Course Objectives
Preparing Financial Statements and the Annual Report - Virtual Learning
Course Methodology
This course covers theoretical core topics in addition to introducing Excel for the preparation of financial statements. It also features the study of real life cases and presentations by participants.
Course Objectives
By the end of the course, participants will be able to:
Explain each part of the accounting cycle
Design effective chart of accounts
Perform accounting adjustments including deferrals and accruals
Create trial balance and adjusted trial balance
Describe and map charts of accounts to the financial statements
Prepare and present income statements, balance sheets, and cash flow statements
Formulate notes to the financial statements
Target Audience
Senior and junior accountants, accounting and finance professionals, chief accountants, accounting managers and supervisors, financial controllers and any accounting and finance professionals interested in learning and updating their knowledge regarding the preparation of financial statements and notes.
Target Competencies
Understanding the accounting cycle
Designing chart of accounts
Performing accounting adjusting entries
Preparing and analyzing income statements
Preparing and analyzing balance sheets
Preparing and analyzing cash flow
Reviewing and understanding financial statements notes
Utilizing Excel functions
Course Outline
The accounting cycle
Understanding the accounting cycle
Supporting documents
Analyzing transactions and recording in the system
Preparing ledgers and General Ledgers (GL)
Converting the GL to Trial Balance (TB)
Types of adjusting entries
The Adjusted Trial Balance (ATB)
Mapping ATB to the financial statements
Preparing financial statements
Closing the books
Preparing the Post-Closing Trial Balance (PCTB)
Chart of accounts and design techniques
Designing the chart of accounts
Maintenance of the chart of accounts
Analyzing the chart of accounts
Reconciliations and important issues
Creating the trial balance
Accounting adjusting entries
Understanding deferrals
Deferred revenues and entries
Deferred expenses entries
Working with accruals
Adjusting for accrued revenues
Accrued expenses entries
Other adjustments and corrections
Preparing the adjusted trial balance
Preparing financial statements and notes
Mapping the adjusted trial balance to the financial statements
Preparing the income statements
Preparing the balance sheets
Preparing the cash flow statements
Preparing the owners equity statements
Objectives of external audit
External audit versus internal audit
Reading and interpreting the audit opinion
Management Discussion and Analysis (MD&A)
Notes to the financial statements
Understanding the requirements for the notes
Organization and activities of the notes
Basis for preparation
Summary of significant accounting policies
Accounting convention
Use of estimates
Completing the financial statements and the notes
The accounting cycle
Understanding the accounting cycle
Supporting documents
Analyzing transactions and recording in the system
Preparing ledgers and General Ledgers (GL)
Converting the GL to Trial Balance (TB)
Types of adjusting entries
The Adjusted Trial Balance (ATB)
Mapping ATB to the financial statements
Preparing financial statements
Closing the books
Preparing the Post-Closing Trial Balance (PCTB)
Chart of accounts and design techniques
Designing the chart of accounts
Maintenance of the chart of accounts
Analyzing the chart of accounts
Reconciliations and important issues
Creating the trial balance
Accounting adjusting entries
Understanding deferrals
Deferred revenues and entries
Deferred expenses entries
Working with accruals
Adjusting for accrued revenues
Accrued expenses entries
Other adjustments and corrections
Preparing the adjusted trial balance
Preparing financial statements and notes
Mapping the adjusted trial balance to the financial statements
Preparing the income statements
Preparing the balance sheets
Preparing the cash flow statements
Preparing the owners equity statements
Objectives of external audit
External audit versus internal audit
Reading and interpreting the audit opinion
Management Discussion and Analysis (MD&A)
Notes to the financial statements
Understanding the requirements for the notes
Organization and activities of the notes
Basis for preparation
Summary of significant accounting policies
Accounting convention
Use of estimates
Completing the financial statements and the notes