Financial Accounting Essentials

This course demonstrates:

• How accounting is the system of recording financial transactions.
• The profit and loss (P&L) statement, which summarises the revenues, costs, and expenses incurred during a specified period.

By attending this course, you will understand the purpose of the balance sheet, which is to show the financial status of an organization at a specific point in time.

The course will wrap with a summary of the key learning points, followed by an action planning exercise with a view to apply the acquired knowledge and skills immediately upon your return to work. Post-course support is also available in relation to the implementation of your action plan, up to six (6) months following course completion.

Accounting Basics

• Accounting concepts
• Steps in the accounting cycle
• The objectives of financial reporting
• Financial reporting standards

The Profit and Loss Statement

• Measurement of income
• Types of costs and expenses
• The many levels of profit
• Opex and capex

The Balance Sheet

• Constituents of the balance sheet
• The fundamental accounting equation
• Importance of working capital
• Exercise – prepare a set of accounts

The Role of Financial Accounting in Decision-making

• Key aspects of making a decision
• Limitations on the use of ratios
• The end of accounting?

Course Review

• Summary and recap of key learning objectives
• Action Planning

This course is suitable for:

• New accounting staff who need to understand the financial accounting function holistically.
• Accountancy staff with no formal qualifications.

Upon completion of this course, you will understand:

• The links between accounting principles and the preparation of financial statements.
• Definitions of the content and functions of the two key financial statements.
• How to prepare a set of financial statements from scratch.
• How to implement an Action Plan at your workplace using the knowledge and skills acquired through the course.