Accounting Refresher: Survey of Accounting Procedures and Topics

An in-depth introduction to accounting basics. Accounting theory and financial statements are discussed in detail and real-life applications are reviewed through practical examples and exercises.

No sessions currently available. Contact client services to get the next available date.
CPE CREDITS
14.0
Financial managers, investors, research analysts, credit and financial analysts.
No advance preparation required.
Students will be able to:
  • Identify the basic economic events most common in business operations and understand how they would be shown in published financial statements.
  • Understand the accrual method of accounting and double entry bookkeeping (debits & credits) on financial statements.
  • Recognize how accounting meets the information needs of various users through the preparation, communication, and use of financial information, including financial statements to support operating, investing, and financing decisions.
  • Analyze historical and prospective transaction data and employ the analysis to prepare balance sheets, income statements, statements of cash flow and statements of owner's equity.
  • Identify and describe how accounting meets the information needs of managers, investors, creditors, regulatory agencies, and taxing authorities
A financial calculator is required.
"Great overview of accounting topics."
"The instructor was a definite strength of this course!"
Day 1:
Balance Sheet & Entity Concept
  • Balance sheet transactions
  • Types of ownerships

Income Statement & Accrual Concept

  • Income measurement
  • Statement of cash flows
  • Dividends and retained income

Debits, Credits, Journals, & Ledgers

  • Double-entry accounting system
  • The recording process
  • Trial balance
  • Incomplete records

Using Financial Statements

  • Adjustments to the accounts

Accounting for Sales & Bad debt

  • Recognition of sales revenue
  • Measurement of sales revenue
  • Cash
  • Credit sales
  • Accounts receivable
  • Uncollectible accounts
  • Internal control

Valuing Inventories (LIFO & FIFO Concept)

  • Gross profit and costs of goods sold
  • Cost of merchandise acquired
  • Periodic and perpetual inventory systems
  • Inventory valuation methods
  • Effects of errors

Day 2:
Long Lived Assets & Depreciation
  • Overview
  • Tangible assets
  • Depreciation of buildings and equipment
  • Depreciation and cash flow
  • Contrasting long-lived asset expenditures with expenses
  • Depletion of natural resources
  • Amortization of intangible assets

Liabilities & Interest

  • Current liabilities
  • Internal control over payables
  • Long-term liabilities
  • Contingent liabilities
  • Debt ratios and interest-coverage ratios

Bonds & Leases

  • Valuing long-term liabilities
  • Present value of an ordinary annuity
  • Valuing bonds
  • Accounting for bond transactions
  • Accounting for leases

Cash Flow Statements

  • Overview
  • Transactions affecting cash flows
  • Direct method
  • Indirect method

Stockholders Equity

  • Background
  • Cash dividends
  • Preferred stock
  • Repurchase of shares
  • Financial ratios related to stockholder's equity

Clients who register for this course will receive a complimentary 4-month subscription to FT.com. The Financial Times is the world's most respected financial newspaper, providing a broad assessment on finance, business and the industrial sector. The move to the electronic version follows an ongoing review of our environmental responsibilities as a global business and as part of the Pearson group. FT.com also has features that are not available in hard copy, such as: Special Reports, Alphaville, editor blogs, education sections and much more! Subscriptions will start within 6-8 weeks of the start of class and are limited to one subscription per client. (Please note: as of May 1, 2011, the electronic subscription replaces the hard-copy 3-month Financial Times subscription.)

Lunch is included for all students taking day classes.