This course covers the preparation and use of financial statements as well as the accounting methods used in constructing the financial statements. The final course in this series discusses and documents how real-world companies use discretion to create reports that measure their financial performance and position in the best possible light.

Learning Objectives
  • Discover and describe why financial statements are important and how they are used.
  • Explore and describe the four financial statements and explain how they differ.
  • Identify and list the 5 basic questions, in order, that cover the concepts measured by the financial statements.
  • Recognize and use actual dollar values from actual financial statements to answer the 5 basic questions.
  • Discover and describe the economic forces that influence the preparation, use and analysis of the financial statements.
  • Identify and define the concept of corporate governance and how it relates to the financial statements.
  • Discover and describe the key areas of running a business and how they relate to how capital flows through the business.
  • Identify and link the key areas of running a business and their results to the financial statements.
Last updated/reviewed: August 13, 2023
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Included In Certifications

This course is included in the following Certification Programs:

9 CoursesFinancial Reporting and Analysis Certification

  1. Introduction to the Financial Statements and the Environment of Financial Reporting
  2. Preparing Financial Statements
  3. Reading and Analyzing Financial Statements
  4. Time Value of Money - Concepts and Applications
  5. Classification, Debt and Equity
  6. Current Assets and Asset Valuation
  7. Equity Investments and Long-lived Assets
  8. Earnings Management
  9. Ethics and Earnings Management
16 Reviews (64 ratings)

Reviews

5
Anonymous Author
Good cover of the preparation and use of financial statements as well as the accounting methods used in constructing the financial statements. Clear learning objectives and good examples.
4
Member's Profile
Nice overall presentation, there were a few things which seemed to conflict others. Helpful in getting an overall understanding of the financial statements and how they interact.
5
Anonymous Author
This was a great course that gave a high level overview of the financial statements, financial metrics, and what to look for when making business decisions. Highly recommend!
3
Anonymous Author
Material and review/exam content was not crisp and clear. Review question & answers were not accurate. Exam questions and answers were confusing and subjective.
3
Anonymous Author
This course is a good introductory course about the financial statements and how it is important to understand it so you can make sound investing decisions.
4
Member's Profile
Good class but some of the questions were toughed compared to the other classes. Interesting and quick class. Would recommend to most.
5
Anonymous Author
The presentation was very insightful. Slides provided the visual to follow the lecture while including a high level of detail.
5
Member's Profile
Good comprehensive overview of financial statements. Expect to spend more than 3 hours if you are a bit rusty on the subject.
5
Member's Profile
very good clear objectives, good tips and advice, I enjoyed the course very much and will use it in a practical way
5
Anonymous Author
This course was very helpful and provided a good refresher. I highly recommend this course to other CPAs!
4
Member's Profile
Good foundational knowledge of the financial statements and the environment surrounding the use of them.
5
Anonymous Author
Great job tying all the financial statements together and emphasizing the purpose of an audit.
3
Member's Profile
There are way too many slides in this presentation. Duplicate slides need to be removed.
4
Member's Profile
This course provided valuable information and skills necessary to be a CPA.
5
Anonymous Author
This was a nice course and nice provider of context to financial reporting
5
Anonymous Author
Well presented, easy to follow, not dull. Informative and relevant.
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Prerequisites
Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Why Financial Statements are Important6:58
  What are the Financial Statements15:38
  How to Read and Analyze Financial Statements14:00
  How to Read and Analyze Financial Statements - PepsiCo15:40
  Environment of Financial Reporting12:54
  Corporate Governance14:08
  Key Areas of Running a Business17:18
  Key Areas Linked to Financial Statements10:57
CONTINUOUS PLAY
  Introduction to the Financial Statements and the Environment of Financial Reporting1:47:33
SUPPORTING MATERIAL
  Slides: Introduction to the Financial Statements and the Environment of Financial ReportingPDF
  Introduction to the Financial Statements and the Environment of Financial Reporting Glossary/ IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam