Introduction to Accounting

• Purpose of Accounting and the Accounting Cycle
• Accounting Regulatory Bodies
• International Financial Reporting Standards (IFRS)
• Generally Accepted Accounting Principles (GAAP)
• Accounting Rules Updates and Changes
• Stakeholders and Users of Accounting Information
• Company Structures and Business Activities

The Double Entry Accounting

• Debits and Credits
• The Importance of T-Accounts
• The 7 Rules of Debits and Credits
• Sub-Ledgers and General Ledgers
• Preparing Trial Balance

Adjustment Process

• Adjusting Assets and Liabilities:
  • Accrued Expenses and Revenues
  • Deferred Expenses and Revenues
• The Process of Preparing Adjusted Trial Balance
• Adjustments for Contra-Accounts

Closing Process

• The Four Important Closing Entries
• Using the Worksheet
• Preparing Financial Statements:
  • Income Statement
  • Balance Sheet
• Understanding and Preparing Closing Trial Balance

Assets Accounting and Reporting

• Accounting and Presentation of Cash
• Accounts Receivable and Allowances
• Inventory Costing and Valuation
• Recording and Maintaining Fixed Assets
• Depreciation and Accumulated Depreciation
• Intangible Assets and Other Non-Current Assets

Current Liabilities and Accruals

• Accounts Payable and Notes Payable
• Accrued Liabilities
• Short and Long-Term Loans

Understanding Shareholders' Equity

• Share Capital
• Retained Earnings
• Government and Management Reserves