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Self-Study CPE
HOW TO READ AND ANALIZE FINANCIAL STATEMENTS
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INTRODUCTION TO FINANCIAL STATEMENTS AND THE ENVIRONMENT OF FINANCIAL REPORTING
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EQUITY INVESTMENTS AND LONG-LIVED ASSETS
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EARNINGS MANAGEMENT
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CURRENT ASSETS AND ASSET VALUATION
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SEC ENFORCEMENT OF ACCOUNTING AND REPORTING REGULATION
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FINANCIAL REPORTING AND ANALYSIS - 8 COURSE SERIES
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CLASSIFICATION AND ACCOUNTING FOR DEBT AND EQUITY
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Self study cpe
Preparing Financial Statements

PREPARING FINANCIAL STATEMENTS

CPE Processing Fee$70.00
Webinar TranscriptionN/A
Presentation Length Hour(s)3.5 hours
CPE Credits 3.5 hours
Subject Area 3.5 - Accounting
CE Credits 0.0 hours
Course LevelBasic
Instructional MethodQAS Self-Study
PrerequisitesNone
Advance PreparationNone
Recorded DateFeb 22, 2021
Date OfferedFeb 22, 2021
Course Description

This course is the second in the 8-course series covering Financial Reporting and Analysis. It demonstrates the process of preparing a complete set of financial statements, including discussions of the basic accounting equation, journal entries, ledgers, and contra accounts (e.g., accumulated depreciation and treasury stock).  It will also address the differences between accruals and cash flows, and the items that reconcile net income on the income statement with net cash from operating activities in the operating section of the statement of cash flows.


Learning Objectives:


  • State the basic accounting equation and explain how it relates to the financial statements.

  • Apply the basic accounting equation to transactions that lead to a simple balance sheet.

  • Apply the basic accounting equation to transactions that lead to a complete set of financial statements.

  • Describe the structure and role of journal entries and ledgers

  • Use journal entries and ledger accounts to prepare a simple balance sheet.

  • Use journal entries and ledgers accounts to prepare a complete set of financial statements.

  • Explain how closing entries transition the financial statements from one period to the next.

  • Define contra accounts and the role they play on the financial statements.

  • Define treasury stock and describe where it can be found on the financial statements.

  • Demonstrate how the sale of non-inventory assets affects the financial statements.

  • Discuss and illustrate the difference between the accrual-basis and cash basis of accounting.

  • Demonstrate using several examples how net income on the income statement can be reconciled with net cash from operating activities on the statement of cash flows.

Self-Study Course Instructions:

FOR DOCUMENT-BASED COURSES

Download the course document(s) (below) and follow prompts contained in the document.



FOR RECORDED COURSES WITH VIDEO

Download any course document(s) (below) which may include handouts, glossary, transcripts, etc. Follow any prompts contained in the documents to help you complete the course. Most documents are searchable.

Play the recording, noting the sectional guides indicating where topics on the agenda are covered and the prompts to pause video playback to respond to a review question (located below the video playback area). The timestamps for review questions are also noted below.

Upon completing the video and successfully answering all review questions, you will then take the final exam.

Not logged
Additional Materials
Agenda
Review Questions
Review Questions
QUESTION 1: 00:08:10 minutes
QUESTION 2: 01:38:26 minutes
QUESTION 3: 01:45:00 minutes
QUESTION 4: 02:01:00 minutes
QUESTION 5: 00:16:57 minutes
QUESTION 6: 00:31:30 minutes
QUESTION 7: 00:42:50 minutes
QUESTION 8: 00:50:00 minutes
QUESTION 9: 01:05:28 minutes
QUESTION 10: 01:16:40 minutes
QUESTION 11: 01:22:55 minutes
QUESTION 12: 01:30:40 minutes
Frequently Asked Questions
  • CPAacademy self-study courses are online.
  • The self-study format allows you to a) access the material online 24/7 and b) study at your own pace.
  • Per NASBA guidelines, you have one year from date of purchase to complete each program.
  • Complete your final exam at any time and get graded instantly. You can retake the exam at no additional charge (unlimited attempts).
  • Print your own certificate of completion on the spot upon passing the exam.
  • Grading policies: a) courses have a minimum passing score 70% b) test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.

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Jamie Pratt held the Alva L. Prickett Chair of Accounting at the Kelley School of Business at Indiana University in Bloomington, Indiana, for 10 years and in now holds the title of Emeritus faculty.  He received his doctorate in business from Indiana University in 1977, and has held faculty positions at the University of Washington (Seattle), the University of Zurich (Switzerland), Northwestern University and INSEAD (Fontainebleau, France), returning to Indiana in 1991.

Jamie’s research interests are in financial reporting and analysis, where he has published over 30 articles in the top academic research journals (including The Accounting Review, Journal of Accounting Research, Contemporary Accounting Research, Accounting, Organizations and Society, and Issues in Accounting Education), and he has taught courses in financial reporting and analysis at every level (introductory, intermediate, advanced) in every program (undergraduate, MBA, PhD).  He has received over 30 teaching awards and recognitions, and also taught executive education courses throughout the world.  Research and/or teaching recognitions have also come from the following organizations: American Accounting Association, American Taxation Association, Big 4 accounting firms (KPMG and PriceWaterhouseCoopers), Indiana Society of CPAs, the Universities of Manchester (England), Kwansei Gakuin (Japan) and Kentucky, and Business Week magazine.  His resume also includes two textbooks (one in its 11th edition), two computer-based interactive case platforms, a financial analysis case book, and several instructor guides that support these products. 

He is now CEO of PRATTedu (www.prattedu.com), which produces and delivers online video-based courses, primarily in the area of financial reporting and analysis.
 

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CPAacademy.org (Sponsor Id#: 111889) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

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About Our Presenter

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PRATTedu is an accounting CPE credit provider that offers video-based financial accounting courses that anyone can use to gain knowledge of financial statements and financial analysis.