Understanding Financial Statements
Course description:
The course provides an overview of the accounting cycle, reading financial statements and the use of computerized accounting programs.
| The Understanding Financil Statements Course is approved for 7 General CEU's and 1 Business Practice CEU for Lake, Pinellas and Volusia Counties for irrigation contractor licensing renewal. |
Course Topics:
1. Understanding basic accounting concepts:
- Understanding the importance of accounting information
- Overview of financial statement – income statement and balance sheet
- Understanding debits and credits
- Understanding assets and liabilities
- Identifying income accounts
2. Recording sales and expenses:
- Sales – Time and material billing
- Sales – “AIA” billing
- Sales – Maintenance contract billing
- Identifying expenses
- Categorizing expenses
3. The function of accounts payable:
- Setting up vendor accounts
- The role of purchase orders
- Recording accounts payable information
- Recording payment of a vendor invoice
4. The function of accounts receivable:
- Setting up a customer account
- Handling AIA billing as a receivable
- Handling time and material billing
- Posting payments received
5. Processing payroll information:
- Types of payroll information needed
- Understanding withholding
- Understanding quarterly and annual payroll reports
6. Reading Income (profit/loss) statement:
- Reviewing actual statements
- Utilizing profit margin to analyze results
7. Reading the Balance Sheet:
- Reviewing actual balance sheets
- Utilizing ratios to analyze financial information
8. Job Costing:
- Explaining how job costing journals work
- Using job cost information
- GL and Job costing relationships
9. Computerized Accounting Systems:
- Reviewing current technology
- Reviewing traits and characteristics of computerized accounting systems
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