Fundamentals of Accounting in Istanbul

Objectives:

By the end of the program, participants will be able to:

• Identify the importance of accounting in running the business.
• Acquire basic accounting knowledge and skills needed to better support management.
• Properly distinguish and classify account categories within the accounting system in the company.
• Accurately account for transactions affecting assets, liabilities and equities.
• Correctly account for transactions affecting revenues and expenses.
• Effectively prepare statements of income and balance sheets.
• Perform hands-on bank reconciliation, account analysis, and General Ledger (GL) to sub-ledger reconciliation.

The Outlines:

Importance of Accounting in Business

• The Role and Purpose of Accounting
• The Accounting System
• The Fundamental Accounting Equation

The Accounting Principles

• Accrual  versus Cash Basis Accounting
• Matching Principle and Revenue Recognition

Accounting Cycle

• Steps of the Accounting Cycle:
• Analyzing Transactions
• Recording Transactions
• Preparing Trial Balance
• Recording Adjusting Entries
• Recording Closing Entries
• Preparing Financial Statements
• Preparing Post-Closing Trial Balance

Analyzing and Recording Transactions

• Using Accounts to Summarize Transactions
• The Rules of Debits and Credits
• Preparing Trial Balance (TB)

Accounting for Assets

• Cash and Bank Accounts
• Accounts and Notes Receivable and Allowance for Doubtful Debts
• Inventory and Cost of Sale
• Fixed Assets and Intangible Assets

Accounting for Liabilities and Equity

• Current Liabilities and Long-Term Liabilities
• Contributed Capital and Retained Earnings

Adjusting Entries

• Adjusting for Accruals
• Adjusting for Deferrals

Preparing Financial Statements

• The Income Statement
• Statement of Owners’ Equity
• The Balance Sheet

Hands-On Workshops

• Performing Bank Reconciliation
• Performing Account Analysis
• Course Review Material