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

1. Other adjustments and corrections
2. 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