Basic Accounting Management
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Accounting is an integral part of operating a business. Through it, business results are known and timely actions can be taken to ensure financial objectives are met or exceeded. Financial Accounting, unlike Managerial Accounting, requires certain sets of Bookkeeping Rules, Accounting Concepts, Principles, Standards & Good Internal Controls to be observed and followed. This is to ensure the resultant Financial Statements produced are consistent and accurate to be relied upon by management for planning, control and decision-making, tax reporting and evaluation by shareholders and other interested parties.
This course is an introductory and exploratory program in Accounting. It is by no means comprehensive, but sufficient to provide a clear, overall idea of the world of Accounting. Participants will be able to gauge his/her interest level in Accounting from this program, and if so desired, choose to pursue a proper Accounting qualification thereafter.
This program is designed as a foundational course for anyone who is keen on learning Accounting, or anyone who is switching, or contemplating switching, to Accounting as a line of work. It is also for small business owners wishing to start his/her own Accounting system. The course starts from the basics of Accounting double entries to the creation of the Financial Statements. Along the way, Key Accounting Concepts & Key Accounting Controls so important to ensuring proper and accurate accounting and controls will be explained. The course ends with a short discussion on how Budgeting can act as a planning and control tool to ensure the objectives of running a business are achieved.
1.Introduction / Overview of Financial Accounting
- The 5 Major Elements of Financial Accounting
- The Double-Entry Bookkeeping System
- The 3 Major Financial Statements & Its Contents
2.Setting Up An Accounting System
- Chart of Accounts
- The T-Accounts / Practicing Double Entries with Transactions
- General Ledgers & Subsidiary Ledgers
- The Closing Process
3.Major Accounting Concepts
- Generally Accepted Accounting Principles
- Revenue Recognition
- Accrual Accounting
- Capital vs Operating Expenses
- Depreciation & Amortization
- Other Contra-Asset Accounts
- Provisions & Allowances
- Inventory Systems (Perpetual vs Periodic) & Valuation
- Bank & Other Account Reconciliations
- Fixed Assets Accounting / Register / Verifications
- Collections & Account Receivable Aging
- Inventory, Cycle Counting & Stock-Take
- Segregation of Duties
Who should attend
Small business owners, entrepreneurs, or people contemplating a mid-career switch to Accounting. Course is for anyone with little or no background in Accounting, or who needs a refresher in Accounting.