Accounting Principles 2 – Accounting Adjustments
More detailed knowledge of how sales and purchase ledgers work will be provided during this course, building on the basic principles covered in the Accounting Principles 1 – Posting Basic Transactions course. Understanding why and how these ledgers interact and have to be reconciled will help those working in accounts payable and accounts receivable functions as well as for those working in other finance related functions.
The concept of writing off bad debts, valuing and writing off stock will also be covered, as would the accounting principles relating to valuing and depreciating fixed asset. This will enable Participants to understand how profits are calculated in the for profit sector, and surpluses (or deficits) are calculated in the not for profit sectors. The sessions will also explain how assets and liabilities are recorded, adjusted and valued as necessary, especially at period-end.
Case studies and worked examples will be used to give detailed explanations of how the fundamental accounting concepts work, are updated and interact with each other. Participants will be given the opportunity to work through examples that reflect realistic everyday transactions they would come across in practice.
Suitability - Who should attend?
Staff with responsibility for preparing financial reports will gain a good understanding of how to maximise management accounting information. Team leaders and those in a supervisory capacity will also gain useful insight into how to use financial reporting as an effective management control tool.
Training Course Content
- Purchase and sales ledger control accounts: how these accounts assist in business’ credit control and cash flow
- Reconciliation of control accounts: why and how these accounts have to be reconciled to ensure that management and financial accounts are accurate
- Suspense accounts and the use of journal entries: when and how these tools are used
- Bank reconciliation statements: the importance of reconciliations to effectively control the businesses’ financial position
- Fixed assets: disposals and revaluations
- Financial and management reporting: the basic statutory and good practice obligations that a company needs to comply with at the end of an accounting period
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