Practical Accounting for Business Professionals
1Summary
Behind every business decision, whether to invest, cut costs, or expand, sits a set of numbers that someone had to prepare, check, and interpret correctly. That is the practical skill this course, delivered by the Arab British Fellowship Training Academy, is built around: reading and producing the financial statements, cost calculations, and tax reports that keep an organization's finances sound.
Participants work through the full accounting cycle, from recording a transaction to analyzing the final financial statements, gaining the grounding usually associated with a college or business-school accounting track, but focused on what is actually used on the job.
2Objectives and target group
Target Audience
- Company and institution managers across all sectors.
- Staff working within finance and administration departments.
- Accountants in government bodies and private companies.
- Management accounting officers within corporations.
- Graduates and students of economics, finance, and banking faculties.
- Anyone seeking a complete, practical grounding in accounting.
What You Will Gain
By the end of the course, participants will be able to:
- Prepare and verify accounting entries, journal vouchers, and supporting documentation.
- Supervise and control the bonds and records issued by accounting offices.
- Implement senior management's financial procedures and manage financial instruments of all types.
- Build budgets and financial plans, and draft and execute contracts for financial instruments.
- Apply tax accounting principles and income-tax procedures, including studying the applicable tax system.
- Calculate and analyze cost elements to determine unit cost, value inventory, and support planning and decision-making.
- Audit public- and private-sector accounts in line with recognized international auditing standards.
3Course Content
Module 1: Building the Accounting Foundation
- Introduction to accounting, its role, and the types of accounting systems.
- The basic accounting equation and the double-entry system.
- The accounting cycle: ledger accounts, trial balance, and financial statements.
- Core accounting principles and generally accepted assumptions.
Module 2: Financial Statements and the Business Document Cycle
- Preparing the income statement, cash flow statement, and balance sheet.
- Reading and analyzing financial statements.
- Valuing assets, liabilities, and equity, and building the planning and execution budget.
- Designing the document cycle: sales invoices, cash and cheque receipts, and inventory orders.
Module 3: Management and Cost Accounting
- Cost concepts and types, and management cost systems.
- Calculating and analyzing costs to support decision-making.
- Analyzing expenses and revenues.
Module 4: Tax and Legal Accounting
- Tax concepts, types, and the procedures and reports required by the tax authority.
- VAT, sales tax, withholding tax, and income tax.
- Legal compliance requirements within tax accounting.
Module 5: Analysis and Period-End Adjustments
- Horizontal, vertical, and financial-ratio analysis of financial statements.
- Inventory adjustments for revenue and expense accounts, bank accounts, and the treasury.
- Fixed-asset adjustments: depreciation, disposals, and reassessing useful life.
Module 6: Advanced and International Accounting
- Integration and cost-allocation accounting.
- Capital budgeting and capital management.
- Estimating real value and added value.
- International accounting and financial reporting standards.
Module 7: Accounting Technology and Digital Transformation
- Types of accounting software and their applications.
- Information technology applications in accounting.
- Information security in electronic accounting.
- Digital transformation across the accounting profession.