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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: May 23, 2022

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

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 .
Course Syllabus
INTRODUCTION AND OVERVIEW
  8:04Introduction to Preparing Financial Statements - Basic Accounting Equation
  8:42Preparing a Beginning Balance Sheet
  14:18Preparing a Complete Set of Financial Statements
  10:38Introduction to Journal Entries and Ledgers
  7:48Using Journal Entries to Prepare a Balance Sheet
  14:52Using Journal Entries to prepare Financial Statements
  8:57Closing Entries
  5:52Treasury Stock
  7:45Contra Accounts
  7:26Sales of Non-Inventory Assets
  7:25Introduction to Accrual - Cash Differences
  16:14Reconciling Net Income with Net Cash from Operations
CONTINUOUS PLAY
  1:58:02Preparing Financial Statements
SUPPORTING MATERIAL
  PDFSlides: Preparing Financial Statements
  PDFPreparing Financial Statements Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTONS
 examFINAL EXAM