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Financial Accounting


This course is designed to introduce the participants to accounting concepts and enable them to prepare the final accounts (financial statements). It describes the basic objectives of financial reporting and discusses the qualitative characteristics of accounting information and elements of financial statements, taking into consideration the basic assumptions used by accountants.


Content Highlights
Describe the basic objectives of financial reporting, qualitative characteristics of accounting information and elements of financial statements
Explain the meaning of GAAP and identify the key items of the conceptual framework
Prepare the entries for purchases and sales of inventory under periodic and perpetual systems
Explain the process of closing the books, approaches to correcting entries and preparing the final accounts
Identify the basic assumptions and principles of accounting
Explain how to account for the disposal of a plant asset through retirement, sale, or exchange
Describe the accounting for notes payable and other current liabilities i.e. contingent liabilities and their disclosure requirements
Distinguish between revenue and capital expenditures, and recording entries for these expenditures
Prepare the entries for the issuance of bonds, interest expense, and redemption / conversion of bonds
Indicate the statement presentation of material items not typical of regular operations


Upon completion of this course, the participants will be able to understand:

The meaning of generally accepted accounting principles and identify the key items of the conceptual framework
Illustration and interpretation of the components of the balance sheet and discuss the uses of the balance sheet in financial accounting
The appropriate classifications and related accounting treatments for marketable and nonmarketable financial instruments held as assets or owed by the company as liabilities
The components of the income statement and earnings per share
Comparison and contrast of cash flows from operating, investing, and financing
Why corporations invest in debt and equity securities
Current liability and major types of current liabilities
The acquisition and valuation accounting applicable to plant assets


Course Facts

5 days; 30 hours



“In our efforts at constantly upgrading the skills of our staff and
providing them with relevant learning and developmental
opportunities, we have on several occasions partnered with
SKILLS whose training courses/workshops have been highly
informative, challenging and very effective. They have offered
us custom made courses which have always been of great
value and have been greatly appreciated by the participants.“

Ravi Mohanty, Manager
Training & Development
Kingdom of Bahrain


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