COMPILATION

Compilation engagement:
The trainee will assist in the compilation of simple financial statements or in less complex sections of financial statements.

Activities:

• Assist in the compilation of financial statements; and
• Perform less complex components of the compilation.

Accounting (theory):
The course begins as review for accounting and finance professionals who need to sharpen their fundamental understanding of core accounting concepts and how they translate into the accounting and financial concepts used to run companies.

The course then dives deeper into accounting topics like transaction analysis, financial statements, the accounting equation, reconciliations, accounts receivable, depreciation, inventory accounting, and the adjusting and closing processes.

Topics:

• Debits and Credits
• Transaction Analysis, T-Accounts, Debits and Credits, and Trial Balances
• Overview of Financial Statements; P&L, Balance Sheet, and Cash Flow
• The Accounting Equation and Financial Statements
• Cash and Internal Controls
• Accounts Receivable
• Equipment and Depreciation
• Inventory Costing
• Purchase and Sale of Inventory
• The Adjusting Process
• The Closing Process

Compilation engagement:
The trainee will assist in the compilation of more complex financial statements.    

Activities:

• Assist in the compilation of more complex financial statements;
• Perform components of the compilation; and
• Guiding first-year trainees.