Topic #1: What is Accounting and Why Do Business Leaders Need to Learn It
We begin our exploration of Accounting by covering the basics. Students will learn how we define Accounting, how it informs key business decisions, and what the financial statements used by accountants are. We also include some optional coverage of who the standards setters of Accounting in the US are and what the ultimate objective of financial reporting is.
Topic #2: Business Activity Transaction Analysis
Our second topic focuses on transaction analysis, or an analysis of the business activities that impact financial statements. After demonstrating how to perform a transaction analysis and use it to prepare financial statements, we discuss the differences between accrual and cash-based Accounting in a transaction analysis context.
Topic #3: The Accounting Process Cycle
Topic 3 is all about the Accounting process and its cyclical nature. From the first step where you're analyzing a transaction analysis to the last where you're closing out accounts, we'll discuss the entire process and give you the opportunity to perform some of those steps yourself.
Topic #4: Statement of Cashflow
The final topic is a deep dive into the statement of cash flows, one of the four major financial statements. We cover what makes the statement of cash flows so important, how it relates to the other financial statements, and some of the different ways that information may be presented. The topic concludes with an opportunity for students to prepare a balance sheet themselves.