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Covered Topics
- The basics of financial statement preparation
- The difference between accrual and cash accounting
- How revenue and expense recognition policies affect the income statement and balance sheet.
- Basic accounting concepts that affect financial statement construction including historical cost, going concern, materiality, consistency and conservatism.
- The basics of debits and credits and financial statement construction.
- Account for major items on the balance sheet including accounts receivable, inventory, fixed assets, deferred taxes, equity, etc.
- How to evaluate capital and operating leases.
- How to read and evaluate footnotes.
- The differences between compiled, reviewed and audited statements
- The relationship between the balance sheet, income statement, and the statement of cash flows
- The relationship between profit, retained earnings and cash flow
- How to skeptically review all of the major accounts in the balance sheet, income statement and statement of cash flows