Financial Accounting – Level 1
- Course Code: AFB104A
- Duration: 4 days
- Fee: £2095
The Cash Budget
- Why should managers understand accounting?
- Accounting concepts
- Timings of receipts and payments
- Calculation of the gross profit and gross profit margin
Introduction to the Statement of Profit and Loss
- Measuring profit
- Double-entry bookkeeping
- Types of account
- Trial balance
- Capital versus revenue expenditure/income
- Calculating the cost of sales
Balancing the Basics
- Assets and liabilities
- The statement of financial position
- Accruals and prepayments
Accounting for Depreciation and Bad Debts
- The straight-line method
- The reducing-balance method
- Disposals of non-current assets
- Bad and doubtful debts
- Uses and limitations of the statement of financial position
This finance crash course is suitable for:
- Those who wish to understand the implications of decisions made across a range of financial accounting issues.
- Those who wish to develop the ability to analyze, interpret, and question the accounting information they may encounter in a business context.
- Those who wish to acquire a sound appreciation of accounting and finance in order to communicate and succeed in the business world.
- Non-accounting staff who desire a practical introduction to the fundamentals of financial accounting.
Upon completion of this financial literacy workshop, you will be able to understand:
- The purpose of accounting.
- Why non-accountants need to understand accounting.
- The basic terminology of business transactions.
- How to prepare a cash budget.
- The gross profit margin of a product and business.
- The difference between cash and the profits of a business.
- That a set of financial statements can be prepared from data included a trial balance.
- The difference between revenue and capital expenditure and the significance of the distinction.
- How to prepare a simple statement of profit or loss.
- The purpose of a statement of financial position.
- The assets and liabilities of a business.
- What an accrual and a prepayment are and how to account for them.
- How to prepare a statement of financial position for a simple business.
- Why non-current assets need to be depreciated.
- How to use the straight-line and the reducing-balance methods of providing for depreciation.
- Why we need to provide for bad and doubtful debts.
- How to prepare a final adjusted statement of profit or loss and statement of financial position.
- Some of the limitations of a statement of financial position.
WHAT IS INCLUDED:
- 24 hours of classroom-based training
- Apple iPad
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Last updated September 10, 2019
This course is
Jan 28, 2020
May 26, 2020
Sep 29, 2020