3.0 CPE This course is a premium+ course it can be accessed either by individual purchase or through a premium+ subscription
Purchase this course | $126
This course demonstrates the process of preparing a complete set of financial statements, including discussions of the basic accounting equation, journal entries, ledgers, and contra accounts (e.g., accumulated depreciation and treasury stock). It also addresses the differences between accruals and cash flows, and the items that reconcile net income on the income statement with net cash from operating activities in the operating section of the statement of cash flows.
Learning Objectives
- Recognize and state the basic accounting equation and explain how it relates to the financial statements.
- Explore and apply the basic accounting equation to transactions that lead to a simple balance sheet.
- Explore and apply the basic accounting equation to transactions that lead to a complete set of financial statements.
- Discover and describe the structure and role of journal entries and ledgers.
- Recognize and use journal entries and ledger accounts to prepare a simple balance sheet.
- Recognize and use journal entries and ledgers accounts to prepare a complete set of financial statements.
- Explore and explain how closing entries transition the financial statements from one period to the next.
- Discover and define contra accounts and the role they play on the financial statements.
- Discover and define treasury stock and describe where it can be found on the financial statements.
- Explore and demonstrate how the sale of non-inventory assets affects the financial statements.
- Discover and discuss and illustrate the difference between the accrual-basis and cash basis of accounting.
- Discover and demonstrate using several examples how net income on the income statement can be reconciled with net cash from operating activities on the statement of cash flows.
Last updated/reviewed: March 25, 2024
Included In Certifications
This course is included in the following Certification Programs:
9 CoursesFinancial Reporting and Analysis Certification
- Introduction to the Financial Statements and the Environment of Financial Reporting
- Preparing Financial Statements
- Reading and Analyzing Financial Statements
- Time Value of Money - Concepts and Applications
- Classification, Debt and Equity
- Current Assets and Asset Valuation
- Equity Investments and Long-lived Assets
- Earnings Management
- Ethics and Earnings Management
3 Reviews (9 ratings)
Reviews
Anonymous
()
This course is so basic, I can't believe it is eligible for CPE. That being said, the presentation of how information flows across the balance sheet to all the other financial statements is fantastic. I wish I had been taught it this way in school. Also, some of the exam questions refer to information in previous questions but refer to the wrong questions, guaranteeing you will miss some questions.
Anonymous
(Senior Internal Auditor)
Some of the questions in the final test are referencing other questions which are not in the test.
Anonymous
(CFO)
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Prerequisites
Knowledge Level: Basic
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
.
Course Questions and Answers(2 Questions)
Jamie PrattSME
About Illumeo
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Contact Us
- Email: info@illumeo.com
- Phone: 408-400-3993
- Adress: 1608 W Campbell
- Av #221, Campbell, CA 95008
© 2025 Illumeo, Inc.
I did not understand what both questions 7 & 8 were referencing.
The exam is a huge waste of time when the questions are not even referencing the correct prior questions.