Accounting for Non-Accountants

Accounting is the language of business. By attending this course, you will learn fundamentals of accounting, reading and analysis of 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 accurately record financial transactions and summarize them in financial statements.

Course Methodology
This course uses a mix of interactive techniques, such as brief presentations by the consultant and the participants, in addition to
demonstrating theoretical core accounting topics. The course also features real-life case studies that are discussed, solved and
presented by participants.

Course Objectives
By the end of the course, participants will be able to:
● 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 (balance sheet, income statement, changes in shareholders’ equity and cash flow statement) and their components
● Practice financial statements’ adjustments at month and year-end

Target Audience
Managers, supervisors and staff from any function including the accounting department who need to improve understanding and
application and techniques of the language of numbers.

Target Competencies
● Accounting for business transactions
● Prepare income statements
● Interpret balance sheets
● Analyze cash flow statements
● Prepare adjustment entries
● Use debits and credits
● Apply International Financial Reporting Standards (IFRS)

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 (IFRS)
● 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