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Training course “Financial Accounting”

Training course includes following financial accounting sections:

1. Intangible assets (licenses, patents, trademarks) and all other fixed assets (real estate, cars, computers, furniture, etc.) acquisition, purchase documentation, fixed assets registration documentation, depreciation calculation, asset usage suspension, revaluation of fixed assets, inventory and writing off of fixed assets;

2. Inventory and stock – purchase, stock accounting methods (periodic and continuous evaluation of stock), stock inventory, sale of stock items and warehouse inventory for accounting and management needs;

3. Prepayment accounting – prepayment recognition and inclusion in costs;

4. Accounts Receivable (AR) – occurrence, record tracking, classification, registers, analysis and maintenance, doubtful accounts receivable deferred revenue recognition, AR inclusion in revenue of different periods;

5. Future (other) period expenses – recognition criteria, write-down of other period expenses, cost recognition methodology and documentation;

6. Cash (bank transactions, cash transactions, cash registers) accounting, registration procedures and legal requirements, analytical and chronological registers;

7. Accounting for capital – equity recognition, increasing and decreasing of share capital, Register of Enterprises decisions and its reflection in financial accounting, equity capital structure (uncovered losses, retained earnings, profit distribution), classification and reclassification;

8. Provisioning – mandatory and voluntary requirements for provisions, increasing and decreasing of provisions, provision impact on the financial indicators;

9. Leasing, loans, credit lines, loans from owners – breakdown of short and long-term liabilities, reclassification, early redemptions; interest payments, dividends – calculation and clasification in accounting;

10. Accounts payables (AP) – suppliers for goods/services, recognition of liabilities for financial reporting;

11. Payroll calculation;

12. Deterred income – recognition criteria, impact on financial statements;

13. Profit and loss (P&L) calculation, adjustments of P&L in accordance with statement users;

14. Balance sheet – calculation and analysis of balance sheet, allowable adjustments to improve financial indicator situation;

15. Liquidity and profitability – calculation of indicators, evaluation and analysis of indicators;

16. State Revenue Service inspection requirements for thematic inspections, inspection forms, inspection procedure.

Handouts of training course will include all necessary documents, forms and filling instructions for actual financial accounting maintaining in accordance with Latvia’s legislation.