What you’ll learn-117 hours
- Grasp the basics of financial accounting and understand its objectives and significance in business.
- Demonstrate proficiency in using the double-entry accounting system and interpreting the accounting equation.
- Record business transactions using debits and credits, including period-end adjusting entries.
- Understand and apply the rules for closing entries at the end of an accounting period.
- Handle transactions related to the purchase and sale of inventory, including applying inventory cost flow assumptions such as FIFO, LIFO, and weighted average m
- Master the use of subsidiary ledgers and special journals, specifically for accounts receivable and accounts payable
- Conduct bank reconciliations and apply best practices for cash internal controls.
- Accurately estimate and record allowance for doubtful accounts using both allowance method and direct write-off methods.
- Understand, calculate, and record depreciation for property, plant, and equipment using various methods, including straight-line, double-declining balance, and
- Handle transactions related to the purchase and sale of property, plant, and equipment.
- Understand and execute the payroll accounting process, including the calculation of payroll taxes and recording complex payroll journal entries.
- Grasp the unique accounting considerations and transactions for partnerships, including income allocation, admission and withdrawal of a partner, and partnershi
- Handle transactions unique to a corporate form of entity, including issuance and repurchase of shares, and dividend distributions.
- Understand the concept of bonds payable and notes payable, including their issuance, discount/premium amortization, and interest payment.
- Prepare a comprehensive statement of cash flows using both direct and indirect methods, and understand its importance in financial analysis.
- Use Excel to perform various accounting tasks, including creation of amortization schedules and financial statement preparation.
- Understand how to update and adjust accounting records to reflect changes in the business environment.
- Grasp the importance of theory in making appropriate accounting adjustments and decisions.
- Learn how to compare and contrast different accounting procedures and choose the most suitable for a given business scenario.
- Understand and apply the time-value of money concept in the context of bond and note transactions.
- Determine current and long-term portions of notes payable using amortization schedules.
- Learn how to adapt accounting procedures and policies to ever-changing business and regulatory environments.
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