Find out how to use financial data to drive strategic decision-making. Learn the basics of financial accounting, including analyzing and preparing financial statements.
Overview
Syllabus
Introduction
- The importance of accounting
- Clay tokens, sheep, and Italy
- The basic equation
- Expanded accounting equation: SCF
- Expanded accounting equation: IS
- Assets: Planes, trains, and automobiles
- Definition of an asset
- Types of assets: Current
- Types of assets: Long term
- Obligations to suppliers, employees, governments, and customers
- Definition of a liability
- Types of liabilities: Current
- Types of liabilities: Long term
- Contingent liabilities
- Owner's equity: Paid-in capital and retained earnings
- Definition of equity
- Book value vs. net worth
- Other components of owner's equity
- Financial statements: Balance sheet for Walmart
- Where financial statements come from
- The Microsoft balance sheet
- Notes from Microsoft on the balance sheet
- Limitations of the balance sheet
- Differences between the balance sheet and the income statement
- Income statement
- Components of the income statement
- Revenues, expenses, gains, and losses
- Earnings per share
- The Walmart income statement
- Cash cows
- Statement of cash flows
- Statement of cash flows: Examples
- The importance of routine bookkeeping
- Impact of events on assets and liabilities, part 1
- Impact of events on assets and liabilities, part 2
- Impact of events on assets and liabilities, part 3
- Impact of events on revenues and expenses, part 1
- Impact of events on revenues and expenses, part 2
- Impact of events on revenues and expenses, part 3
- Impact of events on revenues and expenses, part 4
- The accuracy of debits and credits in the days of real books
- Debits and credits
- Journal entries, part 1
- Journal entries, part 2
- Journal entries, part 3
- T-accounts and posting
- Trial balance: The raw material for financial statements
- The market value of accounting adjustments
- Net income vs. cash flow
- Four general types of adjustments
- Adjusting journal entries, part 1
- Adjusting journal entries, part 2
- Adjusting journal entries, part 3
- Adjusting journal entries, part 4
- Closing revenue, expense, and dividend accounts
- Making the financial statements
- Next steps
Taught by
Jim Stice and Kay Stice