may 2012
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May 2012. Accounting Boot camp. YOUR INSTRUCTORS. Allison Collins Bill Pasewark. Why are we here?. Have not had accounting before Do not have to take undergraduate fundamentals course. Purpose of the boot camp. Nothing Fancy !.

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Presentation Transcript
your instructors
YOUR INSTRUCTORS

Allison Collins

Bill Pasewark

Introduction to Accounting Boot Camp

why are we here
Why are we here?

Have not had accounting before

Do not have to take undergraduate fundamentals course

Introduction to Accounting Boot Camp

purpose of the boot camp
Purpose of the boot camp

Nothing Fancy !

Provide an accounting background to those with limited experience in accounting

Introduction to Accounting Boot Camp

course objectives
Course objectives
  • Know how accounting information is used by
  • Lenders
  • Investors
  • Regulatory compliance officers
  • Management
  • Employees
  • Understand essential accounting terminology
  • Understand the role of auditors
  • Recognize the difference between cash-basis and accrual-basis of accounting

Introduction to Accounting Boot Camp

course objectives continued
Course objectives (continued)
  • Navigate the accounting cycle (the process by which transactions become represented in the financial statements).
  • Be familiar with the structure of a corporate annual report.
  • Be familiar with the format and purpose of primary financial statements including
  • balance sheet
  • income statement
  • cash flow statement

Introduction to Accounting Boot Camp

boot camp content
Boot camp content

Concepts and Standard Formation

Financial Statements

Transaction Analysis

Accounting Cycle

Primary Accounts

Time Value of Money

Cash Flow

Introduction to Accounting Boot Camp

1a standard formation
1A Standard formation

Accounting has rules!

Rules differ from country to country

Who makes the rules?

How do the rules become official (promulgated)?

Introduction to Accounting Boot Camp

1b primary financial statements
1B Primary financial statements

There are three primary financial statements:

  • Balance Sheet – What do we own; what do we owe?
  • Income Statement – Were we successful?
  • Statement of Cash Flow – Where did money come from? Where did money go?

Introduction to Accounting Boot Camp

2 accounting cycle
2 Accounting cycle
  • Accounting Cycle – repetitive process of generating financial information
  • Follows process of:

Action → Reflection → Reaction

  • In accounting terms:

Transaction → Adjustment → Closing → Prepare Financial Statements

Introduction to Accounting Boot Camp

3 primary accounts
3 Primary accounts

What accounts are used by most firms?

  • Receivables – money owed to us
  • Inventory – things we will sell
  • Fixed Assets – property, plant, and equipment
  • Payables and Debt – money we owe to others

Introduction to Accounting Boot Camp

4 time value of money
4 Time value of money

Accounting and the Fourth Dimension

  • Financial position is affected by
    • how much cash is received (paid), and
    • when cash is received (paid)
  • Would you rather have $1,000 now or $1,000 ten years from now?
  • How does inflation and rate of return affect payments and receipt of money?

Introduction to Accounting Boot Camp

5 cash flows
5 Cash Flows
  • Statement of Cash Flow
  •  How do increases and decreases in cash affect the company?
  • Cash Flow Classifications

Introduction to Accounting Boot Camp

boot camp resources
Boot camp resources
  • Textbook– same as ACCT 5301 course
  • Readings – in the syllabus
  • Notes – in your hands and on the web

Introduction to Accounting Boot Camp

assessment
assessment

Take home assignments

Attendance will be taken

Exam at the end

Introduction to Accounting Boot Camp

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