Audience

Managers, prospective managers, and any other employees seeking advanced competency in the area of interpreting financial statements

Prerequisites

A basic understanding of the accounting function

Course Aim

To provide the learner with a basic understanding of the accounting function

Learning Objectives

Define accounting, book-keeping, and the different types of accounting practice. Identify and discuss the objectives, characteristics, and practices of good financial reporting. Define the Generally Accepted Accounting Principles (GAAPs) that govern financial accounting. Define how accounting guidelines and standards are set by the FASB. Discuss the issues involved in international accounting. Identify the chief accounting organizations. Discuss ethical issues applying to accounting. Identify the three types of business entities. Describe the similarities and differences between the three types of business entity.

Topics Covered

Accounting concepts and principles - The accounting function - Financial statements - Generally Accepted Accounting Principles - The Financial Accounting Standards Board - International accounting The accounting profession - Accountants in the workplace - Accounting bodies and organizations - Ethical conduct for accountants Types of business ownership - Sole proprietorships - Partnerships - Hands-on: Corporations

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