Final Accounts: Fast Closing Monthly and Year-End Accounting

To take participants through the nitty-gritty of preparing final accounts and other periodic (weekly, monthly, annual) financial statements.

CONTENT:

* Accounting Process

Recording Transactions

Balancing the Accounts

Preparing Trial Balance

* Finalization of Accounts

Journalizing adjustment entries

Passing the closing or transfer entries

Preparing Financial Statements

* Reconciliation of Books

Reasons for reconciling the books

Procedure or steps for reconciliation

* Inventory Accounting

Inventory Accounting Systems

Inventory Valuation Methods

Inventory and its impact on Financial Statements

* Depreciation Accounting

The Methods of Depreciation

Accounting for Depreciation

Depreciation and its impact on Cash flow and income tax

* Preparing Final Accounts

The Profit and Loss Account

The Income and Expenditure Account

Graphic Illustrations i.e. Bar Chart, Pie Charts and Graphs

* Preparation for the Auditor

Incorporating Pre & Post Audit Adjustment

Audit Committee Relationships

Directors and Auditors Responsibilities

Corporation Tax

Adjusted Profits

Tax Incentives

Capital Allowance

Basis periods for Continuing Business

FOR WHOM: Directors, Accountants, Auditors and others who perform related functions in the Public and Private Sectors.

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.