Accounting For Non – Accountants
Course Code: FA10
►Course Objective
- 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
- Practicefinancial statements’ adjustments at month and year-end
►Target Audience
- Managers,
- Supervisors
- and staff from any function including the accounting department who need to improve understanding, application and techniques of the language of numbers.
Course Outline
:Day 1
Introducing accounting and 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
- The International Accounting Standards Board (IASB)
- Introduction to IFRS
- Main differences between IFRS and US Generally Accepted Accounting Principles (GAAP)
Day 2:
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
- Modern bookkeeping: automating transactions
Day 3:
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
- Cash dividends, stock dividends and stock split
- Definition of treasury stock
- Retained earnings - not the same as cash
Day 4:
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
Day 5:
Adjustments to financial statements
- The accrual concepts
- Accruals and prepayments
- Depreciation
- Bad debts
- Provisions for contingencies
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