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Introduction to Financial Statements and the Environment of Financial Reporting
Introduction to Financial Statements and the Environment of Financial Reporting
This course is an introduction to financial statements, why they are important, what they are, and includes a description of the environment in which they are prepared and used as well as a description of the concept of corporate governance. It emphasizes the role of fi nancial statements in measuring how well companies have performed on key factors of business success. This course serves as the first in a series of 8 courses, that cover the preparation and use of financial statements as well as the accounting methods used in constructing the financial statements. The final course in this series discusses and documents how real - world companies use discretion to create reports that measure their financial performance and position in the best possible light
Learning Objectives:
Upon successful completion of this course, participants will be able to:
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Describe why financial statements are important and how they are used
● Describe the four financial statements and explain how they differ.
● List the 5 basic questions, in order, that cover the concepts measured by the financial statements.
● Use actual dollar values from actual financial statements to answer the 5 basic questions.
● Describe the economic forces that influence the preparation, use and analysis of the financial statements.
● Define the concept of corporate governance and how it relates to the financial statements.
● Describe the key areas of running a business and how they relate to how capital flows through the business.
● Link the key areas of running a business and their results to the financial statements
Course Number:
JP01
NASBA Field of Study:
Accounting
Level:
Basic
Author/Instructor:
Jamie Pratt
CPE Credits:
3
Prerequisites:
None
Advanced Preparation:
None
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