Financial Accounting (FA)

50,000 AMD


This course is of interest to those who wish to open the door in the accountancy world. It is designed to
provide a rigorous foundation in financial accounting, also necessary for further studies of financial
management, analysis, planning and budgeting. The attendee will develop a basic understanding of
underlying accounting principles and concepts, will be able to perform the double entries of accounting
transactions, will get comprehensive insights into the main categories, including non-current assets,
inventories, financial assets and financial liabilities. The course also covers the principles of revenue and
expense recognition, and acquaints with the set of financial statements.



Benefits to your organization

By taking this course, the participants will develop a solid understanding of the fundamentals of financial
accounting, will demonstrate the use of double-entry system and prepare a simple financial statements.

Target audience

Beginners in accounting, client service representatives, reporting and budgeting team members, audit
team members, those who lack or have little experience and would like to fill in the knowledge gap in
financial accounting, those who wish to proceed to studies in financial analysis and planning.


Learning outcomes

  • Define and identify assets, liabilities, equity, revenue and expenses
  • Prepare ledger entries to record the main types of transactions
  • Define and identify the types of financial statements


Learning approach

  • Presentations and lectures
  • Practical exercises
  • Discussions and team work


Prerequisites: None

Language of Delivery: Armenian (can be English as well)

Training Materials: Armenian and English

Duration: 10 hours

Final Test: Yes


Training Outline


Module 1: Introduction to financial accounting and double-entry bookkeeping

  • Definition of accounting and financial reporting
  • Users of financial reporting
  • Types of business entities
  • Introduction to IFRS
  • Elements of financial statements
  • Complete set of financial statements
  • Accounting equation
  • Double-entry bookkeeping

Module 2: Non-current assets and inventories

  • Definition of inventories
  • Measurement of inventories, differentiation between cost and NRV
  • Inventory valuation methods, FIFO and AVCO
  • Differentiation between revenue and capital expenditure
  • Definition of non-current assets, types of tangible and intangible assets
  • Concept of depreciation, application of straight-line and reducing balance methods
  • Concept of revaluation

Module 3: Revenue recognition, accruals and prepayments, provisions and contingencies

  • Concept of accrual
  • Understanding the differences of cash flow timing and recognition in financial statements
  • Illustration of the ledger entries and reporting of accruals and prepayments
  • Five-step model of revenue recognition
  • Types of obligations, legal and constructive
  • Concept of provision and its accounting treatment
  • Contingent assets and contingent liabilities

Module 4: Financial instruments, accounting errors and suspense account

  • Accounts receivable and irrecoverable debts
  • Doubtful debts and allowance for receivables
  • Definition financial instruments
  • Recognition and measurement of financial assets and financial liabilities
  • Concepts of fair value and amortized cost
  • Distinguishing between debt and equity
  • Setup of irrecoverable debt allowance for receivables
  • Identification of the types of accounting errors
  • Setup and clearance of suspense account

Module 5: Preparation of a set of financial statements

  • Preparation of a statement of comprehensive income
  • Preparation of a statement of financial position