Accounting for Non-Accountants Professionals

Created by LEC Team
Last updated Mon, 27-Mar-2023
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Ultimately, this course will certainly aid you to tape-record economic deals precisely as well as summarize them in monetary declarations.

Course Goals of Bookkeeping for Non-Accounting Managers

  • Specify bookkeeping as well as the accountancy cycle
  • Recognize the major regulations and also principles of audit under the International Financial Reporting Criteria (IFRS).
  • Show understanding of the basic audit equation, double-entry bookkeeping, and brand-new computerized bookkeeping systems.
  • List the crucial monetary statements and their parts (balance sheet, revenue statement, adjustments in investors' equity, and capital declaration).
  • Technique monetary declarations' modifications at month and year-end.


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┬ácapital stock

  • Dividends are not an expense

  • Cash dividends, stock dividends, and stock split

  • Definition of treasury stock

  • Retained earnings -┬ánot 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
  • The accrual concepts

  • Accruals and prepayments

  • Depreciation

  • Bad debts

  • Provisions for contingencies


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