Preparing Financial Statements and the Annual Report

Objectives:

By the end of the program, participants will be able to:

• Practically apply each part of the accounting cycle.
• Perform accounting adjustments including deferrals and accruals.
• Create trial balance and adjusted trial balance.
• Map chart of accounts to the financial statements.
• Prepare and present income statements, balance sheets, and cash flow statements.
• Formulate notes to the financial statements.

The Content:

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 Chart of Accounts
• Maintenance of Chart of Accounts
• Analyzing 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 Income Statements
• Preparing Balance Sheets
• Preparing Cash Flow Statements
• Preparing the Equity Statements
• Reading and Interpreting the Audit Opinion

Notes to the Financial Statements

• Understanding the Requirements for the Notes
• Organization and Activities of Notes
• Basis for Preparation
• Summary of Significant Accounting Policies
• Accounting Convention
• Use of Estimates
• Completing the Financial Statements and the Notes