Sun Accounting Training Manual

The purpose of this case study is to provide an exercise which consolidates all the elements that have been covered in this accounting study guide. You are asked to imagine you are a loan fund manager and are required to produce a set of interim financial statements for presentation to the Board of Directors. The exercise includes preparation of a general journal, general ledger, trial balance, income statement and balance sheet.

Answers are provided in a separate document.

This document contains the solutions to the exercises in the six lessons that comprise the Accounting Study Guide.

The purpose of this lesson is to introduce the concepts of accounting, what it is used for and who uses it. You will develop a basic understanding of the role accounting plays and why it is important to create accounting records and how they aid in the financial management of a credit operation. Basic accounting principles and the most widely used financial statements - the Balance Sheet, the Income Statement and the Statement of Changes in Financial Position are introduced. Topics include:

• Definition of accounting
• Role of accounting
• Basic accounting concepts
• Financial statements

The purpose of this lesson is to introduce the Income Statement and to define revenue and expenses. The relationship between revenue and expenses and their affect on the Income Statement will be explained.

You will become familiar with definitions of items commonly seen on the Income Statement and how the Income Statement is created. You will develop an understanding of how the Income Statement reflects transactions for a specified period of time rather than at a specific 'point-in-time'. Topics include:

• The Income Statement
• Revenue
• Expenses
• Comparative Income Statement

The purpose of this lesson is to examine how the various activities of the organization's credit operations are recorded. Double-entry accounting is discussed and the methods of recording various transactions are presented. Voucher preparation and journal entries are explained for both Balance Sheet accounts (Assets, Liabilities and Equity) and Income Statement accounts (Revenue and Expenses). In addition, the importance of the Cash account and corresponding periodic bank reconciliations are discussed.

You will develop a good understanding of how to record transactions and what the terms 'debit' and 'credit' refer to in accounting terms. An understanding of generally accepted accounting principles and accounting methods will be achieved. Topics include:

• Double-Entry Accounting
• Voucher Preparation
• Journal Entries
• Recording Assets, Liabilities and Equity Transactions
• Recording Revenues and Expenses
• Cash Account and Bank Reconciliation

The purpose of this lesson is to examine how the various activities of the organization's credit operations are recorded. Double-entry accounting is discussed and the methods of recording various transactions are presented. Voucher preparation and journal entries are explained for both Balance Sheet accounts (Assets, Liabilities and Equity) and Income Statement accounts (Revenue and Expenses). In addition, the importance of the Cash account and corresponding periodic bank reconciliations are discussed.

The purpose of this lesson is to show how to summarize the transactions which were recorded during the last lesson. The General Ledger and ledger accounts are explained leading to account balances and finally a Trial Balance. From the Trial Balance, adjustments are made resulting in final account balances which are transferred to the corresponding accounts on the financial statements.

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You will develop a good understanding of how transactions move from individual records to the creation of the Balance Sheet and Income Statement. Topics include:

• the General Ledger
• Ledger Accounts
• Account Balances
• Trial Balance
• Adjustments

The purpose of this lesson is to introduce the Statement of Changes in Financial Position and to explain the relationship between the Balance Sheet and the Income Statement. In particular, the equity component of the Balance Sheet and changes to it will be examined.

You will learn how to create a Statement of Changes in Financial Position and how to identify each transaction or event as being a cash or a non-cash item. You will also be able to relate the three financial statements to each other and to see how each transaction or event which occurs at the organization has an effect on one or all statements. Topics covered include:

• Statement of Changes in Financial Position
• Equity Fund Balance
• Investments by Owners
• Income (profits)
• Distributions to Owners

The purpose of this test is to give people considering using the accounting study guide a better sense of the topics to be covered and their current level of understanding. You should not be concerned if you cannot answer some or any of the questions because that is what the study guide is for - to teach you the basics of accounting for microfinance institutions. If you can answer the questions in the Pre-Test easily, then you may not need to work through this study guide.

This document contains the following sample accounts for use with the Accounting Study Guide:

• Balance Sheet
• Comparative Balance Sheet
• Statement of Income and Expenditure
• Comparative Statement of Income and Expenditure
• Statement of Changes in Financial Position