This unit introduces core accounting concepts, the primary external financial statements, and the basic bookkeeping cycle, while emphasizing the legal, ethical, and technological context for accounting. Students will gain skills in preparing and analyzing income statements, balance sheets, and cash flow statements, and will begin applying forecasting, cost, and business entity considerations that prepare them for intermediate accounting and managerial topics in subsequent units.
Learning Objectives
- Analyze and interpret primary financial statements (income statement, balance sheet, statement of cash flows, and statement of owners’ equity) using basic financial ratios to assess liquidity, profitability, and solvency
- Apply the expanded accounting equation and complete the bookkeeping cycle for routine transactions to produce a correct income statement and balance sheet
- Demonstrate use of cloud-based and desktop accounting software to record transactions, reconcile cash flow versus net income, and illustrate separation of bookkeeping and accounting duties
- Evaluate how business entity choice, legal and ethical responsibilities, and basic managerial concepts (cost behavior, breakeven analysis, and short-term forecasting) influence financial reporting and decision-making
Curriculum
- 1 Section
- 32 Lessons
- 30 hours
Expand all sectionsCollapse all sections
- Unit 1 — Foundations of Financial Accounting32
- 1.1Checking Your Preconceptions about Accounting20 mins
- 1.2Setting the Stage for Financial Statements20 mins
- 1.3Separating the Duties of Bookkeepers and Accountants20 mins
- 1.4Noting a Few Foundational Accounting Concepts Related to Technology20 mins
- 1.5Being Aware of the Legal Roots of Business Entities20 mins
- 1.6Presenting Typical Income Statements20 mins
- 1.7Expanding the Accounting Equation20 mins
- 1.8Meeting the Statement of Cash Flows20 mins
- 1.9Reporting Changes in Owners’ Equity20 mins
- 1.10Quickly Reviewing the Theory of Financial Reporting20 mins
- 1.11Knowing the Rules of the Game20 mins
- 1.12Understanding the Importance of Using Ratios to Digest Financial Statements20 mins
- 1.13Building on the Foundation of the External Financial Statements20 mins
- 1.14Knowing What Financial Engineering Is Not20 mins
- 1.15Helping Managers: The Fourth Pillar of Accounting20 mins
- 1.16Looking Down the Road to the Destination of Costs20 mins
- 1.17Focusing on Key Forecasting Concepts20 mins
- 1.18Identifying the Elements of a Business Plan20 mins
- 1.19Reach Breakeven and Then Rake in Profit20 mins
- 1.20Get in the Right Frame of Mind20 mins
- 1.21Providing Vital Financial Information20 mins
- 1.22The Income Statement20 mins
- 1.23Pedaling through the Bookkeeping Cycle20 mins
- 1.24Using Accounting Software in the Cloud and on the Ground20 mins
- 1.25Going It Alone: Sole Proprietorships20 mins
- 1.26Taking Care of Housekeeping Details20 mins
- 1.27Presenting a Proper Balance Sheet20 mins
- 1.28Explaining the Variance between Cash Flow and Net Income20 mins
- 1.29Recognizing Reasons for Accounting Differences20 mins
- 1.30Recognizing Top Management’s Role20 mins
- 1.31Making Investment Choices20 mins
- 1.32Improving Your Knowledge of Financial Language and Lingo20 mins
Instructor
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