Financial Accounting 101

The 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.

25-Apr-2012 -- 26-Apr-2012New YorkUSD$2475
NY Institute of Finance - Midtown9:00am - 4:30pm Instructional Method:
Group-Live
Instructor(s): [ Christopher Broderick; ] Wed Thu Level: Basic

07-Jun-2012 -- 08-Jun-2012ChicagoUSD$2475
NY Institute of Finance - Chicago9:00am - 4:30pm Instructional Method:
Group-Live
Instructor(s): [ Marc Cherney; ] Thu Fri Level: Basic

CPE CREDITS
14.0
No advance preparation required.
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
"Great teacher!"
"The instructor was very knowledgeable and enthusiastic."
"The instructor appeared to truly enjoy the subject. He has a thorough knowledge of the material, the subject, the business environment and current events."
"Great use of examples to strengthen the concepts presented in class."
Day One
Accounting 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 Two
Accounting 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

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.