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Principles of Financial Accounting (online)
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Upon successful completion of this course the participants will be able to do the following:

A. Adjusting the Accounts and Preparing the Statements
    Explain why financial statements are prepared at the end of the regular accounting period,
       why the accounts must be adjusted at the end of each period, and why the accrual basis of
       accounting produces more useful income statements and balance sheets than the cash basis
    Prepare adjusting entries for prepaid expenses, depreciation, unearned revenue, accrued
       expenses, and accrued revenues

B. Short-Term Investments and Receivables
    Describe how to account for short-term investments and explain how fair market value gains
       and losses on such investments are reported

C. Inventories and Cost of Goods Sold
    Describe how the cost of ending inventory is determined, explain how it affects the financial
       statements, and calculate the cost of an inventory based on (1) specific invoice prices, (2)
       weighted-average cost, (3) first in first out (FIFO), and (4) last in, first out (LIFO)
    Explain the effect of an overstatement or understatement of inventories on the financial
       statements

D. Plant & Equipment
    Describe the difference between plant assets and other kinds of assets and calculate the cost
       and record the purchase of plant assets
    Explain depreciation accounting, calculate depreciation by the straight-line and units of
       production methods, and calculate depreciation after revising the estimated useful life of an
       asset

E. Current and Long-Term Liabilities
    Define liabilities, explain the difference between current and long-term liabilities, and describe
       the uncertainties related to some liabilities
    Describe how accountant record and report estimated liabilities such as warranties and income
       taxes and how they report contingent liabilities

F. Reporting Income and Retained Earnings
    Describe stock dividends and stock splits and explain their effects on a corporation's assets
       and stockholders' equity
    Explain how to report the income effects of discontinued segments, extraordinary items,
       changes in accounting principles and estimates, and prior period adjustments
    Calculate earnings per share

G. Reporting and Using Cash Flows in Decision-Making
    Explain why cash flow information is important to decision making and describe the information
       in a statement of cash flows and the methods used to disclose noncash account balances
    Calculate the net cash provided or used by operating activities according to the indirect
       method and prepare the statement of cash flows using the indirect method

H. Overview of Financial Statement Analysis
    Define and explain the components of and relationships among the income statement, balance
       sheet, and cash flow statement
    Discuss the tools used in financial statement analysis

LEARNING SOLUTIONS