Accounting for Non-Accountants


Course Objectives

By the end of the course, 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

Who Should Attend?

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 Schedule

  • 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)
  • 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
  • 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
  • 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
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