Financial Accounting - Level 1London Business Training & Consulting
Upon completion of this course, you will be able to understand:
- The purpose of accounting.
- Why non-accountants need to understand accounting.
- The basic terminology of business transactions.
- How to prepare a cash budget.
- The gross profit margin of a product and business.
- The difference between cash and the profits of a business.
- That a set of financial statements can be prepared from data included a trial balance.
- The difference between revenue and capital expenditure and the significance of the distinction.
- How to prepare a simple statement of profit or loss.
- The purpose of a statement of financial position.
- The assets and liabilities in a business.
- What an accrual and a prepayment are and how to account for them.
- How to prepare a statement of financial position for a simple business.
- Why non-current assets need to be depreciated.
- How to use the straight-line and the reducing-balance methods of providing for depreciation.
- Why we need to provide for bad and doubtful debts.
- How to prepare a final adjusted statement of profit or loss and statement of financial position.
- Some of the limitations of a statement of financial position.
Suitability - Who should attend?
- Those who wish to understand the implications of decisions made across a range of financial accounting issues.
- Those who wish to develop the ability to analyse, interpret, and question the accounting information they may encounter in a business context.
- Those who wish to acquire a sound appreciation of accounting and finance in order to communicate and succeed in the business world.
- Non-accounting staff who desire a practical introduction to the fundamentals of financial accounting.
Outcome / Qualification etc.
A Certificate of Attendance from London Business Training & Consulting is issued on course completion.
Training Course Content
The Cash Budget
- Why should managers understand accounting?
- Accounting concepts
- Timings of receipts and payments
- Calculation of the gross profit and gross profit margin
Introduction to the Statement of Profit and Loss
- Measuring profit
- Double-entry bookkeeping
- Types of account
- Trial balance
- Capital versus revenue expenditure/income
- Calculating the cost of sales
Balancing the Basics
- Assets and liabilities
- The statement of financial position
- Accruals and prepayments
Accounting for Depreciation and Bad Debts
- The straight-line method
- The reducing-balance method
- Disposals of non-current assets
- Bad and doubtful debts
- Uses and limitations of the statement of financial position
London Business Training & Consulting
London Business Training & Consulting (LBTC) is the UK’s premier business and management training and consulting service provider. We cater to both individual and organisational clients from all over the world. Our vision is to meet the business and management...
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