US GAAP is the commonly recognized body of rules and procedures governing financial accounting and recording. For the new accountant or seasoned practitioner, this course provides guidance on interpreting and preparing the income statement and the statement of cash flows.

Certain situations with their specific sets of rules are commonly encountered in practice. With this course's coverage of the rules, calculations, journal entries, and financial statement presentation requirements, the financial statement preparer, auditor, or user will learn to account for certain unique business situations.

After completing this course, students will be able to:

• identify GAAP rules for reporting revenue at gross or net
• recognize proper accounting and reporting treatment for involuntary conversions, percentage revenue, shipping and handling costs, reimbursements, and gift certificates
• recall GAAP reporting for depreciation, amortization, and other expenses
• recognize proper treatment of cash, accounts related to cash, and certain types of financing and cash flow transactions
• classify cash flows into the three categories shown on a statement of cash flows
• identify required disclosures related to cash flows

Accounting and finance professionals with income statement and statement of cash flows familiarity who need to update their understanding of various common situations encountered when preparing or interpreting financial statements

General familiarity with basic GAAP and with the income statement and statement of cash flows