hollyzed themes test: accounting training

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<li><a href="####"><span style="color: #38761d;">قسم رئيسي 1</span></a></li>
<li><a href="####"><span style="color: #38761d;">قسم رئيسي 2</span></a></li>
<li><a href="####"><span style="color: #38761d;">قسم رئيسي 3</span></a></li>
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<i class="icon-relatedtopic"></i> 
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<li class="relatedtopic"><a href="####"><span style="color: #38761d;">مقالة 1</span></a></li>
<li class="relatedtopic"><a href="####"><span style="color: #38761d;">مقالة 2</span></a></li>
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<i class="icon-topicappendix"></i>
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<li class="topicappendix"><a href="#6"><span style="color: #38761d;">فيديو / برنامج / صور</span></a> </li>
<li class="topicappendix"><a href="#6"><span style="color: #38761d;">فيديو / برنامج / صور</span></a> </li>
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<li><a href="#0"><span style="color: #38761d;">مقدمة الموضوع</span></a> </li>
<li><a href="#1"><span style="color: #38761d;">محتوى 1</span></a> </li>
<li><a href="#2"><span style="color: #38761d;">محتوى 2</span></a> </li>
<li><a href="#3"><span style="color: #38761d;">محتوى 3</span></a> </li>
<li><a href="#4"><span style="color: #38761d;">محتوى 4</span></a> </li>
<li><a href="#5"><span style="color: #38761d;">محتوى 5</span></a> </li>
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<h2><span class="link_open"><a name="0"><i id="dow2" class="icon-showpoint hide"></i><i id="up2" class="icon-hidepoint"></i> مقدمة الموضوع </a></span></h2>
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<div id="p2">محتوى الفقرة</div>

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<h2><span class="link_open" id="link_equation"><a name="1"><i id="dow1" class="icon-showpoint hide"></i><i id="up1" class="icon-hidepoint"></i> محتوى 1 </a></span></h2>
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<span>أسم الصورة هنا</span>
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<img alt="أسم الصورة هنا" height="199" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgrgtm_VIU66BXxgzGwzunCur3XJM1JanS8TE1Vxsb_4BD-P8fe6vjw8H2LIVZvNWemECmfz_cUDcX9KY_UdvYu-C2ztYT_eR0_ihRqT92fHc1-MvOY1DGKWrfOH6WlWdBnwVA9Cgko3R0/s320/install-1.png" title="أسم الصورة هنا" width="320" />
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<h3>نقطة فرعية h3</h3>

<ul>
<li class="h3-li"><h4>نقاط فرعية h4</h4></li>
<li class="h3-li"><h4>نقاط فرعية h4</h4></li>
<li class="h3-li"><h4>نقاط فرعية h4</h4></li>
<li class="h3-li"><h4>نقاط فرعية h4</h4></li>
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<h4 class="h4-point" style="border-bottom: 1px solid #A9A5A5;"><span class="fst-scd-point"><b>1 . </b></span> نقطة فرعية h4</h4>

<ul>
<li class="h4-li"><h5>نقاط فرعية h5</h5></li>
<li class="h4-li"><h5>نقاط فرعية h5</h5></li>
<li class="h4-li"><h5>نقاط فرعية h5</h5></li>
<li class="h4-li"><h5>نقاط فرعية h5</h5></li>
</ul>

<p>وإليك شرح النقاط الأربع .... <i id="dow1" class="icon-hand-down"></i></p>

<h4>1 . نقطة فرعية لـ اتش 3</h4>

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<img alt="أسم الصورة هنا" height="199" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgrgtm_VIU66BXxgzGwzunCur3XJM1JanS8TE1Vxsb_4BD-P8fe6vjw8H2LIVZvNWemECmfz_cUDcX9KY_UdvYu-C2ztYT_eR0_ihRqT92fHc1-MvOY1DGKWrfOH6WlWdBnwVA9Cgko3R0/s320/install-1.png" title="أسم الصورة هنا" width="320" />
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<p>شرح النقطة الفرعية لـ اتتش 3.. فقرة ثانية في الشرح - تجربة شكل الأسطر بمحاذاة الصورة الجانبية والفقرة الأولى.</p>

<p>شرح النقطة الفرعية رقم 1.. فقرة أولى في الشرح - تجربة شكل الأسطر بمحاذاة الصورة الجانبية.</p>

<p>شرح النقطة الفرعية رقم 1.. فقرة ثانية في الشرح - تجربة شكل الأسطر بمحاذاة الصورة الجانبية والفقرة الأولى.</p>

<p class="note">ملحوظة على شئ سبق شرحة <i class="icon-note"></i></p>

<div class="note"><p>ملحوظات : <i class="icon-note"></i></p>
<ul>
<li>ملحوظة متعددة النقاط</li>
<li>ملحوظة متعددة النقاط</li>
<li>ملحوظة متعددة النقاط</li>
</ul>
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<p class="note">تم الإنتهاء من النقطة هذه <i class="icon-check"></i></p>

<div class="note"><p>تم الإنتهاء من : <i class="icon-check"></i></p>
<ul>
<li>النقطات هذه</li>
<li>النقطات هذه</li>
<li>النقطات هذه</li>
</ul>
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<p class="note">نصيحة أو يوصى بـ أو من المستحب <i class="icon-advice"></i></p>

<div class="note"><p>يوصى بـ : <i class="icon-advice"></i></p>
<ul>
<li>النقطات هذه</li>
<li>النقطات هذه</li>
<li>النقطات هذه</li>
</ul>
</div>

<p class="note">بهذا يكون أفضل أو نقطة التمام <i class="icon-ok"></i></p>

<div class="note"><p>نقاط التمام : <i class="icon-ok"></i></p>
<ul>
<li>النقطات هذه</li>
<li>النقطات هذه</li>
<li>النقطات هذه</li>
</ul>
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<h2><span class="link_open"><a name="2"><i id="dow2" class="icon-showpoint hide"></i><i id="up2" class="icon-hidepoint"></i> محتوى 2 </a></span></h2>
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<div id="p2">محتوى الفقرة</div>

