Accounting Basics

Accounting Basics

Monday 02 Aug 2021

  • Duration: One Week
  • City: Madrid
  • Fees: Classroom: 4300 GBP / Online: 1950 GBP



If there is a business, there is accounting regardless of the size of the company. Therefore, as a business owner, the last thing you want know is what is the income and how much does it cost to generate that income.
Accounting is simply the process of recording and analysing the financial transactions over a specific period of time. This financial information could be used by the management to make decisions and for interested parties to review the company’s financial position.
If you need to prepare an accurate financial statement, business plan or cash flow forecasts, you need to have the relevant information available to complete them.
In this course, the basics of accounting are covered. It allows you to understand the fundamentals and basic accounting concepts.

Course Objectives:

– Gain basic accounting knowledge to understand business transactions better.
– Understanding the importance of accounting and its role in operating your business.
– Easily track the business expenses and identify the cost variables.
– Being able to understand the difference between the assets (what your business own) and liabilities (what your business owes).
– Keeping an accurate record for financial institutions and taxes.
– Conducting the account analysis, monitoring payables & receivables, processing the bank reconciliation and preparing the Financial Statements.

Course Outlines:

Day 1

What is Accounting ?

– History of Accounting

– Best use of Accounting in the modern business environment

– The importance of accounting in operating a successful business

– Types of Accounting- Financial Accounting – Managerial Accounting – Cost Accounting

Day 2

Recording Financial Transactions

– Types of business transactions and documentation

– Preparing the ledger accounts

– Sales and credit transactions

– Purchase and credit transactions

– Preparing the trial balance

– The duality of transactions and the double-entry system -Debit -Credit

Day 3

Accounting for Income Statement

– The importance of an Income Statement

– Preparation of Income Statement

– Revenue recognition

– Cost of sales valuation

– The adjustments for Accruals and Deferrals

– The cost of depreciation

Day 4

Accounting for Balance Sheet

– The importance of a Balance Sheet

– Preparation of a Balance Sheet

– Fixed Assets and Intangible Assets

– Account Receivables, Account Payables

– Inventory and Cash at bank

– Equity and long-term Liabilities

Day 5

Accounting Analysis and Performance Measurements

– The accounting equations

– Performing bank reconciliation

– Working capital cycle

– Performing account analysis

  • Profitability Ratios
  • Gearing Ratios
  • Investment Ratios
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