About this Course
Topics covered include:
Ways managers can leverage information;
What information should be asked for from accounting department;
Role of Technology in Accounting & Business;
Financial Statements;
Financial Statement Assertions;
Errors vs. Fraud;
The Fraud Triangle;
Definition and requirement of Internal Controls;
COSO Framework for Internal Controls;
The Accounting Equation;
Types of Inventory;
Inventory Valuation Methods;
Inventory Calculations;
Key Definitions;
Types of Fixed Assets;
Depreciation;
TCJA Auto Depreciation;
Other Types of Assets;
Payroll Accounting;
Budgeting;
Difference between cost accounting & financial accounting.
Upon completing this course, you should be able to:
Identify accounting concepts;
Recognize how understanding accounting makes a better manager;
Identify accounting terminology;
Differentiate between cost accounting vs. financial accounting;
Recognize which management assertions maintain expenses properly assigned to correct accounts;
Identify parts of the COSO framework and how they apply;
Differentiate which inventory valuation method is typically used by businesses that sell perishable goods;
Recognize how small businesses benefit from the provisions of the Tax Cuts & Jobs Act;
Identify types of accounting focused on where revenue is being generated;
Describe how a company uses comparisons to current performance with past performance;
Recognize why the statement of cash flows is the most difficult financial statement on which to commit fraud;
Identify the position of a company at any given point in time;
Recognize the starting point of when to apply the COSO framework to financial reporting;
Identify prevalent reasons for financial statement fraud in U.S. companies;
Calculate the accounting equation for owners equity;
Recognize what is reduced when calculating inventory for a manufacturing business;
Differentiate depreciation methods
Identify the requirements of the revised 2013 COSO Framework;
Recognize what is included in retail inventory;
Identify examples of intangible assets.