Finance Fundamentals > How to Prepare and Manage Full Sets of Accounts (Online Training)

How to Prepare and Manage Full Sets of Accounts (Online Training)

Course Objectives

This course enables participants to understand bookkeeping and learn how to prepare a full set of financial accounts, including manufacturing accounts leading to the preparation of financial statements while understanding accounting principles and standards governing them. The course covers several Malaysian Financial Reporting Standards (MFRSs) including property, plant and equipment, inventories, presentation of financial statements and statement of cash flows.

Participants will learn to:

Apply the concepts of accounting principles and double-entry
Record and business transactions
Recognise assets, liabilities and equity
Recognise revenue and expenses
Apply Malaysian Financial Reporting Standards (MFRSs) for the property, plant and equipment, and inventories
Adjust allowance for bad debts and impairment losses
Prepare financial statements following the requirements of MFRSs

Target Audience

Accounts/Finance – Supervisors, Executives, Officers and Assistants.

Methodology

This Live Online / Virtual Training session will be conducted via a Live Streaming Platform in which the trainer will use interactive lecture and slide presentation to cover the modules stated below.

Course Modules

Module 1: Glossary and Understanding of Terms
– Assets, Liability and Equity
– Current/non-current distinction
– Revenue & Expenses
– Cost of sales
Module 2: Concept of ‘Double-entry’ In Accounts
– What Is ‘Double-entry’?
– Chart of Accounts
– The standard form of accounts
– General Ledger
– Normal balances
– Trial Balance
Module 3: Accruals, Prudence and Matching Concepts
– Accruals and Deferrals
– Adjusting Entries
– Adjusted Trial Balance
– Preparing Financial Statements
– Closing Entries
Module 4: Journal Entries and Posting
– Transaction Analysis
– Journal Entries
– Posting to ledgers
– The recording process
Module 5: Accounts Receivable and Bank Reconciliation
– Impairment of receivables
– Provision matrix
– Adjusted Cash Balance
– Bank Reconciliation Statement
Module 6: Property, Plant, and Equipment (MFRS 116)
– Definition
• Initial costs
– Subsequent costs
– Elements of cost
– Measurement of cost
– Depreciation methods
– Impairment loss
– Revaluation model
– Derecognition
Module 7: Inventory Accounting (MFRS 102)
– Accounting methods for inventories
– Definitions
– Cost of inventories
– Cost formulas
– Net realisable value
– Recognition as an expense
Module 8: Presentation of Financial Statements (MFRS 101)
– Purpose of financial statements
– Statement of financial position
– Statement of profit or loss and other comprehensive income
– Statement of changes in equity
– Notes to Accounts
Module 9: Statement of Cash Flows (MFRS 107)
– Benefits of cash flow information
– Reporting cash flows from operating activities
– Reporting cash flows from investing activities
– Reporting cash flows from financing activities
– Non-cash transactions
– Components of cash and cash equivalents

Get To Know The Trainer

Trainer Dr Lok

Dr Lok, PhD, is a financial consultant specialising in business reporting, cost management and information systems. Dr Lok is a chartered accountant registered with the Malaysian Institute of Accountants (MIA), a member of the Chartered Institute of Management Accountants (CIMA), a Chartered Global Management Accountant (CGMA) and a Fellow of the Chartered Tax Institute of Malaysia (CTIM).

VIEW PROFILE