Accounting Fundamentals

Overview

All Companies should ensure that the principles and practices used in modern accounting are implemented to make sure that proper financial controls are maintained. This course will guide you through the accounting process, so by the end of this course, you’ll be able to read the three most common financial statements: the income statement, balance sheet, and statement of cash flows. Then you can apply these skills to a real-world business setting. You will also analyze accounting concepts applied within different business scenarios, analyze financial statements and other related business practices to improve organizational effectiveness.

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Outcome

Differentiate Between Finance and Accounting

Identify Different accounting terminologies

Explain the format of the income statement and balance sheet

Define various financial statement terms

Prepare a simple income statement and balance sheet

Details

Developed by: Beacon FinTrain

Standard Total Hours: 18 Hrs

Language: English - Bilingual "English & Arabic"

Modalities:

Outline

Difference Between Finance and Accounting
Basic Accounting Concepts
Accounting Equation
Purpose of Financial Statements.

The Balance Sheet
Income Statement
Cash-Flow Statements
Statement of Owner Equity
Preparing Simple Financial Statements.

Understanding the Monthly Closing Process
Key Steps and Components of Monthly Closing
Importance of Accuracy and Timeliness
Reconciliation of Accounts and Financial Statements
Preparation of Trial Balances and Adjusting Entries
Handling Accruals and Deferrals
Identifying Errors and Discrepancies
Streamlining the Monthly Closing Process
Annual Adjustment Entry Procedures
Overview of Year-End Adjustments
Ensuring Compliance with Accounting Standards
Impact of Annual Adjustments on Financial Statements
Documentation and Review of Annual Entries

Understanding Financial Statement Consolidation
Consolidation Methods and Techniques
Importance of Reporting Accuracy and Transparency
Compliance with Regulatory Reporting Standards
Preparation of Consolidated Financial Statements
Disclosure Requirements for Consolidated Entities
Challenges and Pitfalls in Financial Statement Consolidation
Best Practices in Consolidated Reporting
Streamlining Consolidation Processes
Ensuring Timely and Accurate Reporting

Financial Statements
Key Components of Simplified Financial Statements
Identifying Stakeholders and Their Information Needs
Selection of Appropriate Accounting Methods and Principles
Streamlining Presentation Formats for Clarity and Accessibility
Utilizing Technology and Automation Tools for Efficiency
Case Study Analysis: Real-world Scenarios and Challenges
Strategies for Addressing Complexity and Ensuring Accuracy
Reviewing and Validating Prepared Financial Statements
Communication and Presentation of Findings
Lessons Learned and Best Practices in Simplified Financial Reporting

This course is designed for anyone who wants to review the fundamentals and building blocks of the accounting process.

Why Beacon

Quality

Beacon FinTrain prioritizes excellence in every service, ensuring top-notch, reliable, and consistent outcomes that meet and exceed client expectations.

Specialization

We focus on finance, offering expert knowledge and bespoke solutions that cater to the unique needs of finance professionals in the Middle East and Africa.

Punctuality

Time is money. We respect deadlines, delivering precise and timely results to help our clients stay ahead in the fast-paced financial world.

Guidance

Beacon FinTrain is a guiding light in finance, providing insightful advice and support to navigate the complexities of financial markets and regulations.

Integrity

We uphold the highest ethical standards, fostering trust and transparency in all our dealings to build lasting relationships with clients.

Flexibility

Adapting to the dynamic finance sector, we offer versatile services and solutions that align with the evolving needs of our clients.