African Accounting Academy

The African Accounting Academy contains the 15 modules listed below. Once you complete all modules, you can move on to the final assessment.

All relevant information can be found in the attached course outline. Download it below.

If this is your first time accessing this page, watch the video below to familiarize yourself with how to navigate the course and complete the lessons.

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Course Content

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Lessons Status

Accounting fundamentals #1

What is accounting?

Elements of the financial statements

Elements of the FS Quiz

The accounting equation

The financial statements

Statement of Financial Position

Statement of Profit and Loss

Statement of Cash Flows

Financial Statement Notes

Accounting fundamentals #2

Transactions

Exercise 1 – Analyze the impact of transactions at VTC

Journal Entries

Exercise 2 – Drafting journal entries at VTC

Chart of accounts, general ledger & trial balance

Chart of accounts – illustrative example

Exercise 3 – Drafting journal entries

Exercise 4 – Drafting journal entries

Exercise 4 – Drafting journal entries (solution)

Accounting fundamentals #3

Cash versus accrual accounting

Comparing cash and accrual accounting

Accounts receivable

Accounts payable

Prepaid expenses

Accrued liabilities

Deferred revenue

Fixed assets and depreciation

Inventory and cost of sales

Exercise 1 – Journal entries under accrual accounting

Exercise 2 – Journal entries under accrual accounting

Exercise 2 – Journal entries under accrual accounting (solution)

Taxation

Understanding risks

What is risk?

Materiality

Financial statement risks

Fraud

Understanding internal controls

What are internal controls?

Important control activities

Preventative versus detective

Illustrative example – UTC Cloting

Summary of control activities at UTC Clothing

Threats and success factors

Cash receipts process

What are cash receipts?

How does the cash receipts process work?

Example of the cash receipts process

Small cash receipts transactions

Cash receipts process recap (video)

Exercise 1 – Auditing cash receipts documentation

Recording journal entries in the cash receipts process

Control activities in the cash receipts process

Exercise 2 – Control issues at GreenBananas

Cash disbursements process

What are cash disbursements?

How does the cash disbursements process work?

UTC Clothing example

Exercise 1 – Reviewing cash disbursements documentation

Petty cash disbursements

Cash disbursements process recap (video)

Exercise 2 – Auditing cash disbursements documentation

Control activities in the cash disbursements process

Recording journal entries in the cash disbursements process

Exercise 3 – Control issues at SolaPawa

Excel

Cash and bank reconciliations

Intro to bank reconciliations

Bank reconciliations

Exercise 1 – Identifying reconciling items

Performing bank reconciliations

Exercise 2 – Preparing a bank reconciliation

Exercise 2 – Preparing a bank reconciliation (SOLUTION)

Exercise 3 – Completing a bank reconciliation

Exercise 3 – Completing a bank reconciliation (SOLUTION)

Petty cash reconciliations

Bank controls

Month-end processes

Overview of the FSCP

Month-end checklist

Cash procedures

Fixed asset procedures

Exercise 1 – Using a fixed asset register

Exercise 1 – Using a fixed asset register (SOLUTION)

Prepaid expense procedures

Exercise 2 – Using a prepaid expenses tracker

Exercise 2 – Using a prepaid expenses tracker (SOLUTION)

Accruals procedures

Summary of month-end processes

Month-end reporting

Exercise 3 – Comprehensive journal entry exercise

Exercise 3 – Comprehensive journal entry exercise (solution)

Budgeting

Introduction to budgeting

Budgeting process

Budget-to-actuals

Budget-to-actual – Example 1

Budget-to-actual – Example 2

Budgeting – Exercise 1

Budgeting – Exercise 2

Budgeting – Exercise 2 (SOLUTION)

Budgeting – Exercise 3

Budgeting – Exercise 3 (SOLUTION)