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<h2><span class="link_open"><a name="3"><i id="dow3" class="icon-showpoint hide"></i><i id="up3" class="icon-hidepoint"></i> محتوى 3 </a></span></h2>
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<div id="p3">محتوى الفقرة</div>

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<h2><span class="link_open" id="link_equation"><a name="4"><i id="dow4" class="icon-showpoint hide"></i><i id="up4" class="icon-hidepoint"></i> محتوى 4 </a></span></h2>
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<div id="p4">محتوى الفقرة</div>

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<h2><span class="link_open"><a name="5"><i id="dow5" class="icon-showpoint hide"></i><i id="up5" class="icon-hidepoint"></i> محتوى 5 </a></span></h2>
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<div id="p5">محتوى الفقرة</div>

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قسم رئيسي 1 قسم رئيسي 2 قسم رئيسي 3 مقالة 1 مقالة 2 فيديو / برنامج / صور فيديو / ب...

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introduction to bookkeeping: The Users of Financial Accounting Information

<div style="text-align: center;"><b>The Users of Financial Accounting Information</b></div><div style="text-align: center;">Decision Makers</div><div style="text-align: center;"><br /></div><div style="text-align: left;"><br /></div><div style="text-align: left;">Recall that the primary goal of financial accounting is to provide decision makers with useful information. This topic  identifies the major users of financial statements and describes the <b>decisions</b> they make.</div><div style="text-align: left;"><br /></div><div style="text-align: left;">The predominant users of ﬁnancial accounting information are those parties who have a ﬁnancial interest in the organization and hence are concerned with its economic status. All organizations, whether not-for-proﬁt or investor owned, have stakeholders who have an interest in the business. In a not-for-proﬁt organization, such as a community hospital, the stakeholders include managers - staff physicians - employees - suppliers - creditors - patients - and even the community at large. </div><div style="text-align: left;"><br /></div><div style="text-align: left;">Investor-owned organizations have essentially the same set of stakeholders - plus owners. Because all stakeholders, by deﬁnition, have an interest in the organization, all stakeholders have an interest in its<br />ﬁnancial condition.</div><div style="text-align: left;"><br /></div><div style="text-align: left;">Of all the outside stakeholders, investors - who supply the capital (funds) needed by businesses - Investors fall into two categories: <b>(1) owners</b> (often stockholders )  <b>(2) creditors</b> (or lenders) </div><div style="text-align: left;"><br /></div><div style="text-align: left;"><b>1- Owners :</b></div><div style="text-align: left;"> Owners Present and potential owners (investors) are prime users of  financial statements. They continually assess and compare the prospects of alternative investments. </div><div style="text-align: left;"><br /></div><div style="text-align: left;">The assessment of each investment is often based on two variables: <b>expected return</b> and <b>risk</b>. </div><div style="text-align: left;"><br /></div><div style="text-align: left;"><b>Expected return</b> refers to the increase in the investor’s wealth that is expected over the investment’s time horizon. This wealth increase is comprised of two parts: </div><div style="text-align: left;">(1) increases in the market value of the investment</div><div style="text-align: left;">(2) dividends (periodic cash distributions from the firm to its owners). </div><div style="text-align: left;"><br /></div><div style="text-align: left;">Both of these sources of wealth depend on the firm’s ability to generate cash. Accordingly, financial statements can improve decision making by providing information that helps current and potential investors estimate a firm’s future cash flows. </div><div style="text-align: left;"><b><br /></b></div><div style="text-align: left;"><b>Risk</b> refers to the uncertainty surrounding estimates of expected return. The term expected implies that the return is not guaranteed. For most investments, numerous alternative  future  returns are possible. For example, an  investor may project  that a firm’s most likely return for the upcoming year is $100,000. However, the investor recognizes that this is not the only possibility. There is some chance that the firm might<br />generate returns of $95,000 or $115,000. Still other possibilities might be $85,000 and $125,000. </div><div style="text-align: left;"><br /></div><div style="text-align: left;">The greater the difference among these estimates, the greater the risk. Financial statements help investors assess risk by providing information about the <a href="http://bookkeeping-course.blogspot.com/2012/07/introduction-to-bookkeeping-historical.html">historical</a> pattern of past income and cash flows.</div><div style="text-align: left;"><br />Investment selection  involves a trade-off between expected return and risk. Investments with high expected returns generally have a high risk. Each investor must assess whether  <b>investments with greater  risk offer  sufficiently higher expected  returns</b>.</div><div style="text-align: left;"><br /></div><div style="text-align: left;"><br /></div><div style="text-align: left;"><b>2- Creditors :</b></div><div style="text-align: left;"> The lending decision involves two issues: whether or not credit should be extended - and  the specification of a  loan’s  terms. For example, consider a bank loan officer evaluating a loan application. </div><div style="text-align: left;"><br /></div><div style="text-align: left;">The officer must make decisions about the amount of the loan (if any)- interest rate - payment schedule - and collateral. Because repayment of the loan and interest will rest on the applicant’s ability to generate cash, lenders need to estimate a firm’s future cash flows and the uncertainty surrounding those flows. </div><div style="text-align: left;"><br /></div><div style="text-align: left;">Although investors generally take a long-term view of a firm’s cash generating ability, creditors are concerned about this ability only during the loan period.</div><div style="text-align: left;"><br />Lenders are not the only creditors who find financial statements useful. Suppliers often sell on credit - and  they must decide which customers will or will not honor their obligations.</div><div style="text-align: left;"><br /></div><div style="text-align: left;"><b>Other Users</b> : </div><div style="text-align: left;">A variety of other decision makers find financial statements helpful. Some of these decision makers and their decisions include the following:<br />1. Financial analysts and advisors. Many investors and creditors seek expert advice when making their investment and lending decisions. These experts use financial statements as a basis for their recommendations.