Preparing Financial Statements And The Annual Report

Category: Preparing Financial Statements And The Annual Report

Course Description

Course Objectives

By the end of the program, participants will be able to:

  • Practically apply each part of the accounting cycle.
  • Perform accounting adjustments including deferrals and accruals.
  • Create trial balance and adjusted trial balance.
  • Map chart of accounts to the financial statements.
  • Prepare and present income statements, balance sheets, and cash flow statements.
  • Formulate notes to the financial statements.

Course Outline

  • Understanding the Accounting Cycle
  • Supporting Documents
  • Analyzing Transactions and Recording in the System
  • Preparing Ledgers and General Ledgers (GL)
  • Converting the GL to Trial Balance (TB)
  • Types of Adjusting Entries
  • The Adjusted Trial Balance (ATB)
  • Mapping ATB to the Financial Statements
  • Preparing Financial Statements
  • Closing the Books
  • Preparing the Post-Closing Trial Balance (PCTB)
  • Designing Chart of Accounts
  • Maintenance of Chart of Accounts
  • Analyzing Chart of Accounts
  • Reconciliations and Important Issues
  • Creating the Trial Balance
  • Understanding Deferrals
  • Deferred Revenues and Entries
  • Deferred Expenses Entries
  • Working with Accruals
  • Adjusting for Accrued Revenues
  • Accrued Expenses Entries
  • Other Adjustments and Corrections
  • Preparing the Adjusted Trial Balance
  • Mapping the Adjusted Trial Balance to the Financial Statements
  • Preparing Income Statements
  • Preparing Balance Sheets
  • Preparing Cash Flow Statements
  • Preparing the Equity Statements
  • Reading and Interpreting the Audit Opinion
  • Understanding the Requirements for the Notes
  • Organization and Activities of Notes
  • Basis for Preparation
  • Summary of Significant Accounting Policies
  • Accounting Convention
  • Use of Estimates
  • Completing the Financial Statements and the Notes