How Accounting Works and Reporting Guidelines (Completed)

Date: Monday, October 19, 2020
Instructor: Miles Hutchinson
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs

Every business must comply with basic accounting and reporting guidelines. The IRS requires it; your banker and creditors want to know what kind of credit risk you are; your investors want to know what kind of return they can expect from their investment; your customers want to know you have a viable business model.

Join CGMA and experienced businessman Miles Hutchinson as he walks you through the basic accounting rules and teaches the ins and outs of recording daily events such as asset purchases, depreciation, loans, sales, inventory, cost of goods sold, operating expenses, etc. and how these events roll up into the four financial statements.

Who Should Attend
Business Managers, Compliance Managers, Compliance Officers, Information Reporting Officers, Bank Managers, Risk Managers, Human Resource Managers, Manufacturing, Service Providers, Government agencies, and NGOs.

Topics Covered

  • Get acquainted with the Basic Accounting Equation
  • The purpose and relationships between the four financial statements
  • The story of debits and credits and how to make them work for you
  • How your daily events translate into accounting transactions
  • How transactions get summarized into a trial balance
  • How the trial balance translates into a set of financial statements

Learning Objectives

  • Identify the basic accounting rules and how to record daily events
  • Recognize the purpose and relationships between the four financial statements
  • Differentiate debits and credits and how to make them work best for you
  • Recognize how your daily events translate into accounting transactions
  • Identify how transactions get summarized into a trial balance
  • Describe how the trial balance translates into a set of financial statements

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
None

Advance Preparation
None

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