The Basics of Accounting

Lorman Education Services
Training overview
Professional Course
1 day

Course description

The Basics of Accounting

Build a good foundation of the accounting process, financial statements, and other finance basics.

Understanding the accounting process and being able to read financial statements are crucial to effectively managing a company. Without a good grasp of a business’s financial health, business leaders are ill-equipped to anticipate and assess the challenges opportunities they face. By learning how to correctly comprehend financial information, business leaders will not only be able to effectively plan for the future but also understand the effects of past events. This material will help give individuals a good foundation of the accounting process, financial statements, and other finance basics that will prepare them to make better decisions and effectively run their business.

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Who should attend?

This live webinar is designed for

  • business owners and managers
  • supervisors
  • associates
  • analysts
  • controllers
  • bookkeepers and accountants.

Training content

Introduction to the Accounting Process

  • Accounting Cycle
  • Accounting Entries – Understanding Debits and Credits
  • Introduction to the Four Types of Financial Statements

How to Read Financial Statements

  • Balance Sheet
  • Income Statement
  • Statement of Cash Flows
  • Statement of Comprehensive Income

Other Elements of Financial Reports

  • Notes to Financial Statements
  • Independent Reports to Financial Statements

Types of Accounting Methods

  • Accounting Methods: Accrual vs. Cash vs. Hybrid
  • Accounting Frameworks: Generally Accepted Accounting Principles (GAAP) vs. Tax Basis
  • Other Accounting Frameworks

Looking to the Future – How to Develop the Skills Learned Today

  • Analyzing Financial Statements
  • Developing a Financial Strategy

Certification / Credits

Learning Objectives

  • You will be able to define the major components of each of the four types of financial statements.
  • You will be able to identify the elements of a financial report, including the four financial statements, the notes to the financial statements, and an independent report to the financial statements.
  • You will be able to discuss the difference between the accounting methods and common accounting frameworks.
  • You will be able to explain the accounting cycle and how to prepare basic accounting entries.

About Lorman Education Services

Lorman Education Services

Lorman Education Services - Live and On-Demand Webinars

With more than 27 years spent educating over 1.4 million professionals, Lorman has the experience and expert instructors you need to stay ahead no matter the position or profession. Search from the many courses listed here or contact the customer...

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Contact info

Lorman Education Services

Lorman Education Services
2510 Alpine Road
54702 Eau Claire Wisconsin

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