Financial Accounting 101The Financial Accounting 101 two-day course introduces the participant to the basics of accounting; starting with the general principles of accrual accounting and historical cost. The course covers the basics of the accounting procedures including the use of t-accounts and debits and credits. Using simple accounting transactions the participant will be able to create the three major financial statements: the Balance Sheet, the Income Statement, and the Cash Flow Statement. Problems and exercises are employed to illustrate key concepts. |
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| No advance preparation required. |
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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
- Determine when a company should record revenue from a sale
- 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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Day OneAccounting Concepts- Introduction to financial accounting
- Understanding the balance sheet equation
- Understanding income and it's relationship to equity
- Understanding the double entry accounting system; using debits/credits and t-accounts
Accounting for Costs- Understanding the matching principle
- Accounting for period costs
- Accounting for capitalized costs; inventory, prepaids, fixed assets and depreciation, intangibles and amortization
| Day TwoAccounting for Revenues- Understanding the revenue recognition principle
- Accounting for Deferred Revenues
- Accounting for credit sales and accounts receivable
- Using the allowance method for receivables
Summary of Accounting Principles- Using basic transactions and accounting principles to create the balance sheet and income statement
- Introduction to the regulatory processes for financial reporting
- Introduction to the role of the auditor in financial reporting
Statement of Cash Flows- The purpose of the cash flow statement
- Preparing the cash flow statement
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| 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. |
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