Understanding accounting and financial statement basics is a key skill needed in the Financial Services Industry. All too frequently even experienced personnel have only a cursory knowledge of key accounting concepts. This course provides participants with a sound understanding of the fundamentals of accrual accounting and how it differs from cash accounting. It has been designed for those who have no experience with the subject and well as those who have had an accounting course but need to brush-up.
- The basics of financial statement preparation
- The difference between accrual and cash accounting
- How revenue and expense recognition policies affect the income statement and balance sheet.
- Basic accounting concepts that affect financial statement construction including historical cost, going concern, materiality, consistency and conservatism.
- The basics of debits and credits and financial statement construction.
- Account for major items on the balance sheet including accounts receivable, inventory, fixed assets, deferred taxes, equity, etc.
- How to evaluate capital and operating leases.
- How to read and evaluate footnotes.
- The differences between compiled, reviewed and audited statements
- The relationship between the balance sheet, income statement, and the statement of cash flows
- The relationship between profit, retained earnings and cash flow
- How to skeptically review all of the major accounts in the balance sheet, income statement and statement of cash flows
Who Should Attend?
Anyone who wants to understand or review the basic principles of accrual accounting.
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