This course is designed for individuals without accounting background but who daily today work with accounting principles and need to understand and appreciate how business transactions are recorded, summarized, and interpreted for commercial decision-making purposes. Through a series of exercises, participants get a hands-on experience on the practical application of theories and concepts in the “accounting cycle,” from event/transaction recognition to financial statement preparation, review, and appreciation.
Course coverage, objectives and format
Legal and functional forms of business organization
Conceptual framework of accounting and financial reporting
Essential components
Double entry bookkeeping
The accounting cycle
The accounting process
Understanding financial statements: Format, contents, uses, limitations, variations
Critical information
Illustrative review of balance sheet, income statement and cash flow statement (as time permits)
Gain an insight on the fundamental principles and concepts underlying resource valuation and income determination in business;
Explain the accounting process, structure accounting entries, and recognize basic lapses in transaction recording and financial reporting;
Appreciate the contents, purpose, usage, and limitations of financial statements, i.e., balance sheet, income statement, and cash flow statement for decision-making purposes; and
Install basic internal controls to safeguard assets and maintain the integrity of the accounting and financial reporting process.
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