</div><div style="text-align: left;"><br />2. Customers. The customers of a business are interested in a stable source of supply. They  can use  financial  statements  to  identify  suppliers  that  are  financially sound.</div><div style="text-align: left;"><br />3. Employees and labor unions. These groups have an interest in the viability and profitability of firms that employ them or their members - As described in Reality Check 1-1 - unions in the airline industry have recently made several important decisions based - in part - on financial statements.</div><div style="text-align: left;"><br /></div><div style="background-color: #eeeeee; text-align: center;"><b>REALITY CHECK 1-1  </b></div><div style="text-align: left;"><span style="background-color: #eeeeee;">United Airlines: Employees of United Airlines gained  controlling ownership of United’s parent, UAL Corporation, by agreeing to billions of dollars in wage and benefit concessions. The employees needed to estimate the value of UAL so that they could determine the extent of the wages and benefits to sacrifice. Financial statements are frequently used in valuing businesses.</span><br style="background-color: #eeeeee;" /><span style="background-color: #eeeeee;">Northwest Airlines: In 1993, Northwest asked its pilots to forgo $886 million in wages and benefits over three years. Northwest’s  reported 1993  loss of $115 million played a  role  in  securing  the pilots’ agreement. However,  in 1997, Northwest reported a profit of $597 million. As you might imagine, the pilots became much more assertive in their bargaining, asking for wage increases, profit sharing, and bonuses.</span><br /></div><div style="text-align: left;"><br />4. Regulatory authorities. Federal and state governments regulate a large array of business activities. The Securities and Exchange Commission (SEC) is a prominent example. Its responsibility is to ensure that capital markets, such as the New York Stock Exchange, operate smoothly. To help achieve this, corporations are required to make full and fair financial disclosures. The SEC regularly reviews firms’ financial statements to evaluate the adequacy of their disclosures. Reality Check 1-2 describes another regulatory use of accounting information.</div><div style="text-align: left;"><br /></div><div style="background-color: #eeeeee; text-align: center;">REALITY CHECK 1-2</div><div style="text-align: left;"><span style="background-color: #eeeeee;">California has perhaps the country’s toughest standards for vehicle emissions. One aspect of its program requires the major automakers to generate 10% of their California sales from electric vehicles by 2003. Compliance with this regulation will be assessed from financial accounting information.</span><br style="background-color: #eeeeee;" /></div><div style="text-align: left;"><br /></div><div style="text-align: left;">In general, there is only one category of owners. However, creditors constitute a diverse group of investors including banks, suppliers granting trade credit, and bondholders. </div><div style="text-align: left;"><br /></div><div style="text-align: left;"><b>Investors</b> are the primary <b>outside users</b> of ﬁnancial accounting information. They use the information to make judgments pertaining to whether or not to make a particular investment, as well as to set the return required on the investment.</div><div style="text-align: left;"><br /></div><div style="text-align: left;"><br /></div><div style="text-align: left;">Although ﬁnancial accounting developed primarily to meet the information needs of outside parties, the managers of an organization, including its board of directors (trustees), also are important users of the information. After all, managers are charged with ensuring that the organization has the ﬁnancial strength to accomplish its mission, whether that mission is to maximize the wealth of its owners or to provide healthcare services to the community at large. </div><div style="text-align: left;"><br /></div><div style="text-align: left;">Thus, an organization’s managers are not only involved with creating ﬁnancial statements - but they are also important users of the statements, both to assess current ﬁnancial condition and to formulate plans to ensure that the future ﬁnancial condition of the organization will support its goals.</div><div style="text-align: left;"><br />In summary, <b>investors and managers</b> <b>are</b> <b>the predominant users</b> of ﬁnancial accounting information as a result of their direct ﬁnancial interest in the organization. Furthermore, investors are not merely passive users of ﬁnancial accounting information - they do more than just read and interpret the statements. </div><div style="text-align: left;"><br /></div><div style="text-align: left;">Often, they create ﬁnancial targets based on the numbers reported in ﬁnancial statements that managers must attain or suffer some undesirable consequence. For example,many debt agreements require borrowers tomaintain stated ﬁnancial standards - such as a minimum earnings level - to keep the debt in force. </div><div style="text-align: left;"><br /></div><div style="text-align: left;">If the standards are not met - the lender can demand that the<br />business immediately repay the full amount of the loan - If the business fails to do so, it may be forced into bankruptcy.</div><div style="text-align: left;"><br /></div><div style="text-align: left;">The accounting profession views financial statements as being general purpose. They are intended to meet the common information needs of a wide variety of users - such as those in the preceding list.</div><div style="text-align: center;">-------------------------------------------------------------------------------------</div><div style="text-align: left;"><br /></div><div style="text-align: center;">go to <a class="GHJ45FFBPB" href="http://bookkeeping-course.blogspot.com/2012/07/frist-introduction-to-accounting.html" kind="edit" title="Edit post">the frist introduction to accounting bookkeeping</a></div><div style="text-align: center;"><a class="GHJ45FFBPB" href="http://bookkeeping-course.blogspot.com/2012/07/introduction-to-bookkeeping-historical.html" kind="edit" title="Edit post">introduction to bookkeeping: Historical of Financial accounting</a> </div><div style="text-align: center;"><a class="GHJ45FFBPB" href="http://bookkeeping-course.blogspot.com/2012/06/introduction-to-bookkeeping-accounting.html" kind="edit" title="Edit post">Introduction to bookkeeping: Accounting flowchart  </a></div><div style="text-align: center;"><a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html">Accounting Transaction: double-entry Bookkeeping system</a></div><div style="text-align: left;"><br /></div>

introduction to bookkeeping: The Users of Financial Accounting Information

The Users of Financial Accounting Information Decision Makers Recall that the primary goal of financial accounting is to provide decision ma...

