Accounting for Non-Accountants Professionals

Introduction

Accounting is the language of business. By attending this course you will learn the fundamentals of accounting as well as reading and analyzing financial statements. You will also appreciate the relationship between accounting and finance and understand the use of debits and credits. Finally, this course will help you to record financial transactions accurately and summarize them in financial statements.

Course Objectives of Accounting for Non-Accounting Managers

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 and their components (balance sheet, income statement, changes in shareholders’ equity, and cash flow statement)
Practice financial statements’ adjustments at month and year-end

Accounting for Non-Accounting Managers Course Outlines

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

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

Day 3

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

Day 4

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