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ACCOUNTING, MICROECONOMICS & STATISTICS
Accounting Essentials
Targeted Skill Level: Basic
Duration: 3 hours
COURSE DESCRIPTION
Understanding how various business transactions impact the accounting equation and how to create and read financial statements empowers you to manage more effectively - and become a more informed investor. You'll learn about financial accounting experientially. That means you'll learn via a simulation that is based upon a real-world situation.
Accounting Essentials teaches the fundamentals of financial accounting by applying two methodologies - the accounting equation and the T account method - to 11 representative transactions within a real-world simulation. You'll post accounts for key transactions and create the range of financial statements reflecting the impact of each transaction.
Developed in conjunction with Professor Robert Magee of the Kellogg School of Management at Northwestern University. Professor Magee is the Associate Dean for Academic Affairs: Faculty and Research, and the Keith I. DeLashmutt Distinguished Professor of Accounting Information and Management.
GOALS
After completing this course you will be able to:
- Understand what different parties are interested in knowing about a company
and why
- Correctly record capitalization, operating and adjusting accounting entries using the Accounting Equation Method and the T-account Method for 11 basic transactions
- Read a company's Balance Sheet, Income Statement and Statement of Cash Flows with an eye for the important details
- Understand the difference between income and cash flow and why each is important
- Understand why the financial statements are important to a company's
investors
CASE SIMULATION
You follow Orphan Brands, a fictitious company, from its inception through its first period of operating activity. You'll create a simple balance sheet, income statement and statement of cash flows to see how each transaction is reported in the company's primary financial statements.
INSTRUCTIONAL PATH CONTENT
- The purpose of financial accounting
- Meet the investors and company
- Introduction to 11 types of transactions
- Introduction to financial statements
- Transaction #1 - Initial capitalization
- Introduction to accounting equation
- Introduction to T-accounts
- Transaction #2 - Inventory purchase
- Transaction #3 - Equipment purchase
- Transaction #4 - Trademark purchase
- Introduction to balance sheet
- Introduction to statement of cash flows
- Transaction #5- Sales
- Transaction #6- Compensation
- Transaction #7- Accounts receivable
- Transaction #8- Accounts payable
- Transaction #9- Accumulated depreciation
- Transaction #10- Amortization of trademark
- Transaction #11- Interest expense
- Compare statement of cash flows to income statement
JUST-IN-TIME CONTENT
- Glossary
- Frequently asked questions
- Definition of Accounting Equation Method
- Definition of T-account Method
Presented in the Interactive Directed Learning Model™
Call us at 610.388.0969 or use our convenient contact form.
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