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