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How To Prepare Financial Statements

  • CPA/ABV
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • IAP
  • QIAL

Published: September, 2021

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  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description

Overview

  • Basic Accounting Equation
    1 mins
  • Preparing Financial Statements Using Journal Entries & Ledger
    33 mins
  • Using Journal entries to prepare financial statements
    52 mins
  • Closing Process
    71 mins
  • Contra Accounts on the Balance Sheet
    80 mins
  • Accrual and Cash Differences: An Introduction
    99 mins

Course Description

Financial statements are written records that convey the business activities and the financial performance of a company. Financial statements include:

  • Balance sheet
  • Income statement
  • Cash flow statement


The financial statements are used by investors, market analysts, and creditors to evaluate a company's financial health and earnings potential. This CPE course covers the basics of financial reporting and analysis. This continuing education course demonstrates 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 flow.             

Designed for Accountants in public practice and industry who need to gain an understanding of the basic financial statements, the Accounting CPE course features the following:

  • Form and style considerations (standardization and presentation considerations)
  • A detailed review of classification, measurement, and presentation issues specific to accounts in each of the basic financial statements
  • Issues associated with the presentation of supplementary information

Learning Objectives

  • To state the basic accounting equation and explain how it relates to the financial statements.
  • To apply the basic accounting equation to transactions that lead to a simple balance sheet.
  • To apply the basic accounting equation to transactions that lead to a complete set of financial statements.
  • To describe the structure and role of journal entries and ledgers.
  • To discuss the use of journal entries and ledger accounts to prepare a simple balance sheet.
  • To describe the use of journal entries and ledgers accounts to prepare a complete set of financial statements.
  • To analyze how closing entries transition the financial statements from one period to the next.
  • To define contra accounts and the role it plays in the financial statements.
  • To define treasury stock and describe where it can be found on the financial statements.
  • To demonstrate how the sale of non-inventory assets affects the financial statements.
  • To discuss and illustrate the difference between the accrual basis and cash basis of accounting.
  • To 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.

Recommended For

This accounting CPE course for CPAs is recommended for CMAs, CVAs, CIAs, ABVs, Accountants, Staff of Accounting Firms, Accounting Freshers desiring to learn to prepare financial statements.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Bookkeeper
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 3.5 CPE Credit for Internal Audit Practitioner (IAP)
  • 3.5 CPE Credit for Certified Valuation Analyst (CVA)
  • 3 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 3.5 CPE Credit for Certified Management Accountants (CMA)
  • 3 CPE Credit of Accounting & Auditing for Certified Internal Auditors (CIA)
  • 3.5 CPD Credit for Accredited in Business Valuation (ABV)
  • 3.5 CPE Credit for Qualification in Internal Audit Leadership (QIAL)

Presenter

About Presenter

Jamie Pratt, CPA

Chief Executive Officer (CEO) PRATTedu

Jamie Pratt was the Alva L. Prickett Chair of Accounting at the Kelley School of Business at Indiana University in Bloomington, Indiana, and now holds the title of Distinguished Emeritus Professor.  He received his doctorate in business from Indiana University in 1977, and has held faculty positions at the University of Washington (Seattle), the University of Zurich (Switzerland), Northwestern University and INSEAD (Fontainebleau, France), returning to Indiana in 1991.

Jamie’s research interests are in financial reporting and analysis, where he has published over 30 articles in the top academic research journals (including The Accounting Review, Journal of Accounting Research, Contemporary Accounting Research, Accounting, Organizations and Society, and Issues in Accounting Education), and he has taught courses in financial reporting and analysis at every level (introductory, intermediate, advanced) in every program (undergraduate, MBA, PhD).  He has received over 30 teaching awards and recognitions, and also taught executive education courses throughout the world.  Research and/or teaching recognitions have also come from the following organizations: American Accounting Association, American Taxation Association, Big 4 accounting firms (KPMG and PriceWaterhouseCoopers), Indiana Society of CPAs, the Universities of Manchester (England), Kwansei Gakuin (Japan) and Kentucky, and Business Week magazine.  His resume also includes two textbooks (one in its 11th edition), two computer-based interactive case platforms, a financial analysis case book, and several instructor guides that support these products.  

He is now CEO of PRATTedu (www.prattedu.com), which produces and delivers online video-based courses, primarily in the area of financial reporting and analysis.

About Company

Are you a beginner in the world of financial analysis, a CPA, or somewhere in between? Are you looking for an edge in your education but don’t have much free time?  Prattedu is for you!  Prattedu’s video-based courses will provide a powerful perspective on what is required for success in business and, if you are CPA, you will earn CPE credits as well!

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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