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Generally Accepted Accounting Principles GAAP

Generally Accepted Accounting Principles GAAP

Generally Accepted Accounting Principles GAAP

 

OBJECTIVES

  • Explain and interpret Generally Accepted Accounting Principles.
  • Interpret accounting treatment for assets, liabilities, and owners’ equity transactions.
  • Apply Accounting Principles in developing financial statements.
  • Analyze specialized accounting transactions.
  • Use practical guidance to prepare Financial Statements in accordance with GAAP.

WHO SHOULD ATTEND?

Accountants, accounting supervisors, accounting managers and junior accounting staff who want to upgrade their accounting skills with the newest Generally Accepted Accounting  Principles.

COURSE OUTLINE

Introduction to GAAP

Balance Sheet

  • Concepts, Rules and Examples
  • Classification of Assets
  • Classification of Liabilities
  • Classification of Stockholders’ Equity
  • Example of Balance Sheet Classification and Presentation

Statements of Income and Comprehensive Income

  • Revenue and Expense Recognition and Measurement
  • Discontinued Operations
  • Extraordinary Income
  • Accounting Changes
  • Comprehensive Income
  • Prior Period Adjustments

Statement of Cash Flow

  • Cash Classification
  • Direct Versus Indirect
  • Preparation of Statements

Assets

  • Cash, Receivables and Prepaid Expenses
  • Short-Term Investments and Financial Instruments
  • Inventory
  • Long-Lived Assets
  • Investments

Liabilities and Equities

  • Current Liabilities and Contingencies
  • Long-Term Debt
  • Stockholders’ Equity

Revenue Recognition

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