Description

Certificate Course in Finance Accounting and Taxation

Course Overview:

Finance, accounting and taxation are the three most important aspects of any business. They form the core of any business decision and play a vital role in the success or failure of a business.

Finance is the lifeblood of any business. It is the source of funds for all business activities. Accounting is the process of recording, classifying and summarizing financial transactions to provide information that is useful in making business decisions. Taxation is the process of levying taxes on businesses and individuals.

Finance, accounting and taxation are interdependent disciplines. A clear understanding of each is essential for making sound business decisions.

The finance function provides the funds necessary to run a business. It is responsible for raising capital, investing funds, and managing risks. The accounting function provides information that is useful in making decisions about the use of funds. Taxation is concerned with the levying of taxes on businesses and individuals.

Finance, accounting and taxation are complex disciplines. A clear understanding of their interrelationships is essential for making sound business decisions.

The finance function provides the funds necessary to run a business. It is responsible for raising capital, investing funds, and managing risks. The accounting function provides information that is useful in making decisions about the use of funds. Taxation is concerned with the levying of taxes on businesses and individuals.

The course is designed to impart financial accounting, taxation and finance skills to the participants. The course will cover various aspects of accounting including book-keeping, preparation of final accounts, basic costing concepts, tax laws and compliance requirements. The course will also provide an introduction to financial management principles.

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Course Objectives:

The objectives of the course are to enable the participants to:

1. Understand the basic concepts and principles of financial accounting and prepare Accounts for sole proprietorships, partnerships and limited liability companies.

2. Understand the basics of cost accounting and use costing methods for decision-making.

3. Understand indirect taxes and comply with tax laws and filing requirements.

4. Develop skills in financial management and use financial tools for business decision-making.

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Course Structure:

The course is divided into four modules:

Module 1: Financial Accounting

This module covers the basic concepts and principles of financial accounting and book-keeping. The module will also cover the preparation of final accounts for sole proprietorships, partnerships and limited liability companies.

Module 2: Cost Accounting

This module introduces the participants to cost accounting concepts and methods. The module will cover various costing techniques such as job costing, process costing and activity based costing. The participants will learn to use these methods for decision-making in businesses.

Module 3: Financial Management

This module covers the basics of financial management. The module will cover topics such as capital budgeting, working capital management and financial statement analysis. The participants will learn to use financial tools for business decision-making.

Module 4: Taxation

This module covers indirect taxes. The module will cover topics such as tax laws, filing requirements and compliance. The participants will learn to comply with tax laws and file returns correctly.

Module 5: Business Law

This module covers the basics of business law. The topics covered include contracts, agency, employment law, intellectual property and consumer law. The participants will learn about their legal rights and obligations as businesses.

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Glossary:

Accounts: A record of the financial transactions of a business.

Book-keeping: The process of recording the financial transactions of a business.

Final accounts: The financial statements of a business prepared at the end of the accounting period.

Costing: The process of determining the cost of production or services rendered.

Job costing: A costing method used to determine the cost of production for individual jobs or contracts.

Process costing: A costing method used to determine the cost of production for homogeneous products produced in continuous or repetitive processes.

Activity based costing: A costing method that assigns costs to products or services based on the activities involved in their production or delivery.

Tax accounting: The process of preparing, filing and auditing tax returns.

Income tax: A tax levied on the income of individuals, corporations and other entities.

Tax professional: A person who is qualified to advise on taxation matters.

Additional cost details bill: A bill that includes the cost of materials, labour and other expenses incurred in addition to the original estimate.

GST registration: The process of registering for Goods and Services Tax.

Balance sheet: A financial statement that shows the assets, liabilities and equity of a business.

Business accounting: The process of recording, classifying and summarizing the financial transactions of a business.

Financial records: Records of a business’s financial transactions.

Tax audit: An examination of a business’s tax returns to ensure compliance with tax laws.

Internal audit: An audit of a company’s financial statements by its own employees.

GST returns: Returns that businesses must file with the government to report their GST liability.

Banking instruments: Documents used in banking transactions, such as cheques and drafts.

Billed quantities: The quantities of products or services billed to a customer.

Sales return: A return of goods sold to a customer.

Stock items: Items held in stock by a business.

Composition levy: A tax levied at a fixed rate on the turnover of a business.

Sales order: An order for goods or services from a customer.

Financial year: The period of time for which a business’s financial statements are prepared.

Price levels: The prices charged by a business for its products or services.

Financial accounting and taxation: The process of recording, classifying and summarizing the financial transactions of a business, and preparing tax returns.

Cash flow: The movement of cash into and out of a business.

Taxation accounting: The process of preparing, filing and auditing tax returns.