Kelen F. Camehl, CPA, MBA


    Credit Info
  • NASBA Field of Study

  • Format

    On demand

  • Level

  • CPE Credit


  • Course acronym

  • Prerequisites

  • Course duration

    1.5 Hours

Overview of Financial Statements – Part 1

This course will help you understand the U.S. standard setters' perspective on the purpose of financial statements and review concepts for recognition and measurement, accrual versus cash-based accounting, and the accounting equation. It also reviews accounting information systems, debits and credits, information processing, journal entries, trial balances and the closing process.
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Topics discussed

• Balance sheet
• Income statements
• Recognition and measurement
• Accrual accounts
• Double-entry method
• Debits and credits
• T-accounts

Learning objectives

• Recognize components of the various financial statements.
• Differentiate between current and noncurrent assets and current and noncurrent liabilities.
• Recall the accounts included in an income statement.
• Identify how various income statement amounts are calculated.

Who will it benefit?

Accounting and finance professionals who work for enterprises required to comply with U.S. GAAP or are interested in understanding U.S. accounting fundamentals.