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The Business Accounting for Engineers
course aims to equip Engineers with a good grasp of Accounting and Business, starting with some basics and covering key concepts like Costs, Margins, Controls and Working Capital.
Engineers eventually work for commercial businesses that chase profits.Therefore, a basic understanding of Finance and Accounting concepts will not only make them far more employable to start with, but also help them in their professional growth as business managers.
A good understanding of Accounting fundamentals, Concepts of Costs, Margins, Controls, Working Capital etc. is essential for success in any role within a business.
The Business Accounting for Engineers
course offered by SoundBasics is aimed at meeting the above need, and is tailor made to give Engineers just what they need in terms of Finance and Accounting knowledge.
Why is Knowledge of Finance required for Engineers ?
Course Content
- Accounting System Overview
- Introduction to the Accounting System
- Forms of Business Organisations
- Key features of a Sole Proprietorship, Partnership & a Company form of organisation
- Accounting Equation
- Introduction to the Accounting Equation
- Components of the Accounting Equation
- How the Balance sheet represents the Accounting Equation
- More on the Equity Component of the Accounting Equation
- Accounting Rules
- Rules of Debit & Credit
- Debit/Credit Identification
- Grouping of Accounts
- Introduction to Grouping
- Grouping in the Balance Sheet
- Grouping in P&L Statement
- Journal Entry
- Introduction to Journal Entries
- More Journal Entries & Accrual Concept
- T account to Trial Balance
- Journal Entry to Ledger
- Ledger to Trial Balance
- Preparation of P&L Statement & Balance Sheet for Service Entities
- Understanding Adjusting Entries and the Closing Process
- Preparation of the P&L Statement & Balance Sheet for Sevice Entities
- Preparation of P&L Statement & Balance Sheet for Trading Entities
- Valuation of Inventory
- Preparation of the P&L Statement & Balance Sheet for Trading Entities
- Understanding Costs - Direct vs Indirect Costs
- Meaning of Direct & Indirect Costs
- Significance of classifying costs as Direct & Indirect
- Understanding Costs – Fixed vs Variable Costs
- Meaning of Fixed & Variable Costs
- Significance of classifying costs as Fixed & Variable
- Capital vs Revenue Expenditure
- Meaning of Capital & Revenue Expenditure
- Understanding the impact of Capital & Revenue Expenditure on the P/L Statement
- Project Costing
- Meaning and Need for Project Costing
- Benefits of Project Costing
- Working Capital Management
- Meaning and components of Working Capital
- Need for and significance of Working Capital Management