Accounting Basics

Accounting Basics

Monday 05 Apr 2021

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

Introduction

Understanding basic accounting concepts is a must for every small business owner. 

Even if you have an accountant that takes care of that “accounting stuff”, you need to know accounting basics such as debits and credits and some accounting terminology.

Accounting is setting up a system of recording and summarizing financial transactions in such a way that they can later be analyzed or used to communicate with others.
This explanation of accounting basics will introduce you to some basic accounting principles and accounting concepts

Objectives:

  • Identify the significance of accounting in operating the business.
  • Gain basic accounting knowledge and skills needed to better support management.
  • fairly recognize and arrange account classifications inside the accounting framework in the organisation.
  • precisely account for transaction influencing resources, liabilities and values.
  • rightly account for transaction affecting incomes and expenses.
  • successfully plan statement of salary and balance reports.
  • proceed hands-on bank reconciliation, account analysis, and General Ledger (GL) to sub-record reconciliation.

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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