Accounting 1: Financial Statements


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.




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
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