Introduction to Financial Accounting

New York Institute of Finance

What are the topics?

New York Institute of Finance

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Who should attend

Anyone with an interest in financial accounting

About the course

Learn the general principles of accrual accounting and apply basic accounting procedures to create the three major financial statements.

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

MODULE 3: RECORDING TRANSACTIONS

  • 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

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

MODULE 3: CASH FLOW

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

WHAT YOU'LL LEARN

REAL WORLD EXAMPLES AND JOURNAL ENTRIES FOR BASIC ACCOUNTING PROCEDURES

  • Describe the components of the balance sheet
  • Analyze the effect of transactions on the balance sheet equation
  • Explain how accountants measure income
  • Determine when a company should record revenue from a sale
  • Use the concept of matching to record expenses for the period
  • Demonstrate how an income statement is related to a balance sheet
  • Explain the double entry accounting system
  • Analyze and journalize transactions
  • Explain the role of adjustments in accrual accounting
  • Describe and prepare a classified balance sheet
  • Describe and prepare an income statement
  • Describe and prepare a cash flow statement

Introduction to Financial Accounting at New York Institute of Finance

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Disclaimer

Coursalytics is an independent platform to find, compare, and book executive courses. Coursalytics is not endorsed by, sponsored by, or otherwise affiliated with any business school or university.

Full disclaimer.

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