Course ID: KNOWACCT

Everything You Wanted to Know About Accounting, But Afraid to Ask


This course is an introduction to the basic concepts and standards underlying financial accounting systems. Several important concepts will be discussed, such as: the matching principle, the accrual method, revenue recognition, inventory, property, plant and equipment, liabilities and equity. The course focuses on the construction of the basic financial accounting statements; the income statement, balance sheet, and cash flow statement, along with, their interpretation.


LEARNING OBJECTIVES
  • Demonstrate how business transactions are recorded in terms of the resulting changes in the basic elements of the accounting equation.
  • Differentiate between the cash basis of accounting and the accrual basis of accounting
  • Summarize the recording and posting transactions using a chart of accounts, journals, and ledgers.
  • Describe and prepare the financial statements of a corporation, and explain how they interrelate.
  • Distinguish between activities, accounting, and financial statements of a service business and a merchandising business.
  • Describe the objectives of internal control.

MAJOR TOPICS
  • Describing how the three financial statements are compiled
  • Describing how transactions flow through an accounting system
  • Describing the various supporting documentation needed for every transaction
  • Describing the importance of an internal control system

DESIGNED FOR
Non-accountants

PREREQUISITES
None

COURSE PRODUCER
Business Learning Institute

CPE CREDITS
8.0

LEVEL
Basic

This course is available to be scheduled as:

Group Live
 

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