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Sponsored by Lorman Education
Product ID: 408799EAU
 
Credit & Course Provided by:

The Basics of Accounting

OnDemand Webinar (62 minutes)

Build a good foundation of the accounting process, financial statements, and other finance basics.Understanding the accounting process and being able to read financial statements are crucial to effectively managing a company. Without a good grasp of a business's financial health, business leaders are ill-equipped to anticipate and assess the challenges opportunities they face. By learning how to correctly comprehend financial information, business leaders will not only be able to effectively plan for the future but also understand the effects of past events. This material will help give individuals a good foundation of the accounting process, financial statements, and other finance basics that will prepare them to make better decisions and effectively run their business.

Authors

Mary Davis, CPA, BGBC Partners, LLP

Agenda

Introduction to the Accounting Process

• Accounting Cycle

• Accounting Entries - Understanding Debits and Credits

• Introduction to the Four Types of Financial Statements

How to Read Financial Statements

• Balance Sheet

• Income Statement

• Statement of Cash Flows

• Statement of Comprehensive Income

Other Elements of Financial Reports

• Notes to Financial Statements

• Independent Reports to Financial Statements

Types of Accounting Methods

• Accounting Methods: Accrual vs. Cash vs. Hybrid

• Accounting Frameworks: Generally Accepted Accounting Principles (GAAP) vs. Tax Basis

• Other Accounting Frameworks

Looking to the Future - How to Develop the Skills Learned Today

• Analyzing Financial Statements

• Developing a Financial Strategy