Course Overview

Recording transactions is the fundamental process allowing companies to make enhanced decisions and for management to effectively achieve results. Professionals need to understand the two most important pillars of Accounting; Recording Transactions and Reporting Results. Your takeaways are clear, structured, and practical. This is a hands-on course allowing you to learn by doing.

Course Methodology

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.

Course Objectives

By the end of the course, participants will be able to:
  • 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.

Target Audience

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.

Target Competencies

  • Accounting
  • Income statement
  • Balance sheet
  • Cash flow statement
  • Adjustment entries
  • Debits and credits
  • International financial reporting standards

Course Outline

          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

  • Assets
  • Liabilities
  • Equity
  • 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
  • Depreciation
  • Bad debts
  • Provisions for contingencies
Location & Dates
Call us at +971 4 430 8394