Basic Accounting Principles
About the Course:
This course is an introduction to the basic concepts and standards underlying financial accounting systems. Several important concepts will be studied in detail, including: revenue recognition, inventory, long-lived assets, present value, and long term liabilities. The course emphasizes the construction of the basic financial accounting statements - the income statement, balance sheet, and cash flow statement - as well as their interpretation.
This course is designed to introduce participants to the principles, concepts, and applications of financial accounting.
The course aims to address the following key questions: what is accounting concepts ; what are financial statements; how and why are they prepared; and what are some of the elementary rules governing their preparation? Participants are exposed to the process by which financial transactions and events are recorded, and will learn how to compile and interpret rudimentary financial statements.
- Develop Sufficient understanding of the basic concepts underlying financial Statement, reporting practices and techniques, such as double entry accounting, trial balance sheet, income statement cash flow statement and bank reconciliation statements
- Describe how budgeting relates to the planning and controlling functions of management.
- Explain the relationship between budgeting and strategic planning.
- Define chart of accounts, responsibility reporting, and flexible budgets.
- List and describe the phases of budgeting.
- Describe budgetary slack.
- Sufficient understanding of financial analysis.
- Prepare and analyze a trial balance and financial statements.
- Analyze a cash flow statement.
- Analyze financial statements using ratio analysis.
Who should attend?
- Accountants, and those who have financial responsibility within their area of activity and those whose career development involves progression
- Professionals with direct financial responsibilities and those who would benefit from news ideas and methods
- Managers & Seniors who need to know more about business planning, budgeting, costing terms and techniques.
- Cost and management accountant
- Financial planners and cost analysts
- Senior managers who supervise people with financial responsibilities
- Financial and budget controllers who are moving to wider responsibilities
Basic Accounting Terminology Used by Accountants and Bookkeepers
- The Financial Statements Used by Businesses
- The Income Statement
- The Balance Sheet Equation
- Assets, Liabilities, Owner’s Equity
- Types of Equity
The Chart of Accounts
- Account Numbers and Organization of the Chart of Accounts
- Contra Accounts
- Temporary vs. Permanent Accounts
- Which Accounts are Included in the Balance Sheet and Income Statement
The Accounting Equation
- Defining Debits and Credits
- Increase vs. Decrease of Account Balances
- Double Entry Accounting
- How Debits and Credits Affect General Ledger Accounts
- How to Prepare Journal Entries
- Test Your Knowledge
- Analyzing Financial Statements in the Present
- Analyzing Financial Statements for the Future
- Explanation of the AIPB Certification Requirements
A Certificate of Completion will be issued to those who attend & successfully complete the programme.
08:30 – 10:15 First Session
10:15 – 10:30 Coffee Break
10:30 – 12:15 Second Session
12:15 – 12:30 Coffee Break
12:30 – 14:00 Third Session
14:00 – 15:00 Lunch
This interactive training course includes the following training methodologies as a percentage of the total tuition hours:
- 30% Lectures, Concepts, Role Play
- 30% Workshops & Work Presentations, Techniques
- 20% Based on Case Studies & Practical Exercises
- 20% Videos, Software & General Discussions
- Pre and Post Test
The Fee for the seminar, including instruction materials, documentation, lunch, coffee/tea breaks & snack is: