1. May 2012

2. Introduction to Accounting Boot Camp 2 Allison Collins Bill Pasewark

3.  Have not had accounting before  Do not have to take undergraduate fundamentals course Introduction to Accounting Boot Camp 3

4. Provide an accounting background to those with limited experience in accounting Nothing Fancy ! 4 Introduction to Accounting Boot Camp

5.  Know how accounting information is used by o Lenders o Investors o Regulatory compliance officers o Management o Employees  Understand essential accounting terminology  Understand the role of auditors  Recognize the difference between cash-basis and accrual-basis of accounting Introduction to Accounting Boot Camp