The Financial Accounting Masterclass

Overview

Course duration: 3 days.

Get and master insightful accounting principles and techniques to operate successfully in your business environment.

Is it right for me?

Suitable for owners, directors and managers with little or no accounting knowledge and staff in finance and accounting departments, who wish to understand the fundamentals and practicalities of accounting.

What will I learn?

By the end of this course, you will be able to:

• Enhance your understanding of the fundamentals of financial and management accounting
• Get a deeper knowledge of key accounting techniques to prepare, complete and review a set of accounts
• Use financial statements’ information in your planning or decision-making process
• Understand the main IAS, VAT and tax-related issues

What will it cover?

Introduction to Financial and Management Accounting

• The difference between financial and management accounting
• Key accounting principles and concepts
• Financial statements
• Profit and loss
• Balance sheets
• Cash flows
• Overview on key IAS issues

Analysing Transactions: Basic Bookkeeping Skills

• Understanding the mechanics of double entry book-keeping
• Understanding the structure of financial statements
• Cash books and bank reconciliations
• Overview on day books and ledgers

Accounts Preparation, Completion and Review

• Accounting for accruals and prepayments, fixed assets and depreciation, bad and doubtful debts and closing stock
• Calculating month and year end adjustments
• The extended trial balance
• Preparing and reviewing financial statements

Accounting for Tax and VAT

• UK Corporation Tax system principles
• Operating and accounting for PAYE
• Background and key principles of VAT

Training Method:

Finance in business simulation exercise.