Course Outline:

MORNING (8:30am to 12:30pm or equivalent)

$Accounting Language, the Language of Business – learning financial statement terms

$Balance Sheet and Income Statement – how they're set up and what they tell you about your business

$Basic Accounting Equation – how it's all based on "things" and "who owns them"

$Accrual Accounting Method – accounting for everything as it happens

$Understanding accounts payable, accounts receivable, bad debts and pre-paid expenses

$Advantages and Disadvantages of Cash Accounting Method (optional when needed)

$Service Business Income Statement (optional when needed)

AFTERNOON (1:30pm to 5:30pm or equivalent)

$Capitalizing versus Expensing

$Buying and Improving Real Estate; Straight-Line Depreciation

$The Cash Statement – tracking all cash transactions

$Buying Equipment; Accelerated Depreciation

$Accounting for Spoilage

$What Retained Earnings Is and Is Not

$Running out of Cash... On a daily basis & cash runs the business, not profit

$Income Tax Expense and Liability

$ Liquidation of the Case Study Lemonade Stand Business at the End of Summer

$Trend Analysis – key questions to ask

$Which Dollars Drive Net Profit? – Cost of Goods and Expense

$Using Dollars and Ratios in Trend Analysis

$Action Planning



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