provisions, Unearned & Unbilled Revenues
  • Closing Process, Accounting Conventions
  1. Preparation of the P&L Statement & Balance Sheet for Trading Entities
  • Introduction to Trading Entities
  • Test Your Understanding (Trading Entities)
  • Preparation of the P&L Statement & Balance Sheet for Trading Entities
  1. Accounting for GST and TDS
  • Introduction and understanding Accounting for GST and TDS
  • Recording Transactions - Journal Entries (Accounting for GST and TDS)
  1. Trial Balance Scrutiny
  • What is Trial Balance Scrutiny
  • How to scrutinize the Trial Balance
  1. Understanding costs
    (Manufacturing Costs, Direct vs Indirect Costs, Fixed vs Variable Costs, Capital vs Revenue Expenditure)
  • 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
  1. Preparation of P&L Statement & Balance Sheet for Manufacturing Entities
  • Revenues, Expenses & Inventory for a Manufacturing Entity
  • P&L Account of a Manufacturing Entity
  • Balance Sheet of a Manufacturing Entity
  1. Bank Reconciliation Statement
  • Know the Importance and Need of Bank Reconciliation Statement.
  • Understand the Causes for Disagreement between our books and the bank statement/Pass book balances.
  • Preparation of Bank Reconciliation Statement.
  1. Financial statement analysis - Profitability Ratios, Stock Market Strength Ratio
  • Profitability Ratios, Stock Market Strength Ratio (Interpretation of Ratios based on Industry Averages) - GP, NP, EBITDA, ROCE, EPS, ROE
  1. Financial statement analysis - Liquidity & Solvency Ratios
  • 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
  1. Financial statement analysis - Activity & Capitalisation Ratios
  • Management Efficiency/Activity Ratios & Capitalisation Ratios,(Receivables Turnover, Receivables Collection Period, Payables Turnover, Payables Payment Period, Inventory Turnover, Inventory Holding Period)
  1. Cash flow statement
  • Need and Purpose of a Cashflow statement
  • Preparation of a Cashflow statement
  • Interpretation of Cash flow statements
  1. Purchase Process
  • Introduction to the Purchase Process
  • Ordering / Receiving
  • Vendor Payments
  • Purchase Returns
  1. Sales Process
  • Receipt of Customer Orders
  • Order Execution, Invoicing & Collection
  • SalesReturns
  1. Events - Real life simulation of business transactions
  • Accounting Response
  • Identify P/L Impact
  • Identify Cashflow Impact
  • Identify Income Tax Disallowances
  • Identify Control Concerns
  • Identify Compliance Concerns