Course Objectives
To provide participants with the basic concepts and principles of financial management and the procedures for recording economic events and their presentation in the financial statements
Course Contents
 Financial management concepts and principles
 Accounting cycle
 Analyzing business transactions
– The name of the debit account and credit account
– The amount to be debited and credited
– Narrative description (explanation)
– Date of the transaction
 Recording and posting to the general and subsidiary ledgers
– Recording transaction
– Posting journal entries
 The trail balance
– Uses of the trial balance
– Limitations of the trial balance
 Accounting errors and method for correction
– Recording the wrong amount, recording the right amount in the wrong account, errors of omission, compensating errors
– Reverse entries to cancel the effect of wrong entries and carry out new entries as if there are no errors originally
 Adjusting and closing entries
– Adjustments: inventories, cost of sales, accruals, prepayments, provisions, depreciation
– Closing revenue items, closing expense items
 Final accounts
– The balance sheet or statement of financial position
– The income statement or the profit and loss account