• 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