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Fundamentals of Financial Accounting

Location Erbil

Fee 300

Start

Sunday, 11 December 2022

End

Thursday, 22 December 2022

Fundamentals of Financial Accounting

In this 8-day course, you will learn the foundations of financial accounting information.

The course will include an analysis of accounting for short-term assets and will go into detail on how firms account for accounts receivables and inventories. The course activities guide you through the three most commonly used financial statements: the Balance Sheet, the Income Statement, and the Statement of Cash Flows. Beyond recording transactions, you'll learn how to prepare these financial statements, and read and analyse them to draw basic conclusions about a company's financial health.

Additionally, by the end of course you will be able to use journal entries to record transactions; prepare and use t-accounts to summarize transactions recorded during an accounting period; describe the three most commonly used financial statements and how they fit together.

The course outcomes:

  1. Outline the format of the cash flow statement

  2. Explain the difference between profit and cash

  3. Prepare a simple cash flow statement using the balance sheet and income statement

  4. Explain the format of the income statement and balance sheet

  5. Define various financial statement terms (e.g. accounts receivable, prepayments, etc.)

  6. Record financial statement transactions (e.g. invoicing, raising equity, buying inventory, etc.)

  7. Prepare a simple income statement and balance sheet

Who should attend

This course is suitable for anyone who needs to improve and master their accounting skills.

What we cover:

DAY ONE: Module 1 Accounting in Action

  • Overview of Accounting course

  • The Role and Purpose of Accounting

  • The Accounting System

  • The Fundamental Accounting Equation

  • Recording process

  • Journal entries and Summary of Accounting recording

DAY TWO: Module 2 Accounting and Adjusting entries

  • Accrual versus Cash Basis Accounting

  • Matching Principle and Revenue Recognition

  • Reconciliation

  • Recording Adjusting Entries

  • Recording Closing Entries

  • Preparing Financial Statements

  • Preparing Post-Closing Trial Balance

DAY THREE: Module 3 Accounting for Merchandising Operations

  • Merchandising Operations.

  • Recording Purchases of Merchandise.

  • Recording Sales of Merchandise.

  • Completing the Accounting Cycle.

  • Forms of Financial Statements.

DAY FOUR: Module 4 Accounting for Inventories

  • Classifying Inventory

  • Inventory and Cost of Sale

  • Performing Inventory Analysis

  • Inventory for wholesales

  • Applying the Best Method of Inventories

  • Accounting for merchandise operation

DAY FIVE: Module 5 Financial Statement Analysis

  • Actions of International Financial Reporting Standards (IFRS)

  • Overview of financial statements

  • Horizontal statements Analysis

  • Vertical statements Analysis

  • Evaluate profitability through the Rations

  • Evaluation of Financial Statement based on accounting rations

DAY SIX: Module 6 Advanced Financial Reporting

  • Business investment and Partnership

  • Hoteling for Investment

  • Partnership agreement

  • Partnership issues

  • Business merger’s assets and liabilities

DAY SEVEN: Module 7 Financial Statements Preparation

  • Cost Allocation

  • Accounting Receivable and Accounting Payable

  • Balance Sheet, Income Statement, Change Equity and Cash flow

  • Inventories and methods

DAY EIGHT: Module 8 Accounting by Excel and QuickBox

  • Practical example based on 6 Excel databases

  • Exam

Trainer BIO

Sarhad Hamza completed post-graduate studies at the Business school at Macquarie University in Sydney-Australia and a PhD degree at the School of Economic Sciences at the University of Warsaw- Central Europe-Poland. Following graduation, he worked as an accountant and HR manager in a professional corporation before joining the Business Administration Department at the University of Raparin. As a recognized trainer, he worked for a number world training organization centres including Accenture, and IREX. Dr Sarhad is now an official representative of the US institute of IAT to deliver various business development courses in the Middle East including whole Iraq and Kurdistan.

Time and Location:
  1. Location: Erbil, mselect.

  2. Duration: 8 days

  3. Sunday - Monday, Tuesday, Thursday

  4. Time: 15:00 - 18:30 pm

  5. Refreshment included

  6. Laptop: required

  7. Price: $300

Payment:

Must be made 5 working days before the start of the course. Payment can be made in cash, by bank transfer or through exchange offices.

How do I register?

You can register by emailing training@mselect.com with the following details:

  1. Full Name:

  2. City/Town:

  3. Email Address:

  4. Phone number:

  5. Name of course:

For more information, please call 066 261 4455 or (0) 771 842-2380