This course applies a mix of integrated know-hows and informative demonstrations, in addition to demonstrating easy to understand technical core accounting topics. The course of study, as well, features real world case-studies, exercises, and team presentations.
- Define accounting and the accounting cycle.
- Identify the major rules and principles of accounting under the International Financial Reporting Standards (IFRS).
- Demonstrate knowledge of the basic accounting equation, double-entry bookkeeping, and the new automated accounting systems.
- List the key financial statements (balance sheet, income statement, changes in shareholders’ equity and cash flow statement) and their components.
- Practice financial statements’ adjustments at month and year-end.
Managers, supervisors and staff from any function including the accounting department who need to improve understanding and application and techniques of the language of numbers.
- Income statement
- Balance sheet
- Cash flow statement
- Adjustment entries
- Debits and credits
- International financial reporting standards
Introducing accounting and the financial statements
- Definition of accounting
- Users of accounting information
- Basic financial statements
- The corporation defined
- Presentation of accounting information by different business entities
- International financial reporting standards (IFRS)
The International Accounting Standards
- Introduction to IFRS
- Main differences between IFRS and US Generally Accepted Accounting Principles (GAAP)
- Double-entry accounting
The accounting equation
- Traditional double-entry bookkeeping
- Your asset is his liability
- The chart of accounts
- The general journal
- The general ledger
- The Trial balance
- Modern bookkeeping: automating transactions
- Income statements
Defining the income statement
- Defining revenue and its recognition
- Defining expenditures and their classifications
- Calculating profit
- Gross profit
- Operating profit
- Net profit
- The income statement illustrated
- Net equity
What is Capital Stock?
- Dividends are not an expense
- Cash dividends, stock dividends and stock split
- Definition of treasury stock
- Retained earnings: not the same as cash
- The balance sheet and its components
Defining the balance sheet
- Current versus non-current assets and liabilities
- The balance sheet illustrated
- Cash flow statement
Defining the statement of cash flows
- Cash and cash equivalents
- Classification of cash flows
- Operating activities
- Investing activities
- Financing activities
- The cash flow statement illustrated
- Adjustments to financial statements
The Accrual Concepts
- Accruals and prepayments
- Bad debts
- Provisions for contingencies