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Opening Hours : Monday to Friday - 10am to 6pm

Address: 1st floor, 35-B, Block A, HBFC
Faisal Town, Lahore, Pakistan

Introduction to Accounting

The function of accounting in any organization is to closely monitor the movement of funds in order to determine the financial health of a business and identify ways of increasing profitability. This short course covers the accounting requirements for Pakistan businesses, describes key accounting concepts and provides the basic skills required to interpret and report on financial activity.

Learning Outcomes

Upon completion of this workshop you will be able to:

- Identify and use accounting terminology

- Collect and compare financial information and data

- Understand the statutory reporting requirements for organizations

- Use financial reports to manage business Operations

Workshop Duration

Two Day Workshop

What’s included?

- Comprehensive workshop notes

- Morning tea, lunch and afternoon tea

Workshop Overview

  • Welcome and introductions

Course overview, learning outcomes and icebreaker

  • Why Accounting

Highlights the importance of understanding accounting practices for new managers and specialists

  • Statutory Requirements

Provides an overview of the four most common business structures and how they influence the statutory requirements

  • Taxation

Introduces the four primary federal taxes, acknowledging that there are other taxes organizations need to be aware of

  • Income Tax

Introduces and explains the taxable income equation

  • Capital Gains Tax

Explains how capital gains or losses are calculated, highlighting the assets that are exempt from Capital Gains Tax

  • Goods and Services Tax

Provides a brief overview of the Goods and Services Tax and how it is calculated

  • Fringe Benefits Tax

Examines the rationale for the Fringe Benefits Tax and how to recognise what does and does not qualify

  • Superannuation

Introduces superannuation as an example of another statutory requirement that organizations must manage

  • Corporations Act

Explains that the Corporations Act establishes the statutory requirements for the financial reporting of companies

  • Accounting Fundamentals

Explores the conventions and principles that guide accounting activities and introduces the Accounting Equation

  • Chart of Accounts

Outlines the five types of account and the two categories they belong in, and explains the chart of accounts as the correct record system

  • The Accounting Process

Introduces the seven stages of the accounting process and how to interpret them

  • Transactions

Defines the three categories of transactions

  • Source Documents

Examines the purpose of source documents, what they are used for, and how to identify and validate them

  • Journal Entries

Emphasises the necessity of maintaining an accounting journal and demonstrates the method to do so effectively

  • General Ledger

Explains how journal entries are filed and organised within an organization’s General Ledger

  • Trial Balances

Introduces the process of creating trial balances as a step in producing usable financial reports

  • Summary and Close Day 1
  • Welcome Back and Review

Recap of key learning from Day 1

  • Adjusted Trial Balance

Reviews the concept of trial balances, and examines in detail how depreciation, expenses (prepaid and accrued), and unearned revenue impact trial balances

  • Prepare Reports

Introduces the three primary financial statements used for reporting

  • Statement of Financial Position

Defines the purpose of a Statement of Financial Position, including the equation used to structure it

  • Statement of Profit and Loss

Examines the two-step process of generating Statements of Profit and Loss

  • Statement of Cash Flows

Highlights how net cash inflow/outflow is calculated as an equation of operating activities, investing activities, and financing activities

  • Business Activity Statements

Explores the mechanisms for reporting tax liabilities to the ATO on an ongoing basis

 

  • Make Recommendations

Highlights the value of using financial data to identify opportunities for improving organizational function and revenue

  • Analysing Financial Data

Examines methodology and processes for analysing financial data, contrasting horizontal and vertical analysis

  • Financial Forecasting

Outlines the techniques used to predict the future financial results of a business

  • Gathering Your Facts

Reinforces that effective financial recommendations are supported by analysis and hard evidence

  • Summary, Learning Journal and Close

 

 

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1st floor, 35-B, Block A, HBFC Faisal Town, Lahore, Pakistan

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