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Introduction to bookkeeping: Accounting flowchart process

<div style="text-align: center;"><b>Accounting Flowchart</b></div><div style="text-align: center;"></div><h3 class="r" style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: medium; margin: 0px; overflow: hidden; padding: 0px; text-align: center; text-overflow: ellipsis; white-space: nowrap;">   <span style="font-weight: normal;">Financial <i style="font-style: normal;">Accounting & Bookkeeping</i> Cycle Steps</span></h3><h3 class="r" style="background-color: white; color: #222222; font-family: arial,sans-serif; font-size: medium; margin: 0px; overflow: hidden; padding: 0px; text-align: center; text-overflow: ellipsis; white-space: nowrap;">  <span style="font-weight: normal;"><span style="font-size: x-small;">( <a href="http://bookkeeping-course.blogspot.com/search/label/Basic%20Concepts">Basic Concepts</a> of Financial Accounting ) </span></span></h3><h3 class="r" style="background-color: white; color: #222222; font-family: arial,sans-serif; font-size: medium; margin: 0px; overflow: hidden; padding: 0px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"> <span style="font-weight: normal;"> </span></h3><h3 class="r" style="background-color: white; color: #222222; font-family: arial,sans-serif; margin: 0px; overflow: hidden; padding: 0px; text-align: center; text-overflow: ellipsis; white-space: nowrap;">  <span style="font-size: x-small; font-weight: normal;">describes  the  financial accounting process and shows how  information<br />about transactions and events is accumulated to produce the balance sheet and the in-<br />come statement. This early presentation is quite basic; subsequent chapters will pre-<br />sent more complex issues. Also, although the cash flow effects of various transactions<br />are addressed in another topic, the statement of cash flows is actually covered in detail<br />in other topic, “Statement of Cash Flows.” </span></h3><br /><div style="text-align: center;"><b><br /></b></div><b>Introduction:</b><br />Accounting is the art of <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html"><b>recording</b></a>, summarizing, classifying and reporting <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html"><b>financial transactions</b></a> and other events of an enterprise.<br /><br />The following flowchart shows the steps in the accounting cycle.  These are the accounting procedures normally used by enterprises to record transactions and prepare financial statements<br /><br /><div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0C-w7aw6g6DVvzgDQV5JWLDtSrsToYeq3yIqVX0eAympSx1qw_nZlR3bwAS7iBVZ8snomFJY9I3sISc5m4HgIrhBGFh6f3Pd57beIHgY3gguPsSAU__mpH70eSnM0NOJMH2vrx25eirY/s1600/record+transactions-1.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0C-w7aw6g6DVvzgDQV5JWLDtSrsToYeq3yIqVX0eAympSx1qw_nZlR3bwAS7iBVZ8snomFJY9I3sISc5m4HgIrhBGFh6f3Pd57beIHgY3gguPsSAU__mpH70eSnM0NOJMH2vrx25eirY/s1600/record+transactions-1.JPG" /></a></div><div style="text-align: center;"><span style="font-family: inherit;">Image of Accounting flowchart <span style="background-color: white; color: #222222; white-space: nowrap;">Cycle Steps</span></span></div><div style="text-align: center;"><br /></div><div style="text-align: center;"><span style="text-align: left;">and Below, the flowchart steps have been explained in detail:</span></div><div style="text-align: left;"><br /></div><span style="font-size: large;"><b><a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html">1. Transaction: </a></b></span><br />  The processing of accounting data begins with an <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html">economic transaction</a>, where two <br />or more parties engage in an exchange  of goods or services for some form of <br />consideration. Evidence of this happening is the receipt  of some form of a source <br />document. Common examples of such a source document include: <br /><br />•  A sales receipt - this can be in a variety of forms. <br />•  A purchase invoice. <br />•  A debit/credit memorandum. <br />•  A copy of a contract entered into. <br />•  A billing statement. <br />•  A remittance statement. <br /><br />There are a multitude of source documents, in type, shapes, and format used to record <br />the significant data. It is these documents, which become the basis for data input to the <br />accounting processing. But, prior to the actual data entry, the documents must be <br />subjected to a series of analysis and classification. <br /><br /><br /><br /><span style="font-size: large;"><b>2. Analyze and classify: </b></span><br /><br /><b>2٫1.  Analyze: </b><br />  This phase of the accounting process includes the application of several of the <br />accounting principles, namely: <br /><br /><b>The Entity Concept</b> - This is probably the most basic of all concepts in accounting. <br />As applied here in this phase of the accounting process, the analysis must determine that the transaction in question, first relates to the entity in question. If not it must be rejected and not allowed to continue through the process.<br /><br /><b>Monetary Concept</b> - In addition the analysis must determine that the transaction can be measured in terms of a monetary basis. Those transactions, which cannot be measured in terms of amount (for e.g., Saudi Riyals), are eliminated from further consideration for inclusion in the accounting process.<br /><br /><b>Cost Principle</b> - All transactions are recorded at cost and not at current market value. <br />Cost is determined from the source documents used as evidence of the transaction.<br /><br /><br /><b>2٫2.  Classify: </b><br />  Once past the analysis phase, the transaction is then properly classified in preparation for entry into the accounting database, commonly using a Chart of Accounts.<br /><br />Chart of Accounts - The design of a good accounting system begins with the Chart of Accounts. This is a list of the accounts, which comprise the particular accounting system (it is designed with the particular company and its needs for information).<br />Accounts are grouped according to their  relationship in the <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-equation-and-basic-elements.html"><b>accounting equation</b></a> (i.e., assets, liabilities, owner's equity, revenues and expenses). The numberings scheme assigns a block of numbers to the respective groups. A typical assignment of numbers might be as follows:<br /><br /><div style="text-align: center;"><b>Assets ......................  100-199 <br />Liabilities .................  200-299 <br />Owner’s Equity .........  300-399<br />Revenues .................  400-499 <br />Expenses ..................  500-599</b></div>  <br />  The numbering blocks should provide a convenient manner for adding new accounts without having to renumber the accounts. Sometimes the account numbers are designed to provide additional information as to location, cost codes, etc. In any event they assist in arranging the accounts for convenience of  financial statement preparation, account location, and category identification.