How to Prepare Financial Statements

  • Accountant
  • CPA/ABV
  • CPA (CA)
  • CPA/CFF
  • CFE
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • CA - ICAEW
  • CFA
  • IAP
  • QIAL
  • ACCA
  • CIPM
  • CBA/MCBA
  • FPAC
  • CA - Ireland
  • CA - Scotland
  • CPA - Ireland
  • CFIRS
  • CWS

Published: April, 2022

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Basic accounting equation
    2 mins
  • Basic accounting equation, T-Accounts, & journal entries
    34 mins
  • Set up transactions
    50 mins
  • Preparing financial statements
    67 mins
  • Sales of non-inventory assets
    91 mins
  • Statement of cash flows
    120 mins

Course Description

Financial statements are written records that convey the business activities and the financial performance of a company. It includes a balance sheet, income statement, and cash flow statement. These are used by investors, market analysts, and creditors to evaluate a company's financial health and earnings potential. 

Speaker Jamie Pratt in this Online CPE course on Accounting covers the basics of financial reporting and analysis. It 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). 

Following are the major topics covered in this Accounting CPE course:

  • 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.

This CPE webinar is designed for accountants in public practice and industry who need to gain an understanding of the basic financial statements!

Learning Objectives

  • To discuss the basic accounting equation and explain how it relates to the financial statements.
  • To analyze how to apply the basic accounting equation to transactions that lead to a simple balance sheet.
  • To analyze how to apply the basic accounting equation to transactions that lead to a complete set of financial statements.
  • To explain 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 explain the use of journal entries and ledger 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 analyze 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 CPA (US), CMA, CIA, QIAL, IAP, CFE, CVA, ABV, CBA/MCBA, CGFM,  FPAC, CFA, CIPM, CFF, Accountants, Staff of Accounting Firms, and other accounting professionals who need to gain an understanding of the basic financial statements.

Who Should Attend?

  • Accountant
  • Accounting and audit managers/practitioners
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Certified Management Accountant (CMA)
  • Certified Public Accountant (CPA)
  • Certified Valuation Analysts
  • Chartered Professional Accountant
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 3 General Credit for Accountant/Bookeeper
  • 3 CPD Credit of Financial Reporting for Accredited in Business Valuation (ABV)
  • 3 CPD Credit of Financial Reporting for Certified Financial Forensics (CFF)
  • 3 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
  • 3 CPE Credit for Certified Government Financial Manager (CGFM)
  • 3 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
  • 3 CPE Credit of Financial Reporting for Certified Management Accountants (CMA)
  • 3 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 3 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)
  • 3 PL Credit for Chartered Financial Analyst (CFA)
  • 3 CPE Credit for Internal Audit Practitioner (IAP)
  • 3 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
  • 3 PL Credit for Certificate In Investment Performance Measurement (CIPM)
  • 3 CPE Credit of Financial accounting for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 3 CRE Credit of Financial accounting concepts for Certified Corporate FP&A Professional (FPAC)
  • 3 CPD Credit for CA - ICAEW
  • 3 CPD Credit for Chartered Certified Accountants (ACCA)
  • 3 CPD Credit for Chartered Accountants - Ireland (CAI)
  • 3 CPD Credit for Chartered Accountants - Scotland
  • 3 CPD Credit for CPA - Ireland
  • 3 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 3 CE Credit for Certified Wealth Strategist (CWS)
  • 3 CPD Credit of Accounting for Chartered Professional Accountant (CPA Canada)

Additional details

  • Course Level :
    Basic
  • Credits :
    3
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) 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: www.NASBARegistry.org.

Presenter

About Presenter

Lambers, Inc.

, Lambers, Inc.

Lambers Financial is a leader in providing E-learning courses for accounting professionals looking to achieve the industry's most recognized designations such as the Certified Public Accountant (CPA) and Enrolled Agent (EA). Accounting and finance professionals around the world incorporate Lambers products into their training programs.

Lambers CPA Review was started by Vincent W. Lambers in July of 1966 in Boston, MA. The first class had six students and from that point, the program grew to be the largest live instruction CPA Review program in New England. The Lambers teaching method of illustrations, examples and working problems has helped over 250,000 candidates pass the CPA Exam since that first class in 1966.

Today, Lambers review courses deliver that same successful teaching style to exam candidates via online video, unique adaptive testing software, and textbooks. Over the last two decades, we've expanded our offerings to include the Enrolled Agent (EA), an extensive library of both IRS approved continuing education (CE) courses (including the IRS Federal Tax Refresher (AFTR) course for registered tax professionals), and NASBA approved continuing professional education (CPE).

See why Lambers Financial has remained a leader in professional education for over fifty years! Visit our website today to check out our full line of review courses and titles.

Faq

FAQs content

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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.
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  • 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.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.5

25 Ratings

Excellent

16

Very Good

6

Average

3

Poor

0

Terrible

0

HS

Henry Staaterman, CPA (US)

May 7th, 2022

No

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