Accounting 1: Financial Statements

Description

Accounting is the language of business and anyone working in a business environment should have a solid grasp of accounting concepts and financial statements. This course provides an interactive review of accounting principles from the perspective of a finance professional. Participants will have the opportunity to build a set of financial statements that incorporate simple and complex accounting concepts. Assignments, handouts and examples will be used throughout the course.

Prerequisites

None

Time

8 hours

Learning Topics

Accounting Concepts

Discuss key accounting principles such as revenue recognition, the matching principle, double entry accounting and accrual accounting
Learn to read the financial reports which are provided for investors
Review a company’s key financial statements and understand how they relate to each other

Understand Financial Statements

Create a set of financial statements that incorporate numerous accounting concepts, including:
- Revenue and costs – discuss issues related to recognition
- Depreciation / CAPEX – review various methodologies to allocate the cost of a fixed asset over its useful life
- EBITDA – a popular measure of a company’s financial performance
- Income tax – discuss common timing differences between accounting and government tax calculations and the creation of deferred tax liabilities
- Inventory – review different methods of inventory accounting such as FIFO, LIFO and Average Cost
- Fixed assets
- Subsidiary accounting – accounting treatment at various ownership levels
- Debt & equity – the key concepts and terms associated with various forms of capital
Understand the links between each of the financial statements