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Comprehensive Basic Accounting Training

By: Tom Associates Training  

Lagos State, Nigeria

11 - 15 Mar, 2019  5 days

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NGN 175,000

This programme takes the employees responsible for running the Accounts and Finance functions of the organization through their core duties. They will be taken through the step-by-step process of performing each task. The core duties are:

  • Implementing all processes in accounting for financial transactions and enforcing the controls necessary for the running of the organization’s business.
  • Liaising with external auditor and others involved in matters of statutory regulations, including pension fund managers, the tax organizations, etc.
  • Preparing financial and other relevant reports at such intervals that help Management decisions for the organization to run smoothly. These include:
  • Weekly performance report
  • Daily balances and advice on managing the balances
  • Bank reconciliation
  • Variance analysis
  • Management of the cash flow position
  • Monthly trial balance, income statement and balance sheet
  •  Budgeting and budgetary control.

Course Contents

DAY ONE

  • Interpretation of Financial Statements
  • The three financial fundamentals
  • The Balance Sheet - Interpreting Assets and Liabilities
  • The Income and Expenditure Statement
  • Diagnosing the Cash Flow Position and Requirements
  • How do you know if the organization is performing well?
  • Budgeting
  • Budgets and budgeting cycle
  • Steps in developing an operating budget
  • Preparation of budgets
  • Sensitivity analysis in budgeting
  • Budgeting and responsibility accounting.

DAY TWO

  • Cash flow Management
  • What cash flow statement is
  • What the purpose of cash flow statement is
  • Preparation of cash flow statement
  • How to make operational, investing and financing decision when preparing cash flow
  • key performance indicators for cash flow
  • Action to take when there is surplus or deficit fund
  • Source of Finance.
  • Tax Management
  • Types of taxes
  • What taxes are payable to Federal, State and Local Government
  • Corporate Tax  planning 
  • How  to compute company income tax and  capital allowance
  • Filling of Self Assessment return and VAT return
  • Withholding Tax  and its application
  • Capital  Gains Tax
  • Application for company and Personal Tax clearance certificate
  • How  to prepare Personal income tax
  • Payment of Pay As You Earn deductions
  • Rendering of annual return to State Internal Revenue Board.

DAY THREE

  • Control Systems
  • The Internal Control System - Preventive, Detective and Directive
  • Distinction between Internal Check and Internal Auditing
  • How to Use Internal Control to Promote Operational Efficiency
  • Internal Control and Risk Management – the Inherent Limitations
  • Elements of Internal Control
  • Internal Control on receipt of cash/cheques 
  • On cash and cheque payments
  • On the organisation reconciliation; 
  • On stock/inventories, sales, etc.
  • Operational auditing 
  • Approval of controls
  • Evaluation of performance
  • Purchasing
  • Production
  • Administration
  • Personnel
  • Fixed Assets. 

DAY FOUR

  • Internal Auditing
  • Reviewing and Appraising Operating Controls 
  • Compliance with policies, plans and procedures
  • Safeguard of assets
  • Detection and prevention of frauds
  • Economical and efficient use of resources
  • Accomplishment of established objectives and goals for operation
  • Internal auditing and the maintenance of a sound system of internal control 
  • Responsibility for the system of internal control – auditor or management
  • Internal Audit Charter  
  • Understanding the nature and context of internal control
  • Management Involvement - Reviewing the effectiveness of internal control
  • Responsibility for reviewing the effectiveness of internal control system
  • The process of reviewing effectiveness
  • Business objectives
  • Risk identification and assessment
  • Monitoring of controls.

DAY FIVE

  • Financial Reporting and Management
  • Types of Financial Report and How to Prepare Them
  • Revenue analysis report
  • Cost analysis report
  • Expenses report
  • Account receivable report
  • Chairman’s report
  • Auditor’s report
  • Balance sheet
  • Profit and loss statement
  • Cash flow statement
  • Financial performance report
  • Benefits of Financial Report.
5/7 Alade Lawal Street, Opposite Divisional Police Station, Off Ikorodu Road, Anthony, Lagos. Mar 11 - 15 Mar, 2019

Registration: 08:30:am - 09:00:am

Class Session: 09:00:am - 04:00:am

NGN 175,000.00(VAT Inclusive)
(Convert Currency)

Mr Abiodun Toki 08033019120

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