Accounting for Corporations – Financial Accounting

Demystifying Corporate Accounting: An In-depth Exploration of Financial Transactions in Corporations

Created by: Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI

What Will I Learn?

• Analyze the differences and similarities between corporations and other business entities such as partnerships and sole proprietorships.
• Evaluate the financial transactions related to the issuing of corporate stock for both cash and non-cash assets.
• Apply the accounting principles to record transactions related to cash dividends and stock dividends.
• Explain the concept, accounting implications, and the reasons for issuing or acquiring preferred stock.
• Compare and contrast treasury stock with preferred and common stock.
• Interpret the equity section of the financial statements, specifically the Statement of Stockholders’ Equity and the Statement of Retained Earnings.
• Demonstrate understanding of the corporate closing process in comparison to that of partnerships and sole proprietorships.
• Calculate earnings per share and articulate its significance.
• Create accounting solutions using Excel for various corporate accounting scenarios.

Requirements

• Basic Accounting Knowledge: An understanding of the fundamental principles of accounting, including understanding of the accounting equation, the double-entry bookkeeping system, and familiarity with financial statements such as the balance sheet, income statement, and cash flow statement.
• Understanding of Different Business Entities: Basic knowledge of different types of business entities, such as sole proprietorships, partnerships, and corporations.
• Willingness to Participate: Willingness to engage in discussions and solve problems. This is not a 'listen and learn' course; active participation will greatly enhance your learning experience.

Target audience

• Accounting Students: This course is a great fit for undergraduate or graduate students who are specializing in accounting. It can serve as a supplement to their formal education and provide practical, hands-on experience.
• Business Owners/Entrepreneurs: If you are considering establishing a corporation, this course will provide a solid understanding of the accounting principles and practices specific to this type of business entity.
• Accounting Professionals: For professionals already working in the field, this course can serve as a refresher or provide deeper insight into the specific aspects of corporate accounting. It's also ideal for those looking to shift into a role that deals with corporate accounting.
• CPA Candidates: If you're studying for your Certified Public Accountant (CPA) examination, this course can be a valuable resource. It will help deepen your understanding of corporate accounting, a key area tested in the exam.
• Financial Analysts: Those working in finance or investment who wish to gain a better understanding of corporate accounting to better analyze corporate financial statements will also benefit from this course.
• Anyone interested in Corporate Accounting: Finally, if you're a lifelong learner with an interest in corporate finance, this course will provide an in-depth look into the intricacies of corporate accounting.