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

The Accounting Cycle and Objectives of General Purpose Financial Statements

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

• Components of an accounting information system
• Financial statements
• Concepts for recognition and measurement
• Accrual accounting
• Cash-based accounting
• The accounting equation
• Debits and credits
• Journal entries
• Trial balances

Learning objectives

• Recognize concepts of recognition and measurement.
• Contrast accrual-based accounting with cash-based accounting.
• Recall the accounting equation.
• Differentiate between debits and credits.
• Recognize key steps in the accounting cycle.
• Identify key components of an accounting information system.
• Identify the key steps in the closing process.

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.