<br /><br />The next consideration is that of determining whether this <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html">transaction when recorded in the account</a> will  cause the balance of that account to be increased or decreased. Depending upon the type of account and what side of the accounting equation it appears, this means it must be reported as a debit or a credit. Of course the basic rule of having debits and credits equal must be followed. That means each transaction will require at lease one debit and one credit identity to be recorded correctly. Finally, a transaction can affect multiple accounts, requiring more than one debit and/or one credit in order to properly record it in the accounting process.<br /><br /><br /><br /><br /><b><span style="font-size: large;">3. Journalize:</span></b><br /><br />This step in the accounting cycle represents the first time that the transaction enters the accounting database. It is the data entry phase. Here the <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html">transaction</a>, having been analyzed and classified, is recorded in the Accounting Voucher. <br /><br /><br /><br />In entering the transaction, various types  of vouchers depending on the type of organization are used.  However, the most  commonly used format of an accounting voucher is attached in Appendix.   <br /><br />Sometimes, accounting vouchers are not prepared and transactions are directly entered into Journals and this is for this reason that the journal is referred to as the "book of original entry."  The journal can be likened to a diary in which events are recorded in chronological order of their occurrence. In the accounting process, two types of journals are used: <br /><br /><b>3٫1.  General Journal</b><br />  In the General Journal, transactions are recorded as they were analyzed and classified. First the event is dated as to when it actually happened. Then the debit side of the transaction is recorded first by itemizing the account(s) that must be debited. The amount(s) to be debited are then entered in the column to the left. This<br />process is continued until all of the debits have been recorded. The recording shifts to the account(s) to be credited. The recording(s) for the credits are indented to offset them from the debit recording(s). After recording the account(s) to be credited, the amounts are then entered into  the column to the left of that of the debits. <br /><br />If the <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html">transaction required only one debit  and one credit</a>, this is referred to as a simple entry. On the other hand, it is requires more than one <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html">debit and/or credit</a>; it is referred to as a compound entry. <br /><br /><b>3٫2.  Special Journals </b><br />  As their name implies, these journals  are used to record uniquely classified types of transactions by use of specially  designed journals. They are designed to meet the needs of the specific entity, which uses them. There is no common format for their design, as this is determined by the individual entities. However, the most commonly used special journals are as follows: <br /><br />•  Sales Journals - generally used to record  all credit sales of merchandise inventory items.<br />•  Purchases Journals - generally used to record all credit purchases of merchandise inventory items. <br />•  Cash Receipts Journals - generally used to record all inflows of cash. <br />•  Cash Payments (Disbursement) Journals - generally used to record all outflows of cash. <br />•  NOTE: The check register is sometimes used in place of the Cash Receipts and Cash Payments Journals.<br /><br /><br /><br /><br /><b><span style="font-size: large;">4. Post: </span></b><br />  Posting refers to the process of transferring or transcribing the information contained in the journal entries to the appropriate accounts in the general ledger. During this process debits in the journal entry are posted as debits in the ledger, and credits in the journal entry are posted as credits in the ledger. Along with the debits and credits, the information transferred includes the date of the journal entry and the voucher reference. This cross-reference is the audit trail by which a transaction can be traced from its entrance into the system via the journal/voucher to the final destination in the general ledger. This is an important part of the processing of accounting data. <br /><br /><b>General Ledger </b><br />  The general ledger is the heart of any accounting system. It is the permanent record of the consequences resulting from the accumulation of transaction throughout the life of the entity. Each account in the accounting system has its separate page in the general ledger. In addition each account has its unique identification in the form of an account number as specified in the Chart of Accounts.<br /><br /><b>Subsidiary Ledger </b><br />  An enterprise constantly needs detailed information about its dealings with individual customers and creditors.  To provide this information, companies with several thousand customers and  creditors, use a subsidiary  ledger to keep track of individual balances.  Thus  a typical merchandising enterprise has subsidiary ledgers containing accounts with customers (customers’ ledger)  and creditors (creditors’<br />ledger).  An account in the general ledger is maintained that summarizes the details in the accounts receivable and accounts payable  ledgers.  This summary account in the general ledger is called a control account, because the summary account controls the subsidiary ledger. <br /><br /><br /><b><span style="font-size: large;">5. Trial balance: </span></b><br /> Simply defined, a Trial Balance is a list of all of the general ledger accounts having a balance amount as of that date. It contains the following columns: <br />•  Account Number (from chart of accounts)<br />•  Account Title(s). <br />•  Applicable debit amounts. <br />•  Applicable credit balance. <br /><br />A trial balance provides a check on the accuracy of the postings, which occurred during the period by showing that the  total debits posted equals the total credits posted. It is prepared at any time, following the posting  of all journal entries. However, it is routinely prepared at the end of the accounting period, prior to making any adjustments to the books. Thus, the trial balance is a test of the mathematical equality of debits and credits after all postings have been completed. Its preparation is essential to the processing events leading up to the preparation of the financial statements. <br /><br /><br /><b><span style="font-size: large;">6. Adjusting entries: </span></b><br />  Throughout an accounting period, an entity will continue to be engaged in a variety of <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html">economic transactions</a>. Some of those will affect the current period, while some of them will affect future periods throughout the life of the entity. At  the time that they occur, each of these transactions, are supported by a source document (see step 1 above). If they are applicable to the current period, their  flow through the accounting system is straight forward and without the need for any special handling or<br />considerations. <br /><br />  However, those transactions, which effect the present and future accounting periods, will at some future date require special considerations and  handling. The special considerations are caused by absence of a source document, which gives cause to their existence. Keep in minds that these transaction either happened in a prior period or have not yet happened The special handling is a continuation of the special consideration, in that these  transaction must be dealt with in a manner which adjusts their effects in the current  period, by means of special  journal entries. Many have already been recorded in the accounting system. What is needed then is to ensure that their consequences are applied to the proper accounting period.  