Accounting for Non-Accountants
Accounting for Non-Accountants
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Program Objectives:
By the end of the program, 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 and double-entry bookkeeping, and touch base with 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.
Account for financial statements’ adjustments at end of period.
Define the audit function and determine the different audit opinions.
Who should attend:
Managers, supervisors and staff from any function including the accounting department who need to improve understanding and application of accounting techniques.
Program 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 Board (IASB)
Introduction to International Financial Reporting Standards (IFRS)
Main Differences between International Financial Reporting Standards (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
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
