Accounting for the Basic Financial Statements Module (Balance Sheet & Income Statement)


All organizations would like to achieve profitability, healthy cash flows and financial stability. Financial statements are used to summarize and communicate their financial performance.

As part of the Understanding Financial Reports (Finance for Non-Finance) Program, this one-day module on Accounting for the Basic Financial Statements aims to equip the participants with the knowledge and understanding of the content of the financial statements so that they can link their functions in the organization with its financial results.

Module Objectives

At the end of the course, the participants would be able to:

  • Identify the elements of the basic financial statements
  • Balance Sheet
  • Income Statement
  • Define and use accounting terms
  • Analyze the transactions of a company

Program Flow

Pre-session: Accounting Terms & Definitions (for Reading )

Module 1 (AM session: 08:30 AM to 12:00 NN)

I. Discussion of the Elements of the Balance Sheet

  • Assets, Liabilities, Equity
  • Transaction Analysis of BS changes
  • Assets = Liabilities + Equity
  • Information value of the Balance Sheet

II. Discussion of the Elements of the Income Statement

  • Revenues and timing of recognition
  • Expenses and timing of recognition
  • Transaction Analysis involving Income changes
  • Assets + Expenses = Liabilities + Equity + Revenues

Session Break

Module 1 (PM session: 01:15 PM to 04:30 PM)

I. Discussion of Common Taxes

  • Income taxes
  • Value added taxes
  • Withholding taxes

II. Illustration of the Accounting Cycle (Accounting Link)

  • Preparation of the Balance Sheet & Income Statement
  • Balance Sheet reconciliations
  • Fixed Asset Reconciliation
  • Retained Earning Reconciliation

Method: Lectures, and worksheet exercises

Duration: 08:30 AM to 12:00 NN & 1:15 PM to 4:30 PM (GMT +8)

Intended Audience: Officers and staff involved in Collections.

Ma. Victoria “Porky” Calaquian
Ma. Victoria “Porky” Calaquian
Training Consultant

Victoria “Porky” Calaquian. Porky has been teaching Accounting and Finance for more than forty years. She graduated from the College of Business Administration, University of the Philippines (Diliman). For about thirty years, she has been doing training and consultancy work for various companies (banks, manufacturing companies, gas and oil, etc) mostly doing seminar-workshops on Accounting for Non Accountants and Finance for Non-Finance.


Participants will be able to receive their unique links sent via ZOOM/ECCP prior to the start of the session.

This training is available for in-house or exclusive runs. To request for a formal proposal, please email

For registration inquiries, please contact Kamyr Catapang-Abbagu at

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