It is expected that after completion of the workshop, participants will be able to:
- Understand basic accounting concepts;
- Apprehend the financial reporting;
- Read and interpret key financial statements;
- Use key financial ratios and indicators to assess and plan performance;
- Understand budgetary techniques and selecting the most appropriate approach;
- Monitor performance and make recommendations to enhance value;
- Master key financial indicators and tools.
Introduction and Course Overview
You will spend the first part of the day getting to know participants and discussing what will take place during the workshop. Students will also have an opportunity to identify their personal learning objectives.
What is accounting?
Before we begin we will highlight Financial accountancy (or financial accounting), concerns with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, government agencies, owners, and other stakeholders.
Types of business ownership
During this session, we will look at various types of business units;
- Sole Proprietorship
- Cooperative Business
We will look at some fundamental accounting conventions and assumption e.g.,
- The going concern concept
- The consistency concept
- The accruals concept
- The prudence concept
Elements of accounting
This session will look at the basic elements of accounting and their identification;
- Expenses and
Books of Prime Entry, The Accounting cycle & Preparation of Financial Statements
A book of prime entry just lists the relevant transaction. Entries in a book of prime entry are not part of a double entry. But the book of prime entry provides us with the information to make a double entry, i.e. it is the SOURCE for double entries.
To illustrate this we will spend an hour in this activity, which will explain you the full accounting cycle. And will clarify you the transactions and events that happen in a business.
Cost And Management Accounting Vs Financial Accounting
We will look at the process of tracking, recording and analyzing costs associated with the products or activities of an organization. Cost accounting does not follow standards. Costs are measured in units of currency by convention. Cost accounting could also be defined as a kind of management accounting that translates the Supply Chain (the series of events in the production process that, in concert, result in a product) into financial values. Managers use cost accounting to support decision making to reduce a company's costs and improve its profitability.
Financial Statement Analysis and Performance analysis
During this session, we will try to read between the lines of financial statements., using financial ratios that quantifies many aspects of a business and are an integral part of financial statement analysis.
This session will explore how the financial ratios allow for comparisons
I between companies
II between industries
III between different time periods for one company
IV between a single company and its industry average.
AED 4,500 including course material