Become a master in financial reporting from an Industry Expert to pursue the most lucrative Financial Analyst Career
What you'll learn:
Explain how the balance sheet, income statement, and statement of cash flows are used, what they measure, and why we need three statements.
Explain what is the balance sheet equation and why the balance sheet equation is the foundational model for accrual accounting/double entry accounting
Explain how the statement of cash flows and income statement link into the balance sheet
Locate a real company's annual report at their website and locate their financial statements within the annual report
Explain the give and take of a transaction and how to record both sides of the transaction separately with the six stakeholders
Explain why you can't measure profit with cash and why you need to use accrual accounting (double-entry accounting), not cash accounting
Explain the basis for bookkeeping and basic accounting without learning bookkeeping
Explain how the format of the operating activities section differs from the other two activities (investing and financing)
Differentiate between income and cash flow
Define what are assets, liabilities, and equity and how assets, liabilities, and equity relate
Explain who are the six most important stakeholders of a corporation (employees, customers, government, vendors, lenders, investors)
Explain which side of the give and take appears on the income statement and on the statement of cash flows
Illustrate how accrual accounting can both record cash and profits using a spreadsheet
Explain what each line item of the balance sheet means and distinguish between current and noncurrent assets, liabilities, and shareholders' equity
Explain each important line item for the three sections of the statement of cash flows: operating activities, investing activities, and financing activities
Requirements:
There are no prerequisites for the course. You do not need to know anything about accounting
Description:
This course provides a comprehensive understanding of financial accounting principles and reporting standards. Students will learn to analyze and interpret financial information, prepare financial statements, and communicate the financial position of an organization to external stakeholders.Key Topics Covered:Introduction to Financial Accounting:Overview of accounting principles and conceptsThe accounting equation and double-entry systemAccounting cycles and the financial reporting processFinancial Statements:Preparation and interpretation of the income statementBalance sheet analysis and interpretationStatement of cash flows and its significanceRevenue Recognition and Expense Measurement:Principles of revenue recognitionMeasurement and recognition of expensesAsset Valuation:Valuation and accounting for current and non-current assetsDepreciation and amortization methodsLiabilities and Equity:Accounting for various types of liabilitiesEquity transactions and stockholder's equityFinancial Statement Analysis:Ratio analysis for performance evaluationInterpretation of financial statements for decision-makingTeaching Methodology: The course may include a combination of lectures, case studies, practical exercises, and group projects. Students may also have the opportunity to use accounting software to gain hands-on experience in financial statement preparation.Assessment: Assessment methods may include examinations, quizzes, assignments, and a final project. The final project may involve the analysis and preparation of financial statements for a real or hypothetical company.
Who this course is for:
Business students who want a big picture view of accounting by understanding the end product, financial statements, not how the end product is created through bookkeeping
Managers who want to read and understand financial statements without learning bookkeeping
Investors who want to read and understand annual reports
Non-accounting/finance employees in companies who want to determine how their company is doing without taking an accounting course
Accounting/finance majors should not take the course
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