Creating the Balance Sheet and Income Statement
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In this 4th and final course of the Accounting Essentials Skill Series, participants will post 90 days of transactions for a retailer and real estate company, explore trial balance benefits and pitfalls, use general ledger entries to create financial statements, and interpret the results.
Certificate
1 credit or $295
Cost
1.5 - 2 Hrs.
Duration
1 hr.
Prep Time
1
Quiz
Overview
In the fourth and final webinar session, participants examine the proper debit and credit entries to post 90 days of business transactions for both a retailer and real estate property management company, explore the benefits and possible pitfalls of the trial balances, review the use of general ledger entries to structure a balance sheet and income statement for the 90 day period in question, and address the interpretation of the resulting balance sheets and income statements.
Who Should Attend
This Course is ideal for participants currently in or aspiring to enter the following job functions:
- C & I Lending
- CRE Lending
- Consumer Lending
- Loan Review
- Special Assets
- Consumer and Retail Lending
- Credit Analysis
Prerequisites
Some familiarity with an accrual income statement and balance sheet for a commercial business, as well as completion of Sessions 1, 2, and 3.
Objectives
By the end of the webinar session, participants will be able to:
- Apply debit and credit entries to record a comprehensive series of transactions over a stated time period for a retail shoe store and a real estate property management company.
- Use the trial balance and identify the areas of potential difficulty in relying on the trial balance to assure accurate posting of transactions.
- Use general ledger entries to create an income statement and balance sheet for a specific time period.
- Identify the profitability of a company over the stated time period based on the assembled financial statements.
- Identify events that result in an increase or decrease in net worth and examine their implications for the risk position of the company.
- Identify the differences in accrual and cash income statements by use of the general ledger accounting entries.
Materials(access provided with registration)
- Terms and Concepts - Accounting
- Financial Statement Excerpts for Sierra Products, Inc.
- Exercise for the Session 4 Webinar
- Webinar Presentation Slides
- Webinar Poll Questions
- Webinar Poll Solutions
- Exercise Solutions
This is Course 4 of 4 in the Accounting Essentials Skill Series
Financial Statement Structure and Composition
Double Entry Accounting and the Accounting Equation
Critical Accounting Principles and Assumptions
Creating the Balance Sheet and Income Statement
