Accounting Refresher: Survey of Accounting Procedures and TopicsAn 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. |
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| Financial managers, investors, research analysts, credit and financial analysts. |
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| No advance preparation required. |
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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
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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
- Pensions and other post-retirement benefits
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
Inter-corporate Investments & Consolidations- Short-term investments
- Long-term investments
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| Clients who register for this course will receive a complimentary 6 month subscription to the Financial Times and FT.com. The Financial Times is the world's most respected financial newspaper, providing a broad assessment on finance, business and the industrial sector. Subscriptions will start within 6-8 weeks of the application process and are limited to one per client. For questions about your subscriptions call 800-628-8088 or email uscirculation@ft.com. US and Canada enrollees only. |
Lunch included for all students taking day classes. |
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