Some of the examples of adjusting entries are:<br /><br />•  Accruals<br />•  Amortization of prepayments and intangibles<br />•  Deferred revenues and expenses<br /><br />  Also some, balances have to be reclassified from one account to another for the purpose of proper presentation in the financial statements.  Some of the examples of such transactions are as follows:<br /><br />•  Reclassification of current portion of long-term loan from long term liability to current liability<br />•  Reclassification of debit balances in creditors account<br />•  Reclassification of credit balances in debtors account<br /><br />This, then, is accomplished through the use of <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html">Adjusting Entries</a> and Reclassifying entries. <br /><br /><br /><br /><br /><b><span style="font-size: large;">7. Adjusted trial balance: </span></b><br /> After all Adjusting Entries and Reclassifying Entries have been journalized and posted an ADJUSTED TRIAL BALANCE is prepared from the ledger accounts. It shows the balance of all accounts, including those that have been adjusted, at the end of the accounting period.  The purpose of an adjusted trial balance is to show the effects of all financial events that have occurred during the accounting period.   The financial<br />statements are usually prepared from this trial balance.<br /><br /><br /><br /><b><span style="font-size: large;">8. Financial statements: </span></b><br />  The following are the basic financial statements, which are prepared at the end of each accounting period. Each portrays a different representation of the entities financial status and results of activities. All of them are linked together in a manner, which presents the financial position and results of economic activities, and therefore all three must always be presented together. <br /><br /><b>Income statement: </b><br />•  Presents the results of economic activities, which occurred during the specific accounting period.<br />•   Bridges the balance sheet of the previous accounting period with that of the current accounting period. Therefore, it covers a period of time. <br />•  Develops the net income for the current accounting period. This is used to reflect the profitability of that period. <br />•  is linked to the balance sheet via the net income amount, which appears in both of those statements. <br /><br /><b>Statement of Changes in Owners’ Equity  </b><br />  Presents the changes that have occurred  in the owner's equity as a result of the current period's activities. Therefore its results represent what occurred within a period of time. It is linked to the balance sheet via the capital account, retained earnings, and any reserves. <br /><br /><b>Balance Sheet  </b><br />  Sometimes referred to as  the statement of financial  position, reports the assets, liabilities, and owner’s equity of an enterprise at a specific date.<br /><br /><br /><b>Statement of Cash Flows </b><br />  The basic purpose of a statement of cash  flows is to provide relevant information about the cash receipts and cash payments of an enterprise during a period.  To achieve this purpose, the statement of cash flows reports the cash effects of:<br />•  Operations during a period<br />•  Investing transactions<br />•  Financing transactions; and<br />•  Net increase or decrease in cash during the period<br /><br /><br /><b><span style="font-size: large;">9. Closing entries </span></b><br /> Closing an account means to "bring the balance to zero". We close what we call the  temporary (or nominal) accounts. In the closing process all of the revenue and expense account balances (income statement items) are  transferred to a clearing or suspense account called Income Summary (or Income for the year), which is used only at the end of each accounting period (yearly).  Revenues and Expenses are matched in the Income Summary account and the net result of this matching, which represents the net income or net loss for the period, is then transferred to an owners’ equity account i.e., retained earnings.  All closing entries are posted to the appropriate general ledger accounts.<br /><br /><br /><b><span style="font-size: large;">10.  Post closing trial balance </span></b><br />  A trial balance is prepared after all temporary accounts have been closed. The accounts, which remain open are called  real accounts and include:  Asset accounts, Liability accounts and the Capital account. In other words, the balance sheet accounts remain open.<br /><br /><b>Practical Session: </b><br />  Although, an attempt has been made above to explain how an accounting cycle works, but in order to make the students understand the whole process of flow of transactions from beginning till the financial statements are produced, a practical session including the following steps is recommended:<br /><br />•  A chart of accounts should be created  keeping in view requirements of a service enterprise.<br />•  Accounting vouchers must be prepared  for transactions affecting all aspects of the financial statements .<br />•  Vouchers must be posted to their individual General Ledger Accounts using the form in Appendix ٢.<br />•  A trial balance should be prepared using the final balances in general ledger.<br /><br />•  Adjusting and reclassifying entries must be prepared and then posted to general ledger.<br />•  Adjusted trial balance should be prepared.<br />•  Financial statements should be prepared from the adjusted trial balance.<br />•  Closing process should be performed.<br />•  A post closing trial balance should be prepared.<br />•  Opening of a new accounting period in the books should be demonstrated using the post closing trial balance.<br /><br /><br /><div style="background-color: white; color: #333333; font-family: Tahoma; font-size: 13px; line-height: 20px; text-align: center;">------------------------------------------------------------------------------------------------------</div><div style="background-color: white; color: #333333; font-family: Tahoma; font-size: 13px; line-height: 20px; text-align: center;"><span style="color: #666666; font-size: xx-small;">bookkeeping and financial accounting training</span><span style="color: #666666; font-size: xx-small;"> course</span></div><br /><br /><br /><br /><br />

