Trainings

Accounting for the Basic Financial Statements Module (Balance Sheet & Income Statement)

08Jun
Trainings

"Financial Reports are as revealing of the HEALTH OF A BUSINESS as the pulse rate and blood pressure are indicators of the HEALTH OF A PERSON."

A fundamental financial objective of all organizations is to be healthy and stable. The financial reports are the means of the company to summarize and communicate financial performance.

If all the organs and parts of the body contribute to the well-being of the person, it also follows that the different sections/departments of the company contribute to its financial condition.

Module Objectives:

At the end of the module the learner would be able to:

  • To identify the basic elements of the basic financial statements
    1. Balance Sheet
    2. Income Statement
  • To connect the basic principles to the information value of these statements
  • To prepare these statements

Program Flow

Pre-session:

Accounting Terms & Definitions (for Reading )

Accounting Scramble Exercise (to be submitted individually) via Google Form

Module 1 (AM session: 09:00 AM to 12:00 NN)

  • Discussion of the Elements of the Balance Sheet
    • Assets, Liabilities, Equity
    • Transaction Analysis of BS changes
      • Assets = Liabilities + Equity
    • Information value of the Balance Sheet
  • Discussion of the Elements of the Income Statement
    • Revenues and timing of recognition
    • Expenses and timing of recognition
    • Transaction Analysis involving Income changes
      • Assets + Expenses = Liabilities + Equity + Revenues

Session Break (12:00 NN to 01:59PM)

Module 1 (PM session: 01:30 PM to 04:00 PM)

  • Discussion of Common Taxes
    • Income taxes
    • Value added taxes
    • Withholding taxes
  • Illustration of the Accounting Cycle (Accounting Link)
    • Preparation of the Balance Sheet & Income Statement

    • Balance Sheet reconciliations
      • Fixed Asset Reconciliation
      • Retained Earning Reconciliation

Post Session:

  • Preparation of Financial Statements (Exercise Worksheets)
  • Materials Balance Sheet Reconciliation Computations (Sample Financial Statement Exercise)
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