Course Objectives
Accounting for Non-Accountants - Virtual Learning
Course Objectives
By the end of the course, participants will be able to:
- Define accounting and the accounting cycle
- 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 who need to improve their understanding, application and techniques of the language of numbers.
Target Competencies
- Accounting for business transactions
- Preparing income statements
- Preparing balance sheets
- Using debits and credits
Course Outline
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- Definition of accounting
- Users of accounting information
- Basic financial statements
- The corporation defined
- Presentation of accounting information by different business entities
- 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
- 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
- Defining capital stock
- Dividends are not an expense
- 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
- Classification of cash flows
- Operating activities
- Investing activities
- Financing activities
- Overview of the cash flow statement
- Adjustments to financial statements
- The accrual concept
- Accruals and prepayments
- Depreciation
- Bad debts
- Provisions for contingencies