1 CPE In this course we discuss each of the main financial statements, the income statement (P&L), the balance sheet, and the cash flow statement, describing what each one does, how they are utilized by companies in measuring financial performance, and how they relate to one another.
We then follow with a basic set of financial statements for a simple company, reviewing what we laid out up front about what the statements accomplish and how they interact. We finish by reviewing a set of financial statements from a publicly traded company to show that no matter how big the company, the fundamentals are the same.
This online self study program in the field of accounting serves as an overview for accounting and finance professionals who need to sharpen their fundamental understanding of the core financial statements and how they work together.
Course Series
This course is included in the following series:
11 CoursesBack to the Basics: Accounting Fundamentals
- Accounting Review: The Basics of Debits and Credits
- Transaction Analysis, T-Accounts, Debits and Credits, and Trial Balances
- Accounting Review: Overview of Financial Statements; P&L, Balance Sheet, and Cash Flow
- The Accounting Equation and Financial Statements
- Bank Reconciliations, Cash, and Internal Controls
- Accounts Receivable Training: Bad Debts
- Equipment and Depreciation
- Inventory Costing
- Purchase and Sale of Inventory
- The Adjusting Process
- The Closing Process
5 CoursesFinance for Non-Finance Professionals
- Accounting 101: How To Do Basic Accounting In One Hour
- Accounting Review: The Basics of Debits and Credits
- Accounting Review: Overview of Financial Statements; P&L, Balance Sheet, and Cash Flow
- Learn Finance Principles in 1 Hour
- Enterprise Risk Management 101
Learning Objectives
- Demonstrate what each financial statement does and how they are utilized by companies both large and small.
- Measure your company’s performance through the use of financial statements.
- Sharpen your understanding of how financial statements work together.
Last updated/reviewed: August 17, 2023
- 1. IASB Conceptual Framework - Qualitative Characteristics
- 2. Government and Not-For-Profit Training - Waste and Abuse
- 3. Introduction to Testing Employee Benefit Plan Audits - Part 2
- 4. Diversity, Equity and Inclusion - Unconscious Bias
- 5. Q4 2023 Technical Accounting and Economic Update
- 6. The Controllership Series: Future Role of the Controller – Part 2
- 7. U.S. Foreign Corrupt Practices Act: How to Stay Out of Trouble as You Expand Internationally
- 8. Introduction to Not-for-Profit Accounting
- 9. Coronavirus' impact on financial statements - Going Concern Assumption
- 10. Revenue Recognition (ASC Topic 606): Performance Obligations Part 1
53 Reviews (205 ratings)
Reviews
Lorri Jongeneel
(CPA at n/a)
Consistent and relevant.
Dated materials and lack of review over several years means that current events and changes to FS accounting, including 2017 tax law changes, FASB changes and COSO 2013 changes will not be addressed in examples - may not be relevant to a basics course, but the tiny handwriting and inconsistent slide information makes some difference in engaging viewers.
Anonymous
(Treasury Director)
Erik gives a nice overview of the four financial statements. This course would be very helpful for someone not necessarily working in an accounting area, but is also fine review for a seasoned accountant, as the basics can get lost over time.
Anonymous
(Financial Analyst)
Questions were not specific, nor was some of the info touched upon within the presentation. Did not mention in what order were the statements finalized, nor did the first question about expenses have good rationale for the answers.
Anonymous
(Senior Accountant)
Information presented logically, well laid out with good examples and clarification. A good reminded overview for the seasoned accountant. A great introduction for person new to the accounting field.
Anonymous
(Accounting Manager)
Good review of the financial statements and how they are connected to each other. Would have liked to seen more slides for each statement discussion. The Costco slides were difficult to read.
Anonymous
(disabled)
The course is well put together and the instructor does a good job explaining material. I believe this is a must course for people who want to learn some accounting and covers the basics.
Kenneth Bruch
( at Ultradent Products, Inc.)
Great instructor, kept me engaged. This is a very introductory course to the financial statements. Great for those trying to expand their knowledge and learn terms.
Anonymous
(Auditor)
Great review of the financial statements. I recommend this for anyone looking to refresh their knowledge and understanding of the financial statements.
Anonymous
(Sr. Accountant)
Course materials, examples and verbiage were extremely beneficial in laying out the order of preparation along with purpose of each financial statement.
Anonymous
()
The topics covered were basic and easy to learn; the instructor did a good job at explaining the accounting concepts of the financial statements.
Josh Fasano
(Accounts Payable Specialist at A-dec)
Good and Easy to understand. Universal information. A few years outdated and video hard to read, but if you follow the slides it works.
Anonymous
()
Excellent overview of the financial statements. I loved the real world example comparing it to what we have learned. Excellent course.
Corey Masters
(Accountant, Internal Auditor, Risk Speci.. at Self)
A good review of the financial statements. I appreciated the review of the statement of retained earnings and cash flow statements.
Laticia Ladson
(Director Marketing Strategy at Comcast)
Great course about financial statements to meet course requirements, straight to the point and informative. Good instructor tempo.
Anonymous
(Director of Accounting)
This is a great course to help non-accountants about the basic financial statements and the difference between them.
Anna Beth Devine
(Bookkeeper at Baer Bonson Business Services, Inc.)
This was very informative. My only complaint would be that the slides were very blurry and could barely read them.
