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Credits

Sponsored by Lorman Education
Product ID: 407401EAU
 
Credit & Course Provided by:

Accounting Basics and Refreshers for Attorneys

OnDemand Webinar (94 minutes)

Gain a refresher on basic accounting knowledge necessary for practicing law.This material will provide the attorney with the basics/refresher of accounting and will demonstrate how the income statement, statement of owner's equity, balance sheet, and statement of cash flows are developed and connect to each other. The topic will also cover the ten-step accounting cycle leading up to the creation of the financial statements including the rules of debits and credits, accrual versus cash basis accounting, adjusting entries, accounting for inventory and receivables, long-term liabilities and depreciation, proper analysis of the notes to the financial statements, types of financial statements, and the CPA opinion. This information will also include several hands-on examples to reinforce the accounting concepts.

Authors

David L. Osburn, M.B.A., CCRA, Osburn & Associates, LLC

Agenda

The Four Financial Statements - Income Statement, Statement of Owner's Equity, Balance Sheet, and Statement of Cash Flows

The Ten-Step Accounting Cycle (Business Transactions to the Post-Closing Trial Balance)

Rules of Debits and Credits

Accrual Versus Cash Basis Accounting

Adjusting Entries

Accounting for Inventory and Receivables

Long-Term Liabilities and Depreciation

Analysis of the Notes to the Financial Statements

Types of Financial Statements and the CPA Opinion

Examples to Reinforce Accounting Concepts