Introduction to bookkeeping: Accounting flowchart process

Accounting Flowchart Financial Accounting & Bookkeeping Cycle Steps ( Basic Concepts of Financial Accounting ) describes t...

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accounting equation and Basic Elements of Financial Position

<br /><div style="text-align: center;"><b><span style="font-size: large;">Classification of accounts</span></b></div><div style="text-align: center;"><b><span style="font-size: large;">( Basic Elements of Financial Position )</span></b></div><div style="text-align: center;"><a href="http://bookkeeping-course.blogspot.com/search/label/Basic%20Concepts">Basic Concepts</a> of  Financial Accounting<br /><br /></div><div style="text-align: left;"><b>Two types of accounts: </b><b><span style="color: #666666;">The ﬁnancial condition or position of a business enterprise is represent</span></b><b><span style="color: #666666;">ed by the relationship of assets to liabilities and capital.</span>  </b></div><div style="text-align: left;"><br /></div><div style="text-align: left;"><b><span style="color: red;">First:</span></b> Accounts belong to the <b>Balance Sheet</b> and represent the basic accounting equation. </div>These accounts are:<br /><br /><br /><div style="text-align: center;">1. Assets       2. Liabilities          3.Owners Equity </div><div style="text-align: center;"><br /></div><div style="text-align: left;"><b></b></div><b>These three basic elements are connected by a fundamental rela</b><b><b><b>tionship called  the accounting equation. This equation expresses the </b></b></b><b><b><b>equality of the assets on one side with the claims of the creditors and </b></b></b><b><b><b>owners on the other side: </b></b></b><br /><b><b><b></b></b><br /></b><br /><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgW7Gq9RibZ0KcJzaP2F_-9CMyE8QQfapTGzndYovPoivpLfpPEskJhxENnpf0quW6TAufHtx-FmK3wpV33OLKc7fPLkQMgqFRmEQ-Ow-3zQrsUyZlrmZ6CUU6txMjtfbSj9XwrFkA7Lfo/s1600/Accounting+Equation.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="110" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgW7Gq9RibZ0KcJzaP2F_-9CMyE8QQfapTGzndYovPoivpLfpPEskJhxENnpf0quW6TAufHtx-FmK3wpV33OLKc7fPLkQMgqFRmEQ-Ow-3zQrsUyZlrmZ6CUU6txMjtfbSj9XwrFkA7Lfo/s400/Accounting+Equation.JPG" width="400" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div style="text-align: center;">( <b>Remember</b> <b>:</b> Assets must be equal to the sum of Liabilities and Owners equity) </div><div style="text-align: center;">It should balance after every <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html">transaction</a>. </div><div style="text-align: center;"><br /><div style="text-align: left;">This relationship - which is called the accounting identity or basic accounting equation, is expressed in equation form as:</div><br /><b>A = L + E</b><br /><b>A<span style="color: #444444;">ssets</span> = L<span style="color: #444444;">iabilities</span> + <span style="color: #444444;">Owners</span> E<span style="color: #444444;">quity</span></b><br /><b><span style="color: #444444;"> </span> </b><br /><div style="text-align: left;">where A = Total assets, L = Total liabilities, and E = Equity. Because creditor claims are paid before equity claims if a healthcare organization is liquidated - liabilities are shown before equity both on the balance sheet and in the basic accounting equation.</div><br /><span style="color: red;">Note</span> that the accounting identity can be rearranged as follows:<br /><br /><b>E = A − L</b><br /><div style="text-align: left;">This format reinforces the concept that equity represents a residual claim against the total assets of the business and the fact that equity can be negative.<br />If a business writes down (decreases) the value of its assets, its liabilities are unaffected because these amounts are still owed to creditors and others. If total assets are written down so much that their value drops below that of total liabilities - then the equity reported on the balance sheet becomes a negative<br />amount.</div><br /><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZChZMpIeB3YRt_snPo-NRRmLMZgPcD-OZoK6GGo8g88YCCgPDjF1ghArWdljR20V2KGxAvl0UR9oy-ds_UcpUhbxQBKsmbUjsYaox_kJEETzzNuom0YQM52-34C6Hd1WrqFvPVDKfMgo/s1600/Accounting+Equation2.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="285" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZChZMpIeB3YRt_snPo-NRRmLMZgPcD-OZoK6GGo8g88YCCgPDjF1ghArWdljR20V2KGxAvl0UR9oy-ds_UcpUhbxQBKsmbUjsYaox_kJEETzzNuom0YQM52-34C6Hd1WrqFvPVDKfMgo/s320/Accounting+Equation2.JPG" width="320" /></a></div><div style="text-align: center;">The basic accounting equation is simply an algebraic form of the balance sheet.</div><b><br /></b><br /><b>1. Assets</b> <br />  Assets are the cash and non cash resources owned by a business and have economic value, and<br />  used in carrying out future services or benefits to the entity using them. <br /><br /><b>Classification of assets:</b><br />-  <b>Current assets</b><br />   Current assets are cash and other types of assets that are reasonably expected<br />   to be converted into cash, sold, or used up during the normal operating year. <br /><br />Examples of current assets include:<br />  Cash, Bank, Goods, Accounts Receivable, Prepaid expenses, Inventory and<br />  Marketable securities etc.<br /><br />-  <b>Fixed assets</b><br />   Fixed assets are those assets that are used in the normal operations of the<br />  entity to produce and sell goods or perform services for customers.  Fixed assets<br />  are expected to service for a number of years are not for re-sell. <br /><br />Examples of fixed assets include:<br />  Lands, cars, buildings, equipments, and furniture etc.<br /><br />-  <b>Intangible assets</b><br /><br />  Intangible assets are those assets that have no physical substance but they<br />  are expected to provide benefits to the entity for several years. <br /><br />Examples of intangible assets include:<br />  Patents, trade marks, copyrights, goodwill, franchise fees, and trade name.<br /><br /><br /><br /><br /><b>2.  Liabilities  </b><br />Liabilities are claims against assets, Amounts owed to outsiders, such as notes payable, accounts<br />payable, bonds payable.<br />  <br /><b>Classification of Liabilities: </b><br /><b>-  Short-term Liabilities   </b><br />   Short-term liabilities are obligations of the entity that are reasonably<br />   expected to be paid or settled in the next year or the normal operating cycle. <br /><br />Examples of short-term liabilities include:<br />  Short-term notes payable, accounts payable, salaries and wages payable and<br />  other types of accrued liabilities for services received but not yet paid for.<br /><br /><b>-  Long-term Liabilities </b><br />   Long-term liabilities are those obligations that do not require payment within<br />   the next year or the normal operating cycle.  In other words, liabilities not classified<br />   as short-term are reported in the Long-term liabilities section of the balance sheet. <br /><br />Examples of long-term liabilities include: <br />  Loan, bonds, and any other obligation that mature in a period more than one<br />  year beyond the balance sheet date is reported as long-term.<br /><br /><br /><b>3.  Owner’s Equity </b><br />  Owner’s equity represents the owner’s interest in the assets of the entity. <br />  It is equal to total assets minus total liabilities, also known as Capital.