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