ACCOUNTING: SIMPLIFIED FOR NON-ACCOUNTANTS

OVERVIEW

Accounting is considered as the universal language of business. In a business perspective, it is through accounting that business communicate its performance and condition to its stakeholders. In a personal perspective, accounting knowledge helps individuals understand financial information. Primarily, accounting serves as a tool for business ventures and individuals to make economic decision. Therefore, it is important to have an understanding of Accounting and its intricacies in the business environment.

This one-day accounting course would provide learners the opportunity to learn the basic concepts of accounting and its application in the business environment. Through this course, learners would gain sufficient accounting knowledge both through theoretical and practical approach. Ultimately, this course would aid the learners to become better decision makers and interpreters of financial information.

LEARNING OBJECTIVE

  1. To introduce the basic concepts of accounting, both in theories and application;
  2. To explain the applicability of accounting on business activities and these activities are recorded in the books of the business following the double bookkeeping method;
  3. To introduce the financial statements, the manner of their presentation and their importance to business;
  4. To help learners identify possible accounting errors that they may encounter and provide possible solutions;
  5. To help the learners appreciate and understand the importance of financial information in business;
  6. To provide learner-specific examples and illustrations to explain the concepts of accounting; and
  7. To provide hand outs and other discussion materials to aid learners in reinforcing the accounting knowledge they will gain from this course.

LEARNER’S BENEFIT

Understanding basic accounting will provide the following benefits:

  1. Help the learners to make better business and personal financial decisions; and
  2. Assist learners understand and interpret financial information presented to them.

TARGET AUDIENCE

  1. Business Owners, OFWs, Self-employed, agents, brokers, free lancers
  2. Beginners in the MSMEs
  3. Accidental Project Managers and Product Managers
  4. Newly appointed Sales and Marketing staff

LEARNING OUTLINE

A. GENERAL TOPICS

Topic 1: Introduction to Accounting

  1. Brief History of Accounting
  2. Definition of Accounting
  3. Function of Accounting
  4. Generally Accepted Accounting Principles
  5. Users of Accounting Information
  6. Difference between Accounting and Bookkeeping

Topic 2: Accounting Transactions

  1. Forms of Business Organizations
  2. Transactions and Business events
  3. Double Entry Method of Bookkeeping
  4. Basic Accounting Equation
  5. Expanded Accounting Equation
  6. Chart of Accounts
  7. EXERCISE: DOUBLE ENTRY

Topic 3: The Accounting Cycle

  1. Accounting Cycle
  2. Books of Accounts
  3. Journalizing
  4. EXERCISE: JOURNALIZING
  5. Posting
  6. EXERCISE: POSTING

Topic 4: Other Topics;

  1. Question and Answer

B. SPECIAL TOPICS

Topic 5: Preparation of Trial Balance and Worksheet

  1. Introduction to Trial Balance
  2. Rationale in Preparing Trial Balance
  3. Review of the Posting Function
  4. Exercise: Preparation of Trial Balance
  5. Introduction to Worksheet
  6. Rationale in Preparing the Worksheet
  7. EXERCISE: PREPARATION OF THE WORKSHEET

Topic 6: Adjusting Entries*

  1. Definition of Adjusting Entries
  2. Rationale behind Adjusting Entries
  3. Enumeration of Adjusting Entries
  4. Adjusting Entry #1: Unused Supplies
  5. Adjusting Entry #2: Prepaid Expenses
  6. Adjusting Entry #3: Accrued Expenses
  7. Adjusting Entry #4: Unearned Income
  8. Adjusting Entry #5: Accrued Income
  9. Adjusting Entry #6: Bad Debts Expense
  10. Adjusting Entry #7: Depreciation Expense
  11. EXERCISE: ADJUSTING ENTRIES

Topic 7: Preparation of Financial Statements**

  1. Definition of Financial Statements
  2. Financial Statement: Why Prepare Them?
  3. Statement of Income
  4. Exercise: Preparation of Statement of Income
  5. Statement of Financial Position
  6. Exercise: Preparation of Statement of Financial Position
  7. Statement of Cash Flows
  8. Exercise: Preparation of Statement of Cash Flows
  9. Statement of Changes in Owner’s Equity
  10. Exercise: Preparation of Statement of Changes in Owner’s Equity
  11. Discussion on the Relationship among Financial Statements

*It is advisable that the learner has a good background of Journalizing.

**It is advisable that the learner has a good background of Journalizing, Posting and Preparation of Trial Balance, and is familiar with the Worksheet.

OUR PARTNER’S PROFILE

  • Certified Public Accountant (CPA)
  • Magna Cum Laude, BS Accountancy - Colegio de San Juan de Letran
  • Tax Accountant of the largest oil refining and marketing company in the Philippines
  • College Professor of Colegio de San Juan de Letran
  • Awards: Gerry Roxas Award for Leadership, Manuel Quezon Award for Leadership
  • Former Audit Associate of the largest professional services firm in the Philippines

UPCOMING PUBLIC TRAINING SCHEDULE

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