Course: Basic Accounting for Decision Making

Objective

To reason, execute, and understand the accounting implications on the financial situation of companies due to the operations they practice and those that also influence externally, knowing and applying accounting methods and procedures to understand the operating results by preparing financial statements that reflect the economic and financial reality in a committed and responsible manner that will serve as a basis for decision-making.

At the end, participants: 

1. 1. They will know for sure the areas of ACCOUNTING.
2. 2. They will be able to locate Accounting within the ACCOUNTING department.
3. 3. Full knowledge that ACCOUNTING assists the ADMINISTRATIVE PROCESS of companies.
4. 4. Understanding the impact on the financial situation of companies due to the operations they carry out.
5. 5. They will learn about the mandatory internal and external accounting reports according to tax laws in Mexico.
6. 6. Preparation of financial statements from the inception or establishment of companies.
7. 7. Acquire the reasonableness of the preparation of the basic financial statements such as: the balance sheet, the income statement, the statement of cash flows, and the statement of changes in equity accounts, issuing constructive and reasonable judgments for decision-making.

Aimed at

Those interested in understanding the financial impact of business operations, the analysis of financial statements, and the application of accounting methods.

Content

Module 1: Introduction to Accounting

• Definition of accounting according to the Mexican Institute of Public Accountants. 
• Ubicación de la contabilidad en la CONTADURIA. 
• Internal and external obligations to record the operations that companies practice. 
• The Accounting Equation. 
• Accounting principles or Accounting information standards. 
• Basic financial statements: Balance sheet, Income statement, Cash flow statement, and Statement of changes in equity.

Module 2: Recording Operations

• Concept of account. 
• Classification of accounts. 
• Parts or contents of accounts. 
• Double entry. 
• Records or accounting entries affecting the EQUATION.
• To issue judgments or criteria for the correct interpretation of why accounts or accounting records affect the accounting equation and why the balance between the total Assets and the sum of Liabilities plus Equity is always maintained.

Module 3: Accounting record of Value Added Tax (VAT) and Income Tax (ISR)

• Legal foundations according to the current VAT Law and Income Tax Law. 
• Accounting record for purchases of goods and expenses incurred (outflows) subject to VAT and Income Tax laws. 
• Accounting record for sales of goods and other income subject to the VAT Law. 
• Accounting record of Income Tax.

Module 4: Adjusting entries to accounts

• Adjustments to ASSET, LIABILITY, AND EQUITY accounts. 
• Elaboración de la BALANZA DE COMPROBACION.

Module 5: Year-end closing

• Adjustments, estimates, and corrections to accounts. 
• Account reconciliations (banks, clients, suppliers, etc.) 
• Closing of accounts that affect operating results (Income and Expenses). 
• Preparation of relevant documents. 
• Based on the already reviewed and updated TRIAL BALANCE, the BASIC AND SECONDARY FINANCIAL STATEMENTS will be prepared.

Instructors

C.P. Ramón Hernández Wence