Basic Accounting Training

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OVERVIEW

Types of Entities – Starting a Business 

• Sole Proprietorship 
• Partnership      
• C–Corporation 
• S-Corporation      
• LLC–Limited Liability Company   

Accountants and Bookkeepers 

• Importance of a CPA 
• Differences Between an Accountant and a Bookkeeper   

Accounting Theory 

• General Accepted Accounting Principles (GAAP) 
• Cash vs Accrual Basis of Accounting 
• Accounting Equation 
• Debits and Credits 
• Chart of Accounts   

Financial Transactions/Journals 

• Sales and Sales Tax 
• Invoices      
• Check Writing 
• Income Received 
• Payroll and Payroll Tax Reporting  

Bank Statements and Reconciliations 

• Importance of Reconciling 
• How to Read and Reconcile a Bank Statement   

Financial Statements 

• Balance Sheet 
• Income Statement 
• Cash Flow Statement 
• General Ledger/Trial Balance 
• Cash Disbursements Report   

How to Prepare and Read Budgets 

• Basic Budgeting 
• The Importance of Budgeting 
• Creating Your Own Budget   

Ratio Analysis 

• Gross Profit 
• Day Sales 
• Inventory Turnover