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Business Accounting: Recording and Communicating

Audience

Managers, prospective managers, and any other employees seeking competency in the area of accounting

Prerequisites

A basic understanding of the accounting function

Course Aim

To provide learners with an overview of the steps in the formal accounting cycle

Learning Objectives

List the basic accounting principles. Explain how the debit-credit equation works. List and understand the steps of the formal accounting cycle. Describe the general journal and enter transactions in it. Post transactions to the general ledger. Explain the importance of the trial balance. Describe the process of adjusting previous entries. Explain the process of preparing financial statements from the adjusted trial balance. Describe the closing steps in the accounting cycle.

Topics Covered

The Formal Accounting Cycle - Basic accounting principles - Debit and credit in practice - Hands-on: Identifying debit and credit balances - What is the accounting cycle? The Accounting Cycle: Recording Transactions - Recording in the general journal - Posting to the ledger - Hands-on: Posting from journal to ledger The Accounting Cycle: Adjusting Entries - Preparing a trial balance - Adjusting entries - Depreciation issues - Hands-on: Making adjusting entries The Accounting Cycle: Reporting and Closing - Preparing financial statements - Closing accounts - Hands-on: Stepping through the accounting cycle