Learning outcomes

Recognise concepts of recognition and measurement

Contrast accrual-based accounting with cash-based accounting

Recall the accounting equation

Differentiate between debits and credits

Recognise key steps in the accounting cycle

Identify key components of an accounting information system

Identify the key steps in the closing process

Product information

Overview

This course will help you understand the U.S. standard setters' perspective on the purpose of financial statements and review concepts for recognition and measurement, accrual versus cash-based accounting, and the accounting equation. It also reviews accounting information systems, debits and credits, information processing, journal entries, trial balances and the closing process. This course is included in the U.S. GAAP Fundamentals for Finance Professionals Certificate.

Topics discussed:

Components of an accounting information system
Financial statements
Concepts for recognition and measurement
Accrual accounting
Cash-based accounting
The accounting equation
Debits and credits
Journal entries
Trial balances

Who should take this course?

Accounting and finance professionals who work for enterprises required to comply with U.S. GAAP or are interested in understanding U.S. accounting fundamentals.