Financial Accounting - Online

Any organization that deals with money or money's worth needs to record every transaction that it enters into. This course gives a complete understanding, right from scratch to preparation and analysis of financial statements. The product is supplemented with a number of interactive exercises, in accordance with the 'learn by doing' approach.

This is an online self study course that can be globally accessed 24/7 from any internet enabled computer. Access is for 91 days. Certificates with earned credits will be awarded upon successful completion.

Available TodayOnlineUSD$250
Instructional Method:
Self-Study
Level: Basic

CPE CREDITSICB CREDITSICPAS CREDITS
7.516.254.5
Students will be able to:
  • Describe the components of the balance sheet
  • Analyze the effect of transactions on the balance sheet equation
  • Explain how accountants measure income
  • Use the concept of matching to record expenses for the period
  • Demonstrate how an income statement is related to a balance sheet
  • Explain the double entry accounting system
  • Analyze and journalize transactions
  • Explain the role of adjustments in accrual accounting
  • Describe and prepare a classified balance sheet
  • Describe and prepare an income statement
  • Describe and prepare a cash flow statement
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Introduction to Accounting
Topics covered include:
  • Meaning, Functions and Sub fields of Accounting
  • Accounting Cycle
  • Accounting Principles- Concepts & Conventions
  • Accounting Equation
  • Types of Accounts
  • Rules of Debit & Credit
Duration: 1.5 Hours

Accounting Process
Topics covered include:
  • Analyzing transactions
  • Recording transactions
  • Posting to ledger
  • Balancing the accounts
  • Preparing Trial Balance
Duration: 1 Hour

Finalization of Accounts
Topics covered include:
  • Rectifying the erroneous entries
  • Journalizing adjustment entries
  • Preparing Adjusted Trial Balance
  • Passing the closing or transfer entries
  • Preparing financial statements
Duration: 1 Hour

Financial Statements Analysis - I
Topics covered include:
  • Importance of analyzing financial statements
  • Techniques of analyzing financial statements
  • Ratio analysis
  • Categorization of ratios
  • Users of financial information and ratios of their interest
  • Balance sheet ratios – Liquidity, Solvency, and Structure ratios
  • Income statement ratios – Profitability, Expense, and Leverage ratios
  • Combined ratios – Turnover, Coverage, and Market Sensitivity ratios
Duration: 2 Hours

Financial Statements Analysis - II
Topics covered include:
  • Advanced Ratio analysis
  • Income statement ratios – Profitability ratios, Expense ratios
  • Combined ratios – Turnover ratios, Market sensitivity ratios
  • Limitations of ratio analysis
Duration: 2.5 Hours

Reconciliation of Books
Topics covered include:
  • What is Reconciliation?
  • Reasons for reconciling the books
  • Procedure or steps for reconciliation
Duration: 1 Hour

Petty Cash Accounting
Topics covered include:
  • Petty cash and its purpose
  • Writing petty cash book
  • Types of petty cash book
  • Control over petty cash
Duration: 1 Hour

Inventory Accounting
Topics covered include:
  • The basics of inventory
  • Inventory accounting systems
  • Inventory valuation methods
  • Accounting for inventory
  • Inventory and its impact on financial statements
Duration: 1 Hour

Long-Lived Assets - The Capitalization Decision
Topics covered include:
  • The impact of expensing or capitalizing decision on the firm's financial statements and ratios
  • The treatment for intangible assets regarding capitalizing or expensing the costs
  • The circumstances when intangible assets are capitalized
Duration: 1 Hour

Depreciation Accounting
Topics covered include:
  • The basic concepts of depreciation
  • The methods of depreciation
  • Accounting for depreciation
  • Depreciation and its impact on cash flow and income tax
Duration: 1.5 Hours

Analysis of Financing Liabilities
Topics covered include:
  • Debt issuance (in particular zero coupon bond)/amortization effects on financial statements and financial ratios
  • The effect of issuance of a debt with equity features on financial statements and ratios
  • Insight into various disclosures related to financing liabilities
  • The effect of changing interest rates on the market value of debt
  • The effect of changing interest rates on financial statements and ratios
  • The concept of retiring debt and debt covenants from various perspectives
Duration: 1 Hour

Leases and Off - Balance-Sheet Debt
Topics covered include:
  • Differentiate between operating and financial leases
  • Understand the impact of lease financing on accounting system of a concern and its ratios
  • Lease accounting calculations
  • Various other forms of off-balance-sheet financing like sales receivables and take-or-pay contracts.
Duration: 1 Hour

Analysis of Income Taxes
Topics covered include:
  • Accounting policies adopted by a company (such as method of depreciation, valuation of inventories etc.) influences the financial statements and thereby the pre-tax income and the income tax payable.
  • When the tax reporting and financial reporting differs, it leads to differences in income and deferred tax liabilities.
Duration: 1 Hour

Financial Reporting Standards
Topics covered include:
  • The role of financial reporting standard-setting bodies worldwide
  • International Financial Reporting Standards (IFRS) framework
  • International Accounting Standards Board
  • The movement towards worldwide convergence of financial reporting standards
  • IFRS is compared with other alternative reporting systems
  • The importance of monitoring developments in financial reporting standards.
Duration: 2 Hours

International Standards Convergence
Topics covered includes:
  • Comparison of the major international accounting standards with U.S. GAAP with respect to major revenue and expense categories on the income statement
  • The major differences between international and U.S. GAAP accounting standards concerning the treatment of interest and dividends on the cash flow statement.
  • The effect of differences between international and U.S. GAAP accounting standards on some commonly used financial ratios.
Duration: 2 Hours

Job Aids
Take aways:
  • Measurement Tools
  • Disclosures
  • Case Study

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