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Accounting Basics

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Hilton London Kensington

179-199 Holland Park Avenue

London

W11 4UL

United Kingdom

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Event description
Understanding basic accounting concepts is a must for every small business owner.

About this Event

Introduction

Understanding basic accounting concepts is a must for every small business owner.

Even if you have an accountant that takes care of that “accounting stuff”, you need to know accounting basics such as debits and credits and some accounting terminology.

Accounting is setting up a system of recording and summarizing financial transactions in such a way that they can later be analyzed or used to communicate with others.

This explanation of accounting basics will introduce you to some basic accounting principles and accounting concepts

Objectives:

Identify the significance of accounting in operating the business.

Gain basic accounting knowledge and skills needed to better support management.

fairly recognize and arrange account classifications inside the accounting framework in the organisation.

precisely account for transaction influencing resources, liabilities and values.

rightly account for transaction affecting incomes and expenses.

successfully plan statement of salary and balance reports.

proceed hands-on bank reconciliation, account analysis, and General Ledger (GL) to sub-record reconciliation.

Course Outline:

Day 1

Importance of Accounting in Business

– The function and goal of Accounting

– Accounting mechanism

– the basic accounting equation

The Accounting Principles

How does Accrual Accounting differ from Cash Basis Accounting?

What are the revenue recognition and the matching principle?

Day 2

Accounting Cycle

Accounting Cycle process.

Identifying and Analysing Business Transactions.

Recording Transactions.

Recording Closing Entries furnishing Financial Statements

providing Post-Closing Trial Balance

Analysing and Recording Transactions

Utilising Accounts to Summarize Transactions

The principles of Debits and Credits

Supplying Trial Balance (TB)

Day 3

Accounting for Assets

Cash and Bank Accounts.

Accounts and Notes Receivable and Allowance for Doubtful Debts

Inventory and Cost of Sale

Fixed Assets and Intangible Assets

Day 4

Accounting for Liabilities and Equity

Current Liabilities and Long-Term Liabilities

Contributed Capital and Retained Earnings

Adjusting Entries

Adjusting for Accruals

Adjusting for Deferrals

Day 5

Preparing Financial Statements

The Income Statement

Statement of Owners’ Equity

The Balance Sheet

Hands-On Workshops

Performing Bank Reconciliation

Performing Account Analysis

Course Review Material

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Date and Time

Location

Hilton London Kensington

179-199 Holland Park Avenue

London

W11 4UL

United Kingdom

View Map

Refund Policy

Contact the organiser to request a refund.

Eventbrite's fee is nonrefundable.

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