Course Description:

Objective

Accounting is the language of business. By attending this course, you will learn the fundamentals of accounting as well as reading and analyzing financial statements. You will also appreciate the relationship between accounting and finance and understand the use of debits and credits. Finally, this course will help you to record financial transactions accurately and summarize them in financial statements.

By the end of the workshop, 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

 Content

The Accounting Cycle

·       Understanding Accounting Cycle

      ·       Analyzing Transactions and Recording in the Systems

·       Preparing Ledgers and General Ledgers (GL)

·       Types of Adjusting Entries

·       Preparing Financial Statements

·       Closing the Books

Chart of Accounts and Design Techniques

·       Designing Chart of Accounts

·       Analyzing Chart of Accounts

·       Reconciliations and Important Issues

·       Creating the Trial Balance

Accounting Adjusting Entries

·       Understanding deferrals

·       Deferrals Revenues and Entries

·       Working with Accruals

·       Other Adjustments and Corrections

·       Preparing the Adjusted Trial Balance

Cash Management

·       An Overview of Cash Management

·       The Optimal Cash Balance

·       Reasons for Holding Cash

·       Sources of Short Term Finance

·       Short Term Investment Opportunities

·       Minimizing Interest Costs and Maximizing Interest Earned

 Bank Reconciliation

·       What is a Bank Reconciliation Statements?

·       The Importance of Bank Reconciliation

·       Undertaking a Bank Reconciliation

·       Report and Correcting Differences

·       Avoiding Future Differences

·       Controlling Banks Records and Business

 Preparing Financial Statements and Notes

      ·       Preparing Income Statements, Balance Sheet and Cash Flow Statement

      ·       Preparing the Owners’ Equity Statements

      ·       External Audit vs. Internal Audit

      ·       Reading and Interpreting the Audit Opinion

      ·       Management Discussion and Analysis

Notes to the Financial Statements

      ·       Requirements for the Notes

      ·       Basis for Preparation

      ·       Organization and Activities of Notes

      ·       Summary of Significant Accounting Policies

      ·       Completing the Financial Statements and the Notes

Cost Accounting Approaches

      ·       Standard Cost Accounting

      ·       Lean Accounting

      ·       Activity-Based Costing

      ·       Resource Consumption Accounting

      ·       Throughput Accounting

      ·       Marginal Costing/Cost-Volume Profit Analysis

Inventory Classification and Record Accuracy

·       The ABC Classification

·       Inventory Record Accuracy

·       Reasons for Poor Accuracy

·       Periodic and Cycle Counting

·       Systems and Methodology of Counting

·       Knowing what is inside the Warehouse

·       Identifying safety Hazards

Internal Controls Environment 

·       Objectives of Internal Controls

·       Internal Control Activities

·       Control Precisions

·       Fraud and Internal Controls

·       Limitations of Internal Controls

FOR WHOM: Directors, Managers, supervisors and staff from any function including the accounting department who need to improve their understanding, application and techniques of the language of numbers.