Research has consistently demonstrated that when clear goals are associated with learning, it occurs more easily and rapidly. With that in mind, let’s review our goals for today. At the end of this workshop, you should be able to:
Understand basic accounting terminology.
Identify the differences between the cash and accrual accounting methods.
Keep track of your business by becoming familiar with accounts payable and accounts receivable.
Use a journal and general ledger to document business financials.
Utilize the balance sheet.
Identify different types of financial statements.
Uncover the reasons for and actually create a budget.
Be familiar with internal and external auditing.
Getting Started
Workshop Objectives
Basic Terminology (I)
Balance Sheet
Assets
Liabilities
Equity
Income Statement
Revenue
Cost of Goods Sold
Expenses
Accounting Period
Case Study
Module Two: Review
Basic Terminology (II)
Accounts Receivable
Accounts Payable
Depreciation
General Ledger
Interest
Inventory
Journals
Payroll
Trial Balance
Case Study
Module Three: Review
Accounting Methods
Cash Method
Accrual Method
Differences between Cash and Accrual
Case Study
Module Four: Review Questions
Keeping Track of Your Business
Accounts Payable
Accounts Receivable
The Journal
The General Ledger
Cash Management
Case Study
Module Five: Review Questions
Understanding the Balance Sheet
The Accounting Equation
Double-Entry Accounting
Types of Assets
Types of Liabilities
Equity
Case Study
Module Six: Review Questions
Investing in yourself is one of the best return on investments you can have.
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