General Accounting Knowledge with Practical Applications
Introduction
The training Course “GENERAL ACCOUNTING KNOWLEDGE, WITH PRACTICAL APPLICATIONS” is structured in three self-contained teaching/thematic units, lasting six, three and three months respectively, which together form a comprehensive introduction to the world of accounting, combining theoretical knowledge with practical application.
The aim of the Course is for trainees to acquire comprehensive knowledge, excellent information and the ability to understand all the individual features governing financial accounting and the financial analysis of businesses’ financial statements and cash flows, as well as the rules for determining results and preparing financial statements. Financial analysis is of interest to many categories of individuals and economic organisations, depending on the position each holds in the economy. Through the wealth of examples, exercises and activities included in the Educational Material, the topics analysed are expected to be approached in an easy and comprehensible way. In addition, the Course examines the full practical application of the double-entry method as applied by modern accounting departments of companies keeping category C books, for SA, Ltd, PC, GP and LP companies and sole proprietorships, in accordance with the new accounting standards of Law 4308/14.
The aim of the Course is, therefore, to provide comprehensive and flexible training, approaching in theory and in practice:
- the principles of financial accounting, as applied in practice and in accordance with the legislation in force, and
- modern methods of financial analysis of companies’ financial statements and cash flows, so that its findings can serve as a guide in decision-making.
Trainees will deepen their knowledge of issues relating to the analysis of companies’ financial statements and of how these statements provide information on the true picture of a company, with a view to setting specific business planning objectives for improving its profitability.
Units
Scientific Director
Emmanuel Tsiritakis,
Professor, Department of Banking and Financial Management, University of Piraeus
Target Audience
The course is aimed at:
- Students and graduates of universities, technological institutes (TEI) and vocational training institutes (IEK)
- Economists, accountants, employees of organisations, banks and audit firms, and business executives working in the wider financial sector.
Admission Requirements
Participants must have:
- Basic computer skills
- Internet access
- A personal email account
Delivery Method
The Course is delivered entirely online through simple educational software (an asynchronous e-learning platform), with digital Educational Material and continuous educational support. Once a candidate has been accepted onto the Course, a user account is created on the e-learning platform, giving access to the Unit of their choice. Within each Unit, the responsible instructor’s electronic Educational Material is posted on the e-learning platform on a weekly basis. The Educational Material includes electronic notes with theory and examples in PDF format, which can be saved and printed so that study is also possible offline, as well as demo software for practical exercises in cooperation with Singular Logic, where required (Unit 2). During the Course, assignments or self-assessment tests may be set. Trainees have access, at any time and from anywhere with an Internet connection, to all the activities, information sources and announcements of each Course, and are provided with the instructor’s contact details for resolving queries. Participants should:
- study the material and the notes
- use the links related to the course material
- submit assignments, self-assessment tests and final examination answers
Type of Certificate
Trainees who successfully complete all the Units of the Course are awarded a Training Certificate by KEDIVIM of the University of Piraeus. Trainees who choose to attend only some of the thematic units are awarded a Training Certificate listing the Teaching/Thematic Units successfully completed. Where successful completion of the Course is not possible due to discontinuation of studies or failure in the examinations, the trainee is awarded a Certificate of Attendance by KEDIVIM of the University of Piraeus.
See a sample of the certificates awarded, as applicable, here
Teaching/Thematic Units
1. Financial statements of businesses
2. General principles of financial statements
3. Financial statements of large entities
4. Financial statements of small entities
5. Financial statements required under the Commercial Code
6. Auditing financial statements
7. The establishment and development of the auditing profession in Greece
8. The business's balance sheet
9. General principles of the balance sheet
10. The business's assets
11. Classification of Assets
12. The business's liabilities
13. Contingent liabilities or provisions
14. Recognition of liabilities in the balance sheet
15. Classification of Liabilities
16. Third-party assets, bilateral contracts and guarantees of any kind, as well as security interests in rem granted or received by the business
17. What information businesses should obtain from assets
18. Assets included in the concept of assets on the balance sheet
19. What information third parties should obtain from liabilities
20. Obligations included in the concept of liabilities
21. Balance Sheet Exercises
1. The income statement account
2. General principles of the income statement account
3. The concepts of revenue, cost and expense
4. Exercises on revenue, costs and expenses
5. Distinguishing between revenue, costs and expenses
6. Operating result
7. Extraordinary results
8. Net profit margin
9. Exercises on the classification of revenue, costs and expenses
10. Exercises on the Income Statement Account
1. Inventory of assets
2. Inventory of the business's assets
3. Purpose of the stocktaking and the tasks by which it is carried out
4. Consequences of incorrectly preparing the inventory
5. Inventory exercises
6. On Accounting Law (as replaced by the Greek Accounting Standards)
