Financial Statement Structure and Composition
4.70
715 Reviews
In this 1st course of the Accounting Essentials Skill Series, participants will review definitions for financial accounts, identify income statement and balance sheet accounts, understand account ordering, and construct statements from scrambled accounts for a retailer and property management company.
Certificate
1 credit or $295
Cost
1.5 - 2 Hrs.
Duration
1 hr.
Prep Time
1
Quiz
Overview
In the first webinar session, participants review definitions for revenue, expense, asset, liability, and net worth accounts, examine a range of accounts in identifying income statement and balance sheet accounts, explore the rationale for the order of accounts on the income statement and balance sheet, and review the process of constructing both an income statement and balance sheet from scrambled accounts for a retailer and real estate property management company.
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
- Private Banking
- 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.
Objectives
By the end of the webinar session, participants will be able to:
- Define revenue, expense, asset, liability, and net worth and explain the rationale for assignment of these accounts to either the income statement or balance sheet.
- Properly classify each account in a list of financial statement accounts as a revenue account, expense account, asset account, liability account, or net worth account.
- Identify the appropriate order of revenue and expense accounts on the income statement and explain the rationale for the sequence of accounts.
- Identify the appropriate order of asset accounts, liability accounts, and net worth accounts on the balance sheet and explain the rationale for the sequence of accounts.
- Identify all income statement and balance sheet accounts from a list of scrambled accounts for a retail shoe store and create the proper income statement and balance sheet for the company.
- Identify all income statement and balance sheet accounts from a list of scrambled accounts for a real estate property management company and create the proper income statement and balance sheet for the company.
Materials(access provided with registration)
- Terms and Concepts - Accounting
- Exercise for the Session 1 Webinar
- Webinar Presentation Slides
- Webinar Poll Questions
- Webinar Poll Solutions
- Exercise Solutions
This is Course 1 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
