Accounting in Action

Course Fee: $499.00
Course Time: 2 Days, 9:30 am - 4:30 pm

The Accounting in Action 2-day seminar is designed for those who already have some accounting knowledge but want to have in-depth knowledge of the accounting process. The course covers some advanced topics like bank reconciliation, inventory valuation, cash management, classified financial statements over and above the basic accounting cycle. We also cover sales taxes in this course.

Course Content:

An overview of the Accounting Cycle

Accounting Principles (GAAP)

• Cost principle
• Going Concern
• Monetary unit assumption
• Economic Entity

Types of Business

• Sole Proprietorship
• Partnership
• Corporation

Cash and Internal Control

• Internal control procedures
• Cash and Cash Equivalents
• Bank Reconciliation Statement

Inventory

• Merchandising vs Manufacturing Business
• Perpetual vs Periodic inventory systems
• Cost flow assumptions: Average costing, FIFO, LIFO

Accounts Receivable

• Credit sales and bad debt accounts
• Accounts receivable vs Notes receivable
• Write-off adjustments

Accounts Payable

• Current liabilities-Defined
• Accounts payable and other current liabilities

Financial Statements

• Income Statement
• Statement of Owner’s Equity/Partners’ Equity/Shareholders’ Equity
• Balance Sheet
• Statement of Cash Flows