Accounting and Book-Keeping Skills for Non-Accountant and SMEs Owners

Course Outline

• 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