How to Prepare Financial Statements (CPA)

Estimated Time: 3 hours

$54.00

Earn 4 Points for Completing

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This course is the second in the 8 - course series offered by PRATTedu covering Financial Reporting and Analysis. It is comprised of 12 videos, demonstrating the process of preparing a complete set of financial statements, including discussions of the basic accounting equation, journal entries, ledgers, and contra accounts (e.g., accumulated depreciation and treasury stock). The last two videos address the differences between accruals and cash flows, and the items that reconcile net income on the income statement with net cash from operating activities in the operating section of the statement of cash flows. Course Type: Video. Worth 3.5 Technical CPE Credits (CPA/NASBA).

Credits

3.5 CPE Credits
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Learning Objectives

  • State the basic accounting equation and explain how it relates to the financial statements
  • Apply the basic accounting equation to transactions that lead to a simple balance sheet
  • Apply the basic accounting equation to transactions that lead to a complete set of financial statements
  • Describe the structure and role of journal entries and ledgers
  • Use journal entries and ledger accounts to prepare a simple balance sheet
  • Use journal entries and ledgers accounts to prepare a complete set of financial statements
  • Explain how closing entries transition the financial statements from one period to the next
  • Define contra accounts and the role they play on the financial statements
  • Define treasury stock and describe where it can be found on the financial statements
  • Demonstrate how the sale of non-inventory assets affects the financial statements
  • Discuss and illustrate the difference between the accrual-basis and cash basis of accounting
  • Demonstrate using several examples how net income on the income statement can be reconciled with net cash from operating activities on the statement of cash flows

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Field of Study: Accounting - Prerequisites & Advanced Preparation: None - CPE Credit Type: Technical - Delivery Method: QAS Self Study - For more information regarding administrative policies such as complaint and refund, please contact our Customer Success team at support@vtrpro.com or visit our Help webpage.

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CPA: VTR is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: NASBAregistry.org. This program is valid for 3.5 CPEs.