Importance of Accounting in Business

• The Role and Purpose of Accounting
• The Rules of Accounting: Generally Accepted Accounting Principles (GAAP)
• The Accounting System
• The Fundamental Accounting Equation

An Overview of Accounting Cycle

• Seven Basic Steps of the Accounting Cycle:
  • Journalizing Transactions
  • Posting Transactions
  • Preparing Trial Balance
  • Preparing Financial Statements
  • Journalizing Adjusting Entries
  • Closing Entries
  • Preparing Post-Closing Trial Balance (TB)

Analyzing Transactions

• Using Accounts to Summarize Transactions
• The Rules of Debits and Credits
• Preparing Trial Balance (TB)

The Matching Principle

• Accrual versus Cash Basis Accounting
• Adjusting Entries and the Adjusted TB

Accounting for Assets

• Cash and Bank Accounts
• Accounts and Notes Receivable
  • Allowance for Doubtful Accounts
• Inventory and Cost of Sale
• Fixed Assets and Intangible Assets

Accounting for Liabilities and Equity

• Current Liabilities
• Long-Term Liabilities
• Contributed Capital
• Retained Earnings

Preparing Financial Statements

• The Balance Sheet
• The Income Statement
• Statement of Owners’ Equity

Hands-On Workshops

• Performing Bank Reconciliation
• Performing Account Analysis
• Reconciling General Ledger to Sub-ledger Accounts