Debits and Credits: How Accounting Really Works November 18, 2009

Master the principles of basic accounting! Make better strategic decisions and move business forward by better understanding financial reports.

The language of business in every industry around the globe is rooted in the basic “accounting equation.” So keep your accountants on their toes and make sure your books are sound. Use basic accounting principles to uncover and correct problems quickly by double-checking how sales, expenses, equity and debt are recorded. Developed for business professionals who have no work experience in accounting, this seminar walks you through basic accounting and gives you the skills and confidence to speak the “language of business” like an accounting pro.
How You Will Benefit

* Make more informed decisions and save money
* Reduce costly errors caused by misunderstanding reports
* Understand how and when sales and expenses are recorded
* Impact the bottom line
* Control how your operation’s results are reported
* Evaluate the financial results of another division or company

What You Will Cover

* Basic accounting terms and concepts
* Basic accounting processes and what they mean: cash accounting, accruals, allocations, prepaids, receivables, depreciation, amortization, goodwill, inventory, deferrals, reserves
* How transactions are entered into financial records
* Financial reports: including balance sheet, income statement and changes in equity
* Month-end closings: what to expect

Who Should Attend

Managers and supervisors who do not work in accounting, but who need to know how basic accounting works; anyone who has recently assumed accounting responsibilities.

Extended Training Description

Learning Objectives

* Demonstrate How Debits and Credits Work Together in the Accounting System
* Identify the Various Steps of the Accounting Cycle
* Explain the Audit Trail in the Accounting Cycle to Find and Correct Inputs to the System
* Identify How Your Responsibilities Fit in the Accounting Process
* Communicate Confidently Using Accounting Terminology and Acronyms
* Conduct Each of the Nine Steps of the Accounting Cycle

What is Accounting?

* Define Accounting
* Define the Five Major Account Designations Used for Accumulating Economic Events for an Organization
* Explain the Accounting Equation
* Identify How Business Transactions Affect the Accounting Equation
* Recognize How Economic Events Can Affect a Business/Organization

Accounting vs. Finance

* Define Accounting, Explaining the Difference between Finance and Accounting
* Explain the Basic Accounting Principles—GAAP
* Explain the Various Types of Accounting—Cost, Managerial, Tax, Financial, and Regulatory
* Explain Who Cares About Accounting Information, Why, and Who the Audience Is
* Define the Four Major Types of Financial Statements

Accounting Cycle–Steps 1-4

* Recognize the Nine Steps of the Accounting Cycle
* Apply Debits and Credits to Real Business Transactions
* Post Journal Entries to the General Ledger
* Verify that Accounts in the General Ledger Balance

Accounting Cycle–Steps 5-6

* Prepare Standard Adjusting Entries
* Prepare and Adjust Trial Balance

Accounting Cycle–Steps 7-9

* Prepare a Preliminary Financial Statement Using the Worksheet/Template
* Prepare Closing Entries
* Prepare a Post-Closing Trial Balance
* Communicate Understanding of Accounting Concepts and Linkages via Team Presentation

Official Website: http://www.focustraco.com/index.php/tm-training-schedule/details/287-104302