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The Basics of Accounting

Build a good foundation of the accounting process, financial statements, and other finance basics.

Understanding the accounting process and being able to read financial statements are crucial to effectively managing a company. Without a good grasp of a business's financial health, business leaders are ill-equipped to anticipate and assess the challenges opportunities they face. By learning how to correctly comprehend financial information, business leaders will not only be able to effectively plan for the future but also understand the effects of past events. This material will help give individuals a good foundation of the accounting process, financial statements, and other finance basics that will prepare them to make better decisions and effectively run their business.

62 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Introduction to the Accounting Process

  • Accounting Cycle
  • Accounting Entries - Understanding Debits and Credits
  • Introduction to the Four Types of Financial Statements

How to Read Financial Statements

  • Balance Sheet
  • Income Statement
  • Statement of Cash Flows
  • Statement of Comprehensive Income

Other Elements of Financial Reports

  • Notes to Financial Statements
  • Independent Reports to Financial Statements

Types of Accounting Methods

  • Accounting Methods: Accrual vs. Cash vs. Hybrid
  • Accounting Frameworks: Generally Accepted Accounting Principles (GAAP) vs. Tax Basis
  • Other Accounting Frameworks

Looking to the Future - How to Develop the Skills Learned Today

  • Analyzing Financial Statements
  • Developing a Financial Strategy
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More Program Information

Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

OnDemand Course

This course was last revised on April 29, 2021.

Call 1-866-352-9540 for further credit information.

  • AIPB 1.0
     
  • This program is acceptable for 1.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Mary Davis, CPA

Mary Davis, CPA

BGBC Partners, LLP

  • Senior accountant at BGBC Partners, LLP with a total of five years of assurance experience
  • Specializes in preparing audited financial statements, reports, disclosures, and additional supplemental financial information for companies subject to the reporting requirements of the U.S. Department of Housing and Urban Development, employee benefit plans, and not-for-profit organizations
  • Completed numerous compilations and reviews of financial statements for manufacturing entities, real estate entities, and companies subject to the reporting requirements of the U.S. Department of Housing and Urban Development
  • Active member of the American Institute of Certified Public Accountants and the Indiana CPA Society
  • B.S. degree in accountancy, Concordia University
  • Can be contacted at [email protected]
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More Program Information

Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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  • State Specific Credit Tracker
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Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 408799
Published 2021
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