7. The concept of Accounting Law
8. Income tax systems
9. The introduction of the Code of Books and Records
10. The introduction of Value Added Tax in Greece
11. Application of International Accounting Standards by Greek Businesses
12. On the Greek Accounting Standards
13. On accounts
14. Principles of keeping accounts
15. Structure of Accounts under the Greek Accounting Standards
16. Classification of accounts
17. Coded numbering of Accounts
18. Account exercises
1. The double-entry method
2. The equality of the business's assets and liabilities
3. Advantages for businesses of applying the double-entry method
4. Double-entry method exercises
5. Accounting events and accounting books
6. Accounting for operations and businesses
7. Recording the activity of economic units
8. Keeping commercial and accounting books
9. Accounting Events
10. Accounting Books
11. Journal
12. Analytical Journals
13. Ledgers
14. Inventory book
15. Letter copy book
16. Full accounting system (or Double-Entry Books)
17. Generally accepted accounting principles
18. Evidential value of commercial books
19. Irregular books
20. Inadequacy and inaccuracy of books
21. Journal entry exercises
22. Layout of analytical journals
23. Exercises on analytical journals
1. Reconciliation of Accounting Books. Correction of Errors
2. Trial balances
3. Exercises on reconciling accounting books
4. Accounting errors and their correction
5. Exercises in verifying account balances and correcting accounting errors
6. Supporting documents for accounting entries
7. Supporting documents for accounting entries
8. Supporting documents (or vouchers) required by the Greek Accounting Standards
9. Other supporting documents
10. Principles for issuing supporting documents
11. Internal audit of supporting documents for management
1. Year-end accounting entries
2. General principles of year-end accounting entries
3. Measurement principles and rules
4. Adjusting entries and depreciation entries
5. Entries determining operating results
6. Entries determining the result for the year
7. Profit appropriation entries
8. Exercises on accounting principles
1. The cash flow statement
2. Introduction of the International Accounting Standards
3. The cash flow statement
4. Presentation of the cash flow statement
5. Presentation of cash flows from business (or operating) activities
6. Presentation of cash flows
7. Extraordinary items
8. Interest and dividends
9. Income tax
10. Non-cash transactions
11. Other disclosures relating to cash and cash equivalents
12. Conclusions drawn from reading the data of the cash flow statement
13. Procedure for preparing the cash flow statement
14. Cash flow exercises
1. Statement of changes in equity
2. Exercises in recording accounting transactions and preparing financial statements
1. Accounting for fixed assets
2. General principles of fixed assets
3. Acquisition cost – Additions, improvements, maintenance and repairs of fixed assets
4. Depreciation of fixed assets
5. General principles of calculating depreciation
6. Fixed asset register
7. Detailed entry in the inventory
8. Accounting for tangible fixed assets
9. General principles of accounting for tangible fixed assets
10. Changes in tangible fixed assets
11. Valuation (or measurement) of tangible fixed assets at initial recognition
12. Valuation (or measurement) of property, plant and equipment under IAS 16 after initial recognition
13. Depreciation of tangible fixed assets
14. Investment grants
15. Impairment of tangible fixed assets
16. Detailed entry in the inventory
17. Information in the notes to the financial statements on tangible fixed assets
18. Information in the report of the board of directors of the public limited company (S.A.) or of the manager of the limited liability company (Ltd) on tangible fixed assets
19. Acquisition of a fixed asset under a finance lease
1. Accounting for intangible assets and multi-year amortised expenses
2. General principles of intangible fixed assets
3. Initial recognition of an intangible asset
4. Acquisition of an intangible asset by way of a government grant
5. Amortisation of intangible assets
6. Valuation of intangible assets after recognition
7. Business goodwill
8. General principles of multi-year amortisation expenses
9. Detailed entry in the inventory
10. Information in the notes to the financial statements on multi-year amortised expenses
11. Accounting for participations and securities
12. General overview of accounting for participations and securities
13. Changes in participations and securities
14. Impairment of participations and securities
15. Measurement of participations and securities
16. Detailed entry in the inventory
17. Information in the notes on participations
18. Information on securities in the management report of the board of directors of the public limited company or of the manager of the Ltd
1. Inventory accounting
2. General principles of inventory accounting
3. Operation of inventory accounts
4. Warehouse book
5. Changes in inventories
6. Accounting for increases in inventories
7. Cost of inventories
8. Accounting for decreases in inventories
9. Inventory
10. Valuation of inventory stocks – Prices to be applied in the valuation of inventory stocks
11. Conceptual definition of the prices and methods applied in the valuation of inventories
12. Detailed entry in the inventory
13. Information in the notes on inventories
1. Receivables and cash
2. General principles of receivables and cash
3. Measurement of receivables
4. Account 'Customers'
5. Account 'Bills receivable' (or 'Bills of Exchange Receivable')
6. Account 'Orders placed abroad'
7. Account 'Sundry debtors'
8. Account 'Securities'
9. Account 'Accounts for the management of advances and credits'
10. Account 'Transitional asset accounts'
11. Account 'Cash and cash equivalents'
12. Detailed entry in the inventory
13. Information in the notes to the financial statements concerning receivables, securities, cash and asset accruals and deferrals
14. Information in the report of the board of directors of the public limited company (S.A.) or of the manager of the limited liability company (Ltd) regarding securities and cash
