YCWPD 014 - Financial Accounting Essentials

Description

Understanding accounting terminology is important for financial information interpretation and decision-making. This hands-on practical introductory level course is designed for professionals without an accounting background who need to understand the fundamental accounting principles and financial reporting standards and want to improve overall accounting literacy.

Accounting provides key information about the financial situation of a business or company.  This practical course aims to introduce fundamental accounting principles that govern the financial accounting system. Participants will be introduced to various practical accounting concepts such as the income statement, balance sheets, conditions of transactions and Information Technology accounting systems, which they will encounter in a real-world business setting.

Topics Covered

• Meet the minimum level of accounting literacy:

1. Revenues : current, deferred
2. Expenses : current, deferred
3. Margins, profit
4. Assets : current, long term, inventory, amortization, accounts receivable
5. Liabilities : current, long term, debt, accounts payable
6. Equity : retained earnings, common stocks

• Visualize how accounts are organized and which transactions are entered in:

1. Income statement
2. Balance sheet
3. Statement of retained earnings
4. Statement of cash flows

• Understand how and when accounting information is entered in the accounting system:

1. Recognition principle
2. Matching principle
3. Capitalizing, expensing

• Link the accounting function to other business functions:

1. Business cycle
2. Accounting cycle
3. Crossing points

• Demonstrate an understanding of the accounting cycle and the preparation of financial statements:

1. Identifying, analyzing, recording, classifying, summarizing
2. Journals
3. General Ledger
4. F/S

• Describe the technology supporting the accounting cycle:

1. Accounting Information System (AIS) logic: collecting, managing and storing the financial information (records)
2. AIS functions :accounts module, journals module, GL module
3. Software

• Use an organization’s accounting system:

1. Access, interface, reports
2. Database queries
3. Internal control and security measures

Learning Outcomes

At the end of this course, participant will be able to:

• Meet the minimum level of accounting literacy
• Visualize how accounts are organized and which transactions are entered in
• Understand how and when accounting information is entered in the accounting system
• Link the accounting function to other business functions
• Demonstrate an understanding of the accounting cycle and preparation of financial statements
• Describe the technology supporting the accounting cycle
• Use the organization accounting system

Who Should Attend?

• Small and medium businesses (SMB) managers and owners
• Junior finance and accounting personnel
• Administrators and managers of Non-profit organizations
• Insurance professionals
• Government employees
• Professionals in transition