Fundamental accounting concepts, including accrual vs. cash basis accounting.
Concepts of going concern, entity, historical, materiality, consistency, and prudence.
Elements of financial statements, namely assets, liabilities, equity, income (revenue) and expenses.
Basic accounting terminology, including debits and credits, journal entries, ledger, trial balance, and double-entry accounting.
Preparing financial statements, including income statements, balance sheets, and cash flow statements.
Accounting considerations for taxation, including taxable income, tax deductions, and tax compliance.
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You have an accounting staff that needs to build a strong foundation in accounting principles.
Understand the significance of sound accounting fundamentals in business operations and decision-making.
Grasp the role of different statements in financial reporting and in assessing a company's financial health.
Appreciate the interrelatedness and articulation of different statements.
Appreciate the legal, regulatory, reputational, and financial consequences of incorrect accounting.
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