1. Capital or equity
2. General principles of capital or equity
3. Account 'Capital'
4. Account 'Reserves – Revaluation differences – Investment grants'
5. Account 'Retained earnings carried forward'
6. Account 'Amounts intended for capital increase'
7. Detailed entry in the inventory
8. Information in the notes relating to equity
9. Minimum equity requirements for public limited companies and Ltds
10. Classification and measurement of liabilities
1. Provisions for risks and charges
2. Account 'Provisions'
3. Detailed entry in the inventory
4. Information in the notes to the financial statements on impairments and provisions
5. Information in the report of the board of directors of the public limited company (S.A.) or of the manager of the limited liability company (Ltd) on significant events
1. Long-term liabilities
2. Account 'Long-term liabilities'
3. Detailed entry in the inventory
4. Information in the notes to the financial statements on long-term liabilities
1. Short-term liabilities
2. General – Account 'Suppliers'
3. Account 'Notes Payable' (or 'Bills of Exchange Payable')
4. Account 'Banks – short-term liability accounts'
5. Account 'Sundry creditors'
6. Account 'Liabilities for taxes – duties
7. Account 'Social security funds'
8. Account 'Transitional liability accounts'
9. Detailed entry in the inventory
10. Information in the notes to the financial statements on current liabilities and accrual accounts
1. Operating expenses by type
2. Content and conceptual definitions
3. Adjustment of expense accounts at the end of the financial year
4. Account 'Staff fees and expenses
5. Account 'Third-party fees and expenses'
6. Account 'Third-party services'
7. Account 'Taxes – Duties'
8. Account 'Sundry expenses'
9. Account 'Interest and related expenses'
10. Account 'Depreciation of fixed assets incorporated into operating costs'
11. Account 'Operating provisions'
12. Information in the notes to the financial statements on operating expenses
1. Operating revenue by type and non-operating results
2. Content and conceptual definitions
3. Adjustment of revenue accounts at the end of the financial year
4. Account 'Sales of merchandise'
5. Account 'Sales of finished and semi-finished products'
6. Account 'Sales of other inventories and scrap material'
7. Account 'Sales of services (Revenue from the provision of services)'
8. Account 'Grants and miscellaneous sales revenue'
9. Account 'Income from ancillary activities'
10. Account 'Income from capital'
11. Account 'Own production of fixed assets and utilised operating provisions'
12. Account 'Extraordinary and non-operating results'
13. Account 'Prior-year expenses and income'
14. Information in the notes to the financial statements on operating revenue, as well as non-operating revenue and expenses
1. Accounting for memorandum accounts
2. General principles of accounting for memorandum accounts
3. Third-party assets
4. Debit accounts for guarantees and collateral security
5. Detailed entry in the inventory
6. Information in the notes on memorandum accounts
7. Foreign currency accounting
8. General principles of foreign currency accounting
9. Accounting for foreign currency transactions
10. Valuation of receivables and liabilities in foreign currency under the Greek Accounting Standards
11. Exchange differences on credit or loans for the acquisition of fixed assets (under Greek Accounting Standards)
12. Valuation of other receivables and liabilities in foreign currency
13. Accounting for exchange differences on other receivables and liabilities in foreign currency
1. Year-end accounting procedures
2. General overview of the flow of accounting transactions during the financial year
3. Year-end accounting procedures relating to the physical inventory count and valuation of individual assets
1. Taxation and distribution of business profits
2. Accounting for deferred tax
3. General principles of the profit appropriation statement
4. The taxation system for public limited companies and Ltds introduced by Law 2065/1992
5. Accounting determination of taxable profit
6. Principles of tax deductibility of expenses
7. Principles of tax recognition of losses
8. Calculation of corporate income tax
9. Taxation exercises
10. Timing of the preparation and publication of the financial statements of a public limited company
1. Accounting operations of companies applying International Accounting Standards (IAS)
2. Obligations under the Greek Accounting Standards
3. Accounting for income tax under the Greek Accounting Standards
1. Introduction to branch accounting
2. The concept of a branch
3. Classification of branches under the Code of Books and Records (KBS)
4. Accounting organisation of branches
5. Branches with full accounting autonomy
6. Branches without full accounting autonomy
7. ONLINE connection between branch and head office
8. Consolidated financial statements
9. Introduction to consolidated financial statements
10. Group of affiliated undertakings
11. Accounting for consolidated financial statements
12. Consolidation adjustment entries
13. Thresholds for the preparation of consolidated financial statements
14. Accounting for 'consolidation differences' or Goodwill arising on consolidation
15. Accounting for 'dividends payable' on consolidation
16. Consolidation principles for subsequent consolidations
- REVIEW
In brief, the Course includes the following:
- Law 4308/14 GREEK ACCOUNTING STANDARDS
- Entities – Categories of Entities
- Concepts of the Double-Entry Method
- Transition of Businesses to the Double-Entry Method
- Movement of Goods and Invoicing of Transactions under the Greek Accounting Standards (ELP)
- Formation entries for SA – Ltd – PC – GP – LP – SOLE PROPRIETORSHIPS
- Organisation – Legal Establishment of SA – Ltd – PC – GP – LP – SOLE PROPRIETORSHIPS
- Keeping Double-Entry Books (Category C)
The Course also covers the accountant's tasks (at the start of a new financial year, and on a daily, monthly and annual basis), which include, among other things, closing the balance sheet and preparing Financial Statements.
