Wednesday, January 20, 2021
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Accounting Basics, Webinar

August 23, 2019 @ 10:00 am - 12:00 pm CDT

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Covered Topics

  • The basics of financial statement preparation
  • The difference between accrual and cash accounting
  • How revenue and expense recognition policies affect the income statement and balance sheet.
  • Basic accounting concepts that affect financial statement construction including historical cost, going concern, materiality, consistency and conservatism.
  • The basics of debits and credits and financial statement construction.
  • Account for major items on the balance sheet including accounts receivable, inventory, fixed assets, deferred taxes, equity, etc.
  • How to evaluate capital and operating leases.
  • How to read and evaluate footnotes.
  • The differences between compiled, reviewed and audited statements
  • The relationship between the balance sheet, income statement, and the statement of cash flows
  • The relationship between profit, retained earnings and cash flow
  • How to skeptically review all of the major accounts in the balance sheet, income statement and statement of cash flows