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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