<br /><br />There are two main sources of owner’s equity:<br />(١)  Amounts contributed by  the owner (Capital)<br />(٢) Amount earned by the entity but not yet taken by the owner.<br /><br /><br /><b><span style="color: red;">Second:</span></b>  Accounts belong to the Income Statement and involve in the determination of<br />net income or net loss of a business entity for a specific period of time. These accounts<br />are:<br /><div style="text-align: center;">1. Expenses                         2. Revenues<br /><br /><div style="text-align: left;"><b>1.  Expenses </b><br />  Expenses are the cost of assets consumed or services used in the process of earning revenue in other words; expenses are outflows or other uses of assets resulting from the sale or delivery of goods or the provision of services by the entity during specific time period.   <br /><br />Examples of expenses include:   <br />Utility expenses (electric and water), telephone bill expense, rent expense, wages and salaries expense and depreciation expense etc.  </div></div><br /><b>2.  Revenues </b><br />  Revenues are cash in-flow result from the sale of goods or the rendered of services. <br /><br />To illustrate the affect (increase & decrease) of a financial transaction on the above classified accounts, study the following chart: <br />  <br /><br /><b>Basic Accounting Equation </b><br /><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaHnuDm9OEzeCsO-a8bxhhseW_Q8Flyh_UFQGczbXHPSdeU25bTVXRL8XTMnLmo4TMquJUlzeAjTGjz2puUi0_9jhBLtejRS-7xqbGr2Peek-OXb5VkOVvkwG45qBxzt-fyi8qRlNl1Zw/s1600/Basic+Accounting+Equation.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="226" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaHnuDm9OEzeCsO-a8bxhhseW_Q8Flyh_UFQGczbXHPSdeU25bTVXRL8XTMnLmo4TMquJUlzeAjTGjz2puUi0_9jhBLtejRS-7xqbGr2Peek-OXb5VkOVvkwG45qBxzt-fyi8qRlNl1Zw/s640/Basic+Accounting+Equation.JPG" width="640" /></a></div><br />  You have already learned the basic accounting equation. However, in the above illustration note the expansion of the basic accounting equation to show the accounts that comprise owner’s equity besides expenses and revenues with their effect (increase, decrease) of the <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html"><b>debit /credit</b></a> rules on each type of account. <br /><br /><br /><b style="color: red;">To student </b><br />  Please study the above diagram carefully; it will help you understand the fundamentals of the <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html"><b>double-entry system</b></a>. <br /><br /><br /><div style="text-align: center;"><b>------------------------------- Example -------------------------------</b></div><div style="text-align: center;"><br /></div><br /><br />During the month of January, Mr. Tom Banana, lawyer,<br />1.  Invested $6,000 to open his law practice.<br />2.  Bought ofﬁce supplies on account, $500.<br />3.  Received $3,000 in fees earned during the month.<br />4.  Paid $100 on the account for the ofﬁce supplies.<br />5.  Withdrew $500 for personal use.<br /><br /><div style="text-align: center;">These <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html">transactions</a> could be analyzed and recorded as follows: </div><div style="text-align: center;"><br /></div><div style="text-align: center;"></div><div style="text-align: left;">                                  Assets  =        Liabilities         +           Capital </div><div style="text-align: left;"><br /></div><div style="text-align: left;">                                   Cash<span class="Apple-tab-span" style="white-space: pre;"> </span>                                             Tom, Capital </div><div style="text-align: left;">                        1.  + $6,000  =<span class="Apple-tab-span" style="white-space: pre;"> </span>                                             + $6,000</div><div style="text-align: left;"><br /></div><div style="text-align: left;">                               Supplies         Accounts Payable </div><div style="text-align: left;">                        2.  + $500     =          + $500 </div><div style="text-align: left;"><br /></div><div style="text-align: left;">                                  Cash </div><div style="text-align: left;">                       3.   + $3,000  =                                              Fees Income </div><div style="text-align: left;">                                                                                              + $3,000 </div><div style="text-align: left;"><br /></div><div style="text-align: left;">                                  Cash</div><div style="text-align: left;">                       4.    − $100     =  Accounts Payable </div><div style="text-align: left;">                                                       − $100</div><div style="text-align: left;"><br /></div><div style="text-align: left;">                                  Cash </div><div style="text-align: left;">                       5.    − $500     =                                               Tom, Capital </div><div style="text-align: left;">                                                                                                − $500 </div><br /><div style="text-align: center;"><br /></div><br /><b>Notice</b> that for every transaction, <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html">two entries are made</a>. After every <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html">transaction</a>, the accounting equation remains balanced.<br /><br /><br /><b>Notice</b> that for Preparing a new equation A = L + C after each transaction would be cumbersome and costly, especially when there are a great many transactions in an accounting period. Also, information for a speciﬁc item such as cash would be lost as successive transactions were recorded. This information could be obtained by going back and summarizing the transactions, but that would be very time-consuming. Thus we begin with the account, Account which records the <a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html">accounting transactions</a> so you must know what the accounting transactions and how to post accounting transaction (<a href="http://bookkeeping-course.blogspot.com/2012/06/accounting-transaction-double-entry.html">Double-entry bookkeeping system</a>)<br /><br /><br /><b>Quiz -Tested yourself</b><br /><br />1.  The accounting equation is _______ = ________ + ________.<br />2.  Items owned by a business that have monetary value are ______.<br />3.  _________ is the interest of the owners in a business.<br />4.  Money owed to an outsider is a(n) _________.<br />5.  The difference between assets and liabilities is ___________.<br />6.  An investment in the business increases _______ and ________.<br />7.  To purchase “on account” is to create a ___________.<br /><br /><br /><br />Answers: 1. Assets, liabilities, capital; 2. Assets; 3. Capital; 4. Liability;<br />5. Capital; 6. Assets, capital; 7. Liability<br /><br /><br /><br /><br /><br /><div style="text-align: center;"><br /></div><div style="text-align: center;">------------------------------------------------------------------------------------------------------</div><div style="text-align: center;"><span style="color: #666666; font-size: x-small;">bookkeeping and financial accounting training</span><span style="color: #666666; font-size: x-small;"> course</span></div><br /><br /><br />

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