Understand the basic Accounting Equation and the nature of each equation elements.

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Understand the basic Accounting Equation and the nature of each equation elements.

 The risk of financial statements misinterpretation is high if one is not equipped with basic accounting knowledge; of which wrong operational and/or management decision making might be made which subsequently resulted into resource wastages for the company in the short run and jeopardize its continuity in the long run. Our working environment today has evolved with the sensitivity of cost behaviour where end state of stake-holders objective is to optimize its scare resource. This course teaches fundamental Accounting Principles together with illustration. Participants will be shown step-by-step examples with double entries impacting the respective journal. Thereafter, there will be hand on exercises with answer provided after the sharing session.

COURSE BENEFITS

Upon completion of this workshop, participants will be able to:

• Understand the basic Accounting Equation and the nature of each equation elements.
• Able to differentiate between Financial Statement required by ACRA and Internal Management.
• Understand the various type of topics within Accountancy such as Financial Accounting, Management Accounting, Cost Accounting, Taxation (Direct/ Indirect) as well as External/ Internal Audit etc.
• Learn how to prepare a Cash-flow statement and henceforth appreciate the relationship between Cash and Profit.

TARGET AUDIENCE

Non-Finance professionals who wish to understand accounting fundamentals before moving on to analyzing financial statements so as to value-add to their own department and the Company.

COURSE OUTLINE

The risk of financial statements misinterpretation is high if one is not equipped with basic accounting knowledge; of which wrong operational and/or management decision making might be made which subsequently resulted into resource wastages for the company in the short run and jeopardize its continuity in the long run.

Our working environment today has evolved with the sensitivity of cost behaviour where end state of stake-holders objective is to optimize its scare resource.

This course teaches fundamental Accounting Principles together with illustration.

Participants will be shown step-by-step examples with double entries impacting the respective journal. Thereafter, there will be hand on exercises with answer provided after the sharing session.


Lesson 1: Types of Financial Statements (FS)

• Corporate Accounts
• Management Accounts

Lesson 2: Introduction to Balance Sheet (B/S)

• Asset (Fixed & Current)
• Liabilities (Fixed & Current)
• Equity

Lesson 3: Introduction to Profit & Loss Statement (P/L)

• Revenue
• Expenses
• Other Income
• EBITDA

Lesson 4: Relationship between B/S and P/L

Lesson 5: Difference between Trading FS and Manufacturing FS

Lesson 6: Fundamental Accounting Principles

• Matching Principles
• Recognition of Incomes and Expenses
• Accrual & Prepaid Concept
• ProvisionProvision

Lesson 7: How transaction flows within the FS

Lesson 8: Recording & relevance of common adjustments at year end

Lesson 9: Importance of FS for Annual Return & how it affect a business continuity

Lesson 10: Relating to real life business situation

• how FS shape and influence strategic decision making & planning
• Example using Cost-Volume-Profit (CVP) model Analysis