Course Details
Course Outline
5 days course
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.
Analysing 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