Anonymous
(Consultant - Process Specialist)
You'll be able to grasp the basics of accounting. This is a great starter for those new to the accounting world
Wayne Spivak
View Instructor Profile
Good overall course. Not enough slides highlighting the information reviewed in the first section (Basics).
Anonymous
()
Very good overview, sure it invites to dig deeper into each statement. Refreshing after a break on studies.
Anonymous
(CFO)
Accounting Review: Overview of Financial Statements; P&L, Balance Sheet, and Cash Flow was a great course
Maddison Lopez
(Finance Manager at KB Home)
Great course for CPE credit. Basic but great for anyone needing a refresher of the financial statements.
Anonymous
(Senior Internal Auditor)
This course was a good refresher. The instructor was very effective in presenting the course materials.
Anonymous
(-)
Good course for very high level information. Probably too basic for a CPA to learn much new.
Darin Sobool
(Zero at None)
I find these reviews always helpful as I'm not always working with financial statements
Anonymous
(Accountant)
Great simple overview of the financial statements. Very informative and easy to follow.
Kendra Willson
( at SSA PC)
Course met all stated expectations and would take a course by this instructor again.
Anonymous
(Accounting Manager)
Back to basics review, good course on the financial statements and worth the time.
Anonymous
(Deal Accounting Manager)
i think the course is a great introduction to financial reporting. very heplfu.
Tania Roberts
(Revenue Accountant at OEConnection, LLC)
Good review. We overlook the basic accounting sometimes and this was helpful.
Anonymous
(Finance)
It is very well organized and has clear explanations with great examples.
Anonymous
(Senior Auditor)
I liked the subject. I think slides might have been a bit more detailed.
Anonymous
(CEO & Co..)
Good basic overview of accounting, like the instructor and the tempo.
Anonymous
(Accountant)
A great accounting basic refresher. Thanks for a great course.
Anonymous
(Senior Consultant)
Good to know the order of preparing the financial statements.
Anonymous
(Accountant)
I wish the examples on the slides were a little more clear.
Anonymous
(Auditor Examiner)
Excellent comprehensive review of the financial statements.
Bob Phipps
( at R.W. Phipps, PA)
i love to see how other accountants describe what we do....
Anonymous
(Financial Analyst)
The additional materials provided were very helpful.
Anonymous
(Accounts Payable)
Great course for a beginner level accountant.
Benjamen Adams
(Not Provided at Adams Group)
Great information and a wealth of knowledge.
Anonymous
(CFO)
Case study with Costco was a good tie in.
Anonymous
(Financial Analyst)
I felt that is was very well done.
Lin Gou
(Not Provided at Christian Church Foundation)
Very basic and easy to understand
Alice Layton
(Office Manager at Cuono Engineering)
most screen shots were blurry
Savannah Camp
(Staff Accountant at Marmon-Herrington)
Its a good refresher course
Anonymous
(Bookkeeper)
Good introductory course!
Anonymous
(Sr. Accountant)
Really great presenter
Charles Elwis
(Insurance Broker at Health Guys)
Good elementary review
Anonymous
(Consulant)
I enjoy the instructor
Steven Moore
(Certified Management Accountant; CMA at ArdentAccounting)
Fun review. Thanks!
Anonymous
(Fiscal Officer)
good review course
Anonymous
()
a good refresher.
Trisha Hunt
(Service Delivery Analyst at Scripps Networks Interactive)
Very helpful.
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 Questions and Answers(3 Questions)
Erik SlayterAccounting Professor at Cal Poly
About Illumeo
Platform
Resources
Contact Us
- Email: info@illumeo.com
- Phone: 408-400-3993
- Adress: 1608 W Campbell
- Av #221, Campbell, CA 95008
© 2024 Illumeo, Inc.
Erik -
Your answer for the Quiz question about Assets is wrong. Assets are usually items that can generate cash flow in the future. Office supplies (not-for-resale) would not be an asset, but they are owned by the company.
I would re-think the question and/or answers.
Wayne-
Thanks for your feedback.
Assets have a broader definition than you are giving them - there are many assets that don't provide cash to a company in the future. In basic terms (as I describe in the course) assets are things a company owns. In more technical terms, I pull the following guidance from the FASB Statement of Concepts #6 (here's the link if you need help with insomnia: http://www.fasb.org/cs/BlobServer?blobkey=id&blobwhere=1175822102897&blobheader=application%2Fpdf&blobcol=urldata&blobtable=MungoBlobs)
The two paragraphs I provide here are a definition of assets and then further clarification. I hope this helps.
-Erik
Paragraph 25: Assets are probably future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.
Paragraph 177: Most assets presently included in financial statements qualify as assets under the definition in paragraph 25 because they have future economic benefits. Cash, accounts and notes receivable, interest and dividends receivable, investments in securities of other entities, and
similar items so obviously qualify as assets that they need no further comment except to note that uncollectible receivables do not qualify as assets. Inventories of raw materials, supplies, partially completed product, finished goods, and merchandise likewise obviously fit the definition as do productive resources, such as property, plant, equipment, tools, furnishings, leasehold improvements, natural resource deposits, and patents. They are mentioned separately from cash, receivables, and investments only because they have commonly been described in accounting literature as "deferred costs" or occasionally as "deferred charges" to revenues.