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Debits and Credits: How Accounting Really Works

Fee:

$2,095

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Provider:
AMA (American Management Association International)

Topic(s):
Finance & Accounting > Fundamentals

Who Should Attend?
Managers and supervisors who do not work in accounting, but who need to know how it works; anyone who has recently taken on accounting responsibilities

Full Seminar Description

Master the principles of basic accounting! Make better strategic decisions and move business forward by better understanding financial reports.

The language of business in every industry around the globe is rooted in the basic “accounting equation.” So keep your accountants on their toes and make sure your books are sound. Use basic accounting principles to uncover and correct problems quickly by double-checking how sales, expenses, equity and debt are recorded. Developed for business professionals who have no work experience in accounting, this seminar walks you through basic accounting and gives you the skills and confidence to speak the “language of business” like a pro.

Who Should Attend

Managers and supervisors who do not work in accounting, but who need to know how basic accounting works; anyone who has recently assumed accounting responsibilities.

Note: You'll need a calculator in this seminar.

HOW WILL YOU BENEFIT

• Make more informed decisions and save money
• Reduce costly errors caused by misunderstanding reports
• Understand how and when sales and expenses are recorded
• Impact the bottom line
• Control how your operation’s results are reported
• Evaluate the financial results of another division or company

WHAT YOU WILL COVER

• Basic accounting terms and concepts
• Basic accounting processes and what they mean: cash accounting, accruals, allocations, prepaids, receivables, depreciation, amortization, goodwill, inventory, deferrals, reserves
• How transactions are entered into financial records
• Financial reports: including balance sheet, income statement and changes in equity
• Month-end closings: what to expect

Extended Description

Learning Objectives

• Demonstrate How Debits and Credits Work Together in the Accounting System
• Identify the Various Steps of the Accounting Cycle
• Explain the Audit Trail in the Accounting Cycle to Find and Correct Inputs to the System
• Identify How Your Responsibilities Fit in the Accounting Process
• Communicate Confidently Using Accounting Terminology and Acronyms
• Conduct Each of the Nine Steps of the Accounting Cycle

What is Accounting?

• Explain the Accounting Equation
• Identify How Business Transactions Affect the Accounting Equation
• Recognize How Economic Events Can Affect a Business/Organization

Accounting vs. Finance

• Define Accounting, Explaining the Difference between Finance and Accounting
• Explain the Basic Accounting Principles—GAAP
• Explain Who Cares About Accounting Information, Why, and Who the Audience Is
• Explain the Various Types of Accounting—Cost, Managerial, Tax, Financial, and Regulatory

Accounting Cycle–Steps 1-4

• Recognize the Nine Steps of the Accounting Cycle
• Apply Debits and Credits to Real Business Transactions
• Post Journal Entries to the General Ledger
• Verify that Accounts in the General Ledger Balance

Accounting Cycle–Steps 5-6

• Prepare Standard Adjusting Entries
• Prepare and Adjust Trial Balance

Accounting Cycle–Steps 7-9

• Prepare a Preliminary Financial Statement Using the Worksheet/Template
• Prepare Closing Entries
• Prepare a Post-Closing Trial Balance
• Communicate Understanding of Accounting Concepts and Linkages via Team Presentation

Sponsor Background:

• provide comprehensive, hands-on training that is of practical use when you return to the job
• focus on need-to-know specifics, relevant to the demands of global business today
• offer the expertise and personalized attention of top-ranking instructors
• facilitate your career development and business savvy

Whether you're looking for a solid foundation of business fundamentals or strategies to help you seize growth opportunities for your company, AMA offers expert instruction to help you:

• manage your priorities effectively
• cultivate more productive working relationships
• increase your on-the-job value
• align your skills with marketplace demands
• bring out the best in people, processes and yourself

Cancellation and Refund Policy

If you cannot attend a seminar you may contact AMA in advance to transfer to a future session, or can send someone to take your place. If you need to cancel your attendance, AMA will give you a complete refund if you cancel more than three weeks before your seminar begins. To cancel, simply call. If you cancel with less than three weeks' notice, you will be liable for the entire seminar fee, however you may request a courtesy transfer to use at any future AMA seminar of equal or lesser value. The courtesy transfer must be used within one year of the date of your originally scheduled seminar. In fairness to all attendees, if you do not attend a seminar session for which you are confirmed, and do not cancel with a minimum of three weeks’ notice as described above, you will be charged the entire seminar fee.

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