Accounting for Non-Accountants

March 10, 17, and 24, 2018
8:00 AM – 3:00 PM | Saturdays
UNILAB Bayanihan Center-Annex, Pioneer St., Pasig City, Philippines

This course is designed for individuals without accounting background but who need to understand and appreciate how business transactions are recorded, summarized, and interpreted for commercial decision-making purposes. Through a series of exercises, participants get a hands-on experience on the practical application of theories and concepts in the “accounting cycle,” from event/transaction recognition to financial statement preparation, review, and appreciation.

Objectives:

  •  Gain an insight on the fundamental principles and concepts underlying resource valuation and income determination in business
  •  Explain the accounting process, structure accounting entries, and recognize basic lapses in transaction recording and financial reporting
  •  Appreciate the contents, purpose, usage, and limitations of financial statements, i.e., balance sheet, income statement, and cash flow statement for decision-making purposes
  •  Install basic internal controls to safeguard assets and maintain the integrity of the accounting and financial reporting process

Course Outline:

I. Accounting and Financial Reporting Overview

  • Introduction to Accounting and its importance
  • Legal and functional forms of business organization
  • Conceptual framework of accounting and financial reporting
    1. Basic accounting concepts, principles, terminologies

II. The Accounting Process

  • Essential Components
    1. Chart of Accounts
    2. Transaction Media
    3. Books of Accounts
    4. Financial Statements
  • Double Entry Bookkeeping
    1. Rules of Debit
    2. Rules of Credit
  • The Accounting Cycle
    1. Input-Process-Output
  • The Accounting Process
    1. Transaction analysis
    2. Journal entries
    3. Ledger posting
    4. Trial balance
    5. Adjusting entries
    6. Financial Statement Preparation
    7. Closing entries

III. Internal Control

  • Defining the Internal Control
  • The Interrelated components of internal control
  • The roles, responsibilities, and authorities
  • Limitations and Effectiveness

IV. Basic Financial Statement Analysis

  • Understanding Financial Statements: Format, Contents, Uses, Limitations, Variations
  • Tools to Analyze Financial Statements:
    1. Horizontal Analysis
      1. Comparative Ratio
      2. Trend Ratio
    2. Vertical Analysis
    3. Common Size Statement
    4. Financial Ratio
      1. Liquidity
      2. Activity (Asset Utilization)
      3. Solvency (Leverage)
      4. Profitability
      5. Market Value
  • Illustrative Review of Statement of Financial Position, Statement of Comprehensive Income and Statement of Cash Flow

V. Cost-Volume-Profit Analysis

  • Understanding Variable and Fixed Costs
  • Break-Even Point in Sales and in Units
  • Sales with Desired Profit before and After Tax
  • Margin of Safety

Who should attend?

  • Business Owners
  • Supervisors
  • Sales Persons