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 the basic skills required to interpret financial statements

Learning Objectives

State the accounting equation. Outline what a debit or credit entry means for a specific account. Identify the general journal and the general ledger. Explain who the internal and external stakeholders in a business are, and outline their accounting information needs. Identify the four main financial statements and describe the relationship between them. Demonstrate how financial statements are compiled. Explain how accounts are closed. Describe the roles of revenue and expense accounts. Place the steps of the accounting cycle in the correct order. Describe how operating events are reported in the balance sheet and the income statement. Describe how accounting events related to payroll taxes are recorded. Make journal entries for payroll-related events.

Topics Covered

The Accounting Cycle - Basic accounting principles - Debit and credit in practice - Hands-on: Identifying debit and credit balances - What is the accounting cycle? Who Needs to See Financial Statements? - Internal stakeholders - External stakeholders - Hands-on: Providing the right documents The Key Statements and Accounts - The main financial statements - Nominal and real accounts - Hands-on: Stepping through the accounting cycle Tracking and Reporting Costs - Cost flow assumptions - Reporting operating events - Internal reports and errors - Payroll and payroll taxes - Hands-on: Recording payroll-related events

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