Financial Statements for Decision-Making
Learn how journal entries, consolidating ledgers, and preparing the final accounts support the decision making process.
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CertificationView course modules
Financial Statements for Decision Making is a free online course that teaches the processes involved in preparing the types of financial records for decision-making. This course will enhance your knowledge of the interactions between financial transactions and financial records. The course begins with an illustration of passing journal entries and preparing financial statements using key accounting principles.
Next, you will learn about recording a series of transactions involving credit payments and supplies - purchases and sales returns. You will also study the effects of transactions such as drawings and cash purchases, as well as applying the real account principle. Then, you will analyze the process of consolidating the journal entries in the ledger account using Excel spreadsheets. Finally, you will discuss different aspects of the ledger and how to prepare the profit or loss statement and the balance sheet.
This free online course aims at teaching you the interactions between financial statements and its function in decision-making for individuals and businesses. This course will be of interest to students, accountants, financial enthusiasts, and anyone with an interest in applying information from financial records.Start Course Now
Types of Financial Records
Types of Financial Records - Learning Outcomes
Accounting Principles for Journal Entries
Recording Journal Entries
Effects of Journal Entries
Consolidating the Ledger Account
Types of Financial Records - Lesson Summary
Upon successful completion of this course, you should be able to:
- Recognize the fundamental concepts of financial accounting
- Identify the types of financial statements
- Explain the double-entry system of accounting
- Evaluate the effects of different types of financial transactions
- Analyze the process of preparing the final accounts
- Identify major assumptions of the cash flow statement
- Categorize the major activities of the cash flow statement
- Distinguish the direct and indirect methods of cash flow statements
- Recognize the importance of the annual report to the stakeholders
- Describe the importance of financial statement analysis to decision-making
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