This course demonstrates:
- How accounting is the system of recording financial transactions.
- The profit and loss (P&L) statement, which summarises the revenues, costs, and expenses incurred during a specified period.
By attending this course, you will understand the purpose of the balance sheet, which is to show the financial status of an organization at a specific point in time.
The course will wrap with a summary of the key learning points, followed by an action planning exercise with a view to apply the acquired knowledge and skills immediately upon your return to work. Post-course support is also available in relation to the implementation of your action plan, up to six (6) months following course completion.
- Accounting concepts
- Steps in the accounting cycle
- The objectives of financial reporting
- Financial reporting standards
The Profit and Loss Statement
- Measurement of income
- Types of costs and expenses
- The many levels of profit
- Opex and capex
The Balance Sheet
- Constituents of the balance sheet
- The fundamental accounting equation
- Importance of working capital
- Exercise – prepare a set of accounts
The Role of Financial Accounting in Decision-making
- Key aspects of making a decision
- Limitations on the use of ratios
- The end of accounting?
- Summary and recap of key learning objectives
- Action Planning
This course is suitable for:
- New accounting staff who need to understand the financial accounting function holistically.
- Accountancy staff with no formal qualifications.
Upon completion of this course, you will understand:
- The links between accounting principles and the preparation of financial statements.
- Definitions of the content and functions of the two key financial statements.
- How to prepare a set of financial statements from scratch.
- How to implement an Action Plan at your workplace using the knowledge and skills acquired through the course.