The information presented in this program will demonstrate how the income statement, statement of owner’s equity, balance sheet, and statement of cash flows are developed and connect to each other. The presentation will cover the ten step accounting cycle leading up to the creation of the financial statements including the rules of debits and credits, accrual versus cash basis accounting, adjusting entries, accounting for inventory and receivables, long-term liabilities and depreciation, proper analysis of the notes to the financial statements, types of financial statements, and the CPA opinion.

 Several hands-on examples to reinforce the accounting concepts will also be included.

Topics covered in this session

• The Four Financial Statements
• The Ten Step Accounting Cycle (Business Transactions to the Post-Closing Trial Balance)
• Rules of Debits and Credits
• Accrual vs. Cash Basis Accounting
• Adjusting Entries
• Accounting for Inventory and Receivables
• Long-Term Liabilities and Depreciation
• Analysis of the Notes to the Financial Statements
• Types of Financial Statements and the CPA Opinion
• Examples to Reinforce Accounting Concepts