Accounting for non Accountants

I.    Accounting- The Language of Business

    a.    The Elements of the Financial Statements

        i.    Assets
        ii.    Liabilities
        iii.    Equity
        iv.    Income
        v.    Expenses

    b.    Basic Accounting Assumptions

        i.    The Entity Concept
        ii.    Going Concern Assumption
        iii.    The Cash Basis versus the Accrual Basis of Accounting
        iv.    Double Entry Accounting Systems
        v.    Time Period
        vi.    Chart of Accounts

    c.    Understanding the Basic Financial Statements

        i.    Statement of Financial Position
        ii.    Statement of Comprehensive Income
        iii.    Statement of Cash Flows
        iv.    Statement of Changes in Equity
        v.    Notes to Financial Statements

     d.    The Financial Reporting Frameworks

        i.    Philippine Financial Reporting Standards (PFRS)
        ii.    PFRS for SME’s

II.    The Accounting Cycle

     a.    Accounting Process

        i.    Journal Entries
        ii.    General Ledger
        iii.    Trial Balance
        iv.    Adjusting Entries
        v.    Financial Statement Preparation
        vi.    Closing Entries

    b.    The Accounting and Internal Control Systems

        i.    Source documents
        ii.    Books of Accounts
        iii.    Control procedures

III.    Understanding, Interpreting and Analyzing the Financial Statements

    a.    Horizontal Analysis

    b.    Trend Analysis

    c.    Profitability Ratios

    d.    Liquidity Ratios

    e.    Activity Ratios

IV.    Regulatory Requirements

    a.    Forms of Business and Organization

        i.    SEC/ DTI Registration
        ii.    Business Permit
        iii.    Other Regulatory requirements

    b.    Taxation

        i.    Income Tax
        ii.    VAT and Other Percentage Tax
        iii.    Withholding Tax