Objectives:
By the end of the program, participants will be able to:
- Define the accounting cycle.
- Discover how accounting affects their day-to- day business.
- Outline the components of financial statements.
- Perform every step of the accounting closing cycle.
- Get up-to-date with accounting terminology that will enable them to perform more effectively at work.
The Content:
Introduction to Accounting
- Importance of Accounting and the Accounting Cycle
- Accounting Regulatory Bodies
- International Financial Reporting Standards (IFRS)
- Generally Accepted Accounting Principles (GAAP)
- Accounting Rules Updates and Changes
- Stakeholders and Users of Accounting Information
- Company Structures and Business Activities
- Accounting Principles and Guidelines
- Other Characteristics of Accounting Information
- How Principles and Guidelines Affect Financial Statements
Analyzing Transactions
- Identifying Account Names
- Classifying Accounts
- Interpreting Account Movements
The Double Entry Accounting
- Debits and Credits
- The Importance of T-Accounts
- The 7 Rules of Debits and Credits
- Sub-Ledgers and General Ledgers
- Preparing Trial Balance
Adjustment Process
- Adjusting Assets and Liabilities, Revenues and Expenses:
- Accrued Liabilities / Expenses and Revenues
- Deferred Assets / Expenses and Revenues
- The Process of Preparing Adjusted Trial Balance
- Adjustments for Contra-Accounts
Closing Process
- The Four Important Closing Entries
- Using the 10-Column Worksheet
- Preparing Financial Statements:
- Income Statement
- Balance Sheet
- Understanding and Preparing Closing Trial Balance
Assets Accounting and Reporting
- Accounting and Presentation of Cash, Petty Cash and Cash Reconciliation
- Accounts Receivable and Allowances
- Inventory Costing and Valuation
- Recording and Maintaining Fixed Assets
- Depreciation and Accumulated Depreciation
- Intangible Assets and Other Non-Current Assets
Current Liabilities and Accruals
- Accounts Payable and Notes Payable
- Accrued Liabilities
- Short and Long-Term Loans
Understanding Shareholders’ Equity
- Share Capital
- Retained Earnings
- Government and Management Reserves
