Accounting & Tax Syllabus

May to August 2024

Instructor information
Instructor Email Office location & hours
Autodidact nestyomara01@gmail.com

General information
Description
Foundations of Accounting (Month 1)
In the first month, you'll establish a strong foundation in accounting principles and
practices. You'll begin with an overview of accounting, including its various branches such
as financial, managerial, and cost accounting. Through reading materials and exercises,
you'll grasp fundamental concepts like double-entry bookkeeping, which forms the basis of
accurate financial record-keeping. Additionally, you'll delve into the interpretation of
financial statements, learning how to analyze balance sheets, income statements, and cash
flow statements. By the end of the month, you'll understand how to record transactions for
merchandising businesses and handle inventory-related transactions.
Advanced Accounting Topics (Month 2)
Building upon the foundational knowledge acquired in the first month, the second month
focuses on more advanced accounting topics. You'll explore depreciation and amortization
methods, gaining insights into how businesses account for the gradual loss of value in
tangible and intangible assets. Cost accounting principles will be covered, including cost
behavior analysis and various costing methods such as job order costing and process
costing. Financial ratio analysis will provide you with tools to assess a company's financial
performance and health, while budgeting and forecasting techniques will enable you to
prepare and analyze budgets for planning and control purposes.
Taxation and Practical Applications (Month 3)
The final month of the syllabus shifts the focus to taxation, a critical aspect of financial
management for individuals and businesses. You'll start with an introduction to taxation,
learning about different types of taxes and tax planning strategies. Individual and business
income taxation will be explored in detail, including deductions, credits, and filing
procedures. You'll gain practical knowledge of tax compliance, understanding IRS forms and
procedures for tax filing, as well as the audit and appeals process. Advanced tax topics such
as international taxation and taxation of estates and trusts will round out your
understanding of the complex tax landscape.
Reading List and Exercises
Throughout the syllabus, curated reading materials from authoritative sources provide
comprehensive coverage of each topic. These resources offer clear explanations, practical
examples, and insights from industry experts, enhancing your understanding of accounting
and taxation concepts.
Exercises accompanying each topic provide opportunities for practical application and
reinforcement of learning. From recording transactions to analyzing financial statements

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and preparing tax returns, these exercises enable you to actively engage with the material
and develop essential skills.

Expectations and Goals

The overarching expectations and goals of the syllabus include developing a solid
understanding of accounting principles, honing analytical skills, mastering taxation
concepts, and preparing for further study or career advancement in accounting, finance, or
taxation. By actively participating in self-directed learning and utilizing various resources,
you'll cultivate a robust skill set and mindset conducive to success in the field of accounting
and taxation.
Overall, the syllabus offers a structured and comprehensive pathway for self-study,
empowering you to become proficient in accounting and taxation within a three-month
timeframe.

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Expectations and goals

1. Foundational Understanding: By the end of the syllabus, you should have a solid
understanding of accounting principles, practices, and terminology. This includes
comprehension of financial statements, double-entry bookkeeping, cost accounting
methods, and basic tax concepts.

2. Analytical Skills: You'll develop the ability to analyze financial data, interpret
financial statements, and calculate key financial ratios. This analytical skillset is
crucial for decision-making in both personal and professional financial matters.

3. Practical Application: Through exercises and real-world scenarios, you'll apply

theoretical knowledge to practical situations. This includes preparing financial
statements, conducting cost analyses, and completing tax returns.

4. Taxation Proficiency: You'll gain proficiency in various aspects of taxation,

including individual and business taxation, tax planning strategies, compliance
procedures, and advanced tax topics like international taxation.

5. Critical Thinking: The syllabus encourages critical thinking and problem-solving

skills. You'll learn to evaluate financial information, identify discrepancies, and make
informed decisions based on financial data and tax regulations.

6. Preparation for Further Study or Career Advancement: Whether you're

pursuing further education in accounting, preparing for professional certifications
(such as CPA), or aiming to advance your career in finance or taxation, this syllabus
provides a strong foundation.

7. Self-Directed Learning: By engaging in self-study, you'll cultivate skills in self-

discipline, time management, and independent learning. These skills are valuable not
only in academic or professional contexts but also in personal growth and
development.

8. Resourcefulness: You'll learn to utilize various learning resources effectively,

including textbooks, online courses, exercises, and real-world examples. Developing
resourcefulness is essential for continuous learning and adaptation in a rapidly
changing field like accounting and taxation.

Overall, the expectations and goals of this syllabus align with equipping you with the
knowledge, skills, and confidence to navigate the realms of accounting and taxation
effectively, whether in academic, professional, or personal contexts.

Required materials

1. "Accounting Made Simple: Accounting Explained in 100 Pages or Less" by

Mike Piper

2. "Financial Statements: A Step-by-Step Guide to Understanding and

Creating Financial Reports" by Thomas R. Ittelson

3. "Cost Accounting for Dummies" by Kenneth W. Boyd

4. "Ratio Analysis Fundamentals: How 17 Financial Ratios Can Allow You to
Analyse Any Business on the Planet" by Axel Tracy

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 5. "J.K. Lasser's Your Income Tax 202X: For Preparing Your 202X Tax Return"
by J.K. Lasser Institute
6. "Tax Savvy for Small Business: A Complete Tax Strategy Guide" by Frederick
W. Daily

Optional materials

Online Courses: Platforms like Coursera, Udemy, and Khan Academy offer courses on
accounting and taxation.

Professional Organizations: Joining organizations like the American Institute of CPAs

(AICPA) can provide access to resources and networking opportunities.

Mentorship: If possible, seek mentorship from professionals in the field for guidance and
advice.

Course schedule
Week Topic Reading Exercises
Week 1 Introduction to Accounting  Overview of  Explain the purpose and
Accounting importance of each of the
Principles following financial
 Types of statements: Balance
Accounting Sheet, Income
(Financial, Statement, and Cash
Managerial, Flow Statement.
Cost)
 Introduction to
Financial
Statements
Week 2 Double-Entry Bookkeeping  Principles of  Practice recording
Double-Entry transactions using
Bookkeeping double-entry
 Recording bookkeeping
Transactions
 Trial Balance
and Adjusting
Entries
Week 3 Financial Statement  Understanding  Analyze financial
Analysis Balance Sheets statements of public
 Analyzing companies available
Income online.
Statements
 Interpreting
Cash Flow
Statements
Week 4 Accounting for  Inventory  Solve exercises from
Merchandising Businesses Valuation textbooks or online
Methods resources on inventory

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Week Topic Reading Exercises
 Recording Sales valuation
and Purchases
 Accounting for
Returns and
Allowances
Week 5 Depreciation and  Understanding  Calculate depreciation
Amortization Depreciation using various methods
 Straight-Line for different assets.
vs. Accelerated
Depreciation
Methods
 Amortization of
Intangible
Assets
Week 6 Cost Accounting  Cost Behavior  Practice cost allocation in
Analysis job order costing
 Job Order scenarios.
Costing
 Process Costing
Week 7 Financial Ratios and  Liquidity Ratios  Analyze financial ratios of
Analysis  Solvency Ratios companies to assess
 Profitability their financial health.
Ratios
Week 8 Budgeting and Forecasting  Budgeting  Imagine you're tasked
Process with planning a project
 Types of for your organization.
Budgets Develop a detailed
(Operating, project budget, including
Financial, Cash) all anticipated costs such
 Variance as personnel, materials,
Analysis equipment, and overhead
expenses. Consider
potential risks and
contingencies in your
budgeting process.
Week 9 Introduction to Taxation  Basic Concepts  Analyze various tax
of Taxation planning strategies for
 Types of Taxes individuals or businesses,
(Income Tax, such as retirement
Sales Tax, contributions, charitable
Property Tax) donations, or investment
 Tax Planning decisions. Evaluate the
Strategies tax implications of each
scenario and recommend
the most tax-efficient
approach.
Week 10 Income Taxation  Individual  Prepare tax returns for

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Week Topic Reading Exercises
Income hypothetical individuals
Taxation and businesses.
 Business
Income
Taxation (Sole
Proprietorships,
Partnerships,
Corporations)
 Tax Deductions
and Credits
Week 11 Tax Compliance  Tax Filing  Practice filling out IRS
Procedures forms for various tax
 Understanding scenarios.
IRS Forms
(1040, 1065,
1120)
 Tax Audits and
Appeals
Process
Week 12 Advanced Tax Topics  International  Research and analyze
Taxation international tax
 Tax implications for
Implications of multinational
Investments corporations.
 Taxation of
Estates and
Trusts

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