* Includes the use of demo software for hands-on practice, in collaboration with Singular Logic
1. The importance of Financial Statement Analysis
2. Introduction to liquidity ratios
3. Activity Ratios
4. Profitability Ratios
5. Analysis of Bank Financial Statements
6. Cash Flow Statement (CASH FLOW STATEMENTS)
7. Working Capital
8. Determination of Cash Flows from Interest, Taxes & Foreign Currency
9. Consolidated Cash Flow Statement
10. Break-Even Point Analysis (BREAK-EVEN ANALYSIS)
11. General Application of Key Ratios
12. Revision Topics
Learning Outcomes
Upon successful completion of the Course, trainees will be able to:
✔️ Recognise basic accounting concepts and terms, such as the accounting equation, accounting event, inventory, balance sheet and income statement
✔️ Understand how the double-entry system works
✔️ Understand how the asset and liability accounts are linked to those of the Income Statement and the Cash Flow Statement
✔️ Apply valuation methods to the most significant assets of businesses.
✔️ Assess issues relating to financial accounting
Use various modes of thinking
✔️ Develop various problem-solving strategies
✔️ Understand the various techniques of financial statement analysis that are necessary for assessing the liquidity, efficiency, profitability and capital structure of a business
✔️ Understand the main challenges and difficulties in the analysis of financial statements.
✔️ Prepare cash flow statements
Use various modes of thinking
✔️ Study and apply the knowledge acquired to real-life events
✔️ Use their cognitive skills to solve accounting issues
Assessment
The examination process takes place remotely via the e-learning platform, with the final examination questions and exercises posted in the form of an assignment with a deadline for submitting answers. Late participation in the final examination may be arranged in consultation with the trainee, provided that no more than one year has passed since their registration in the relevant teaching unit.
Discount Policy
The following discount categories apply:
- GROUP A: Unemployed persons, members of large families and families with three children, persons with disabilities, graduates and students of the University of Piraeus, employees of the University of Piraeus (permanent or under contract), municipal employees
- GROUP B: Undergraduate students of universities/technological institutes (AEI/TEI) or persons up to 30 years of age holding a European Youth Card, participants of previous cycles, registration for at least two courses in the same period
Please note that:
- Discounts are not cumulative.
- Each trainee may benefit from only one discount category.
- Participants entitled to a discount must submit the supporting documents that will be requested.
Course Fee
|
GROUP A |
GROUP B | NO DISCOUNT | |
|
Total Course Fee |
1.000€ | 1.200€ | 1.400€ |
|
Fee for Thematic Unit 1 |
500€ | 600€ |
700€ |
| Fee for Thematic Unit 2 | 250€ | 300€ |
350€ |
| Fee for Thematic Unit 3 | 250€ | 300€ |
350€ |
Payment of Fees
Fees are payable in a single payment or in equal monthly instalments, the number of which corresponds to the duration of the Teaching Unit in months, provided that the fees are paid in full 2 weeks before the end of the Teaching Unit. Failure to pay any instalment will result in the automatic exclusion of the candidate from the remainder of the Course, the examinations and the award of the certificate.
| Duration: | 12 Months / 293 Hours |
|---|---|
| ECTS: | 11.27 |
| Field of Study: | Accounting |
| Language: | Greek |
| Scientific Director: | Emmanouil Tsiritakis |
Educational Material
| Electronic Notes |
|---|