Course DescriptionParticipants will gain a deeper understanding of the role accounting concepts and procedures play in business organizations and how accounting information is used as an essential operating and management tool.
- Introduction to Accounting and Business
- Types of Business Entities
- Financial accounting & managerial accounting
- GAAP & Tax Reporting
- Internal & External Users
- The four primary financial statements
- Income Statement
- Statement of Stockholders’ Equity
- Balance Sheet
- Statement of Cash Flow
- Analyzing business transactions
- Debits & Credits
- Account Types
- Chart of Accounts
- Recording financial transactions
- Cash versus accrual accounting
- One-time and Recurring Adjustments
- The Accounting Cycle
- Calendar/Fiscal Year Differences
- Sarbanes Oxley & Internal Controls
- Audit Committee
- Internal Controls & IT for Financial Reporting
- Role-based Security for Financial Systems
At the end of this course, you will be able to:
- Define basic accounting concepts and related procedures in a business environment.
- Proficiently analyze, record and report financial information at the end of an accounting period.
- Determine why accounting information is essential as an operational and managerial tool.
- Understand and map the accounts the compromise a Balance Sheet
- Determine how business transactions affect the Balance Sheet
- Identify the users of the Balance Sheet and how their needs differ
- Interpret the Balance Sheet accounts are summarized for financial reporting (10-K, Annual Report)