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New York Institute of Finance

Financial Accounting Professional Certificate

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Next dates

Oct 14—18
5 days
New York, New York, United States
USD 3119
USD 623 per day

Description

Explore the core financial accounting tools that will help you understand annual reports and footnotes - creating a solid understanding of the financial statements. Prerequisite knowledge:

  • Basic MS Excel skills
  • Elementary mathematics

CURRICULUM

Day 1

MODULE 1: ACCOUNTING CONCEPTS

  • Introduction to financial accounting
  • Balance sheet equations
  • Types of ownership
  • Function of an audit

MODULE 2: MEASURING INCOME

  • The income statement
  • Revenue recognition and the matching concept
  • Relationship between balance sheet and income sheet
  • Statement of retained earnings
  • Earnings per share

Day 2

MODULE 1: ACCRUAL ACCOUNTING AND FINANCIAL STATEMENT FORMATS

  • Adjustments to accounts
  • Implicit transactions
  • Classified balance sheet
  • Income statement
  • Case study - Goodyear, Inc. balance sheet and income statement

MODULE 2: ACCOUNTING FOR SALES

  • Revenue recognition
  • Revenue measurement
  • Credit sales and accounts receivable
  • Assessing level of accounts receivable

Day 3

MODULE 1: LONG LIVED ASSETS AND DEPRECIATION

  • Overview of long lived assets
  • Depreciation
  • Depreciation methods
  • Gains and losses on sales of fixed assets
  • Intangible assets
  • Depletion

MODULE 2: DEFERRED TAXES

  • Concept of deferred taxes
  • Computation of deferred tax items
  • Other deferred tax items Liabilities and interest
  • Current liabilities
  • Long term liabilities
  • Accounting for leases

MODULE 3: EQUITY

  • Shareholder rights
  • Authorized, issues and outstanding shares
  • Preferred stock
  • Issuance of shares
  • Exchanges and conversions
  • Dividends

Day 4

MODULE 1: EQUITY

  • Background on stockholders equity
  • Types of capital stock
  • Cash dividends
  • Preferred stock
  • Employee stock options
  • Other items

MODULE 2: CASH FLOW

  • Purpose of the statement of cash flows
  • Types of cash flow
  • Preparing the statement of cash flows

MODULE 3: FREE CASH FLOW

Day 5

MODULE 1: ACCOUNTING FOR INVESTMENTS

  • Overview of corporate investments
  • Short term investments
  • Long term investments in bonds
  • Market, equity and consolidation methods

MODULE 2: PENSION ACCOUNTING AND ACCOUNTING FOR STOCK OPTIONS

  • Pension plan types
  • Measures of defined benefit pension plan liabilities
  • Cost components of a pension plan
  • Plan assets

MODULE 3: DESK READY SKILLS KNOWLEDGE CHECK

WHAT YOU'LL LEARN

  • Describe the components of the balance sheet
  • Analyze the effect of transactions on the balance sheet equation
  • Compare the features of sole proprietorships, partnerships and corporations
  • Describe the function of an audit
  • Explain the regulation of financial reporting
  • Explain how accountants measure income
  • Determine when a company should record revenue from a sale use the concept of matching to record the expenses for a period
  • Demonstrate how an income statement is related to a balance sheet Account for cash dividends and prepare a statement of retained earnings
  • Explain the double-entry accounting system
  • Analyze and journalize transactions
  • Post journal entries to the ledgers
  • Prepare and use a trial balance
  • Explain the accounting adjustments required at the end of the fiscal period
  • Explain the role of adjustments in accrual accounting
  • Explain the difference between explicit and implicit transactions
  • Describe components of a classified balance sheet
  • Prepare a classified balance sheet
  • Describe components of a single and multiple step income statement
  • Prepare a multiple step income statement
  • Use ratios to assess profitability
  • Determine proper period in which to record revenues
  • Link inventory valuation to gross profit
  • Assess accounts receivable

Who should attend

  • Accountants
  • entry level finance professionals and regulators
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