Accounting

This Accounting training course provides knowledge on the fundamentals of Accounting in Finance and Budgeting.

Content:

• Importance of Accounting in Business
  • The Role and Purpose of Accounting
  • The Accounting System
  • The Fundamental Accounting Equation
• The Accounting Principles
  • Accrual versus Cash Basis Accounting
  • Matching Principle and Revenue Recognition
• Accounting Cycle
  • Steps of the Accounting Cycle
  • Analyzing Transactions
  • Recording Transactions
  • Preparing Trial Balance
  • Recording Adjusting Entries
  • Recording Closing Entries
  • Preparing Financial Statements
  • Preparing Post-Closing Trial Balance
• Analyzing and Recording Transactions
  • Using Accounts to Summarize Transactions
  • The Rules of Debits and Credits
  • Preparing Trial Balance (TB)
• Accounting for Assets
  • Cash and Bank Accounts
  • Accounts and Notes Receivable and Allowance for Doubtful Debts
  • Inventory and Cost of Sale
  • Fixed Assets and Intangible Assets
• Accounting for Liabilities and Equity
  • Current Liabilities and Long-Term Liabilities
  • Contributed Capital and Retained Earnings
• Adjusting Entries
  • Adjusting for Accruals
  • Adjusting for Deferrals 
• Preparing Financial Statements
  • The Income Statement
  • Statement of Owners’ Equity
  • The Balance Sheet

Objectives:

• Identify the importance of accounting in running the business
• Acquire basic accounting knowledge and skills needed to better support management
• Properly distinguish and classify account categories within the accounting system in the company
• Accurately account for transactions affecting assets, liabilities and equities
• Correctly account for transactions affecting revenues and expenses
• Effectively prepare statements of income and balance sheets
• Perform hands-on bank reconciliation, account analysis, and General Ledger (GL) to sub-ledger reconciliation