Provide a concise review of a) debits and credits in recording business transactions and b) the central role of the accounting equation;
Apply the proper application of debit and credit entries to a series of business transactions in compiling a cash and accrual income statement for a company;
Understand the reasons for differences in resulting cash and accrual profits and their implications for business risk;
Trace the impact on reported profits, cash flow, and balance sheet amounts and composition from incorrect accounting entries;
Review the meaning and application of critical accounting principles and the impact of their omission or misuse on reported profits and balance sheet amounts; and
Understand the differences between accrual and cash revenue recognition and the resulting cash and accrual impact on business profits and cash flow.
Course
Materials
Note on Accounting Fundamentals and Risk Assessment
Note on Key Accounting Principles and Risk Assessment
Financial Statements for Information Access, Inc.
Written Exercise Set
Online Review Quizzes
Written and Audio Solution Set
Written and Audio Solution Set
Online Credit Skills Proficiency Exam
Upon
Completion
Participants who successfully complete the workshop, including completion of all review quizzes and the final proficiency exam, will be able to:
Understand the use of debits and credits in recording business transactions and the central role of the accounting equation;
Apply debit and credit entries to a series of business transactions in compiling a cash and accrual income statement for a company;
Understand the reasons for differences in resulting cash and accrual profits and their implications for business risk;
Trace the impact on reported profits, cash flow, and balance sheet amounts and composition from incorrect accounting entries;
Understand the meaning and application of critical accounting principles and identify the impact of their omission or misuse on reported profits and balance sheet amounts; and
Assess the differences between accrual and cash revenue recognition and the resulting cash and accrual impact on business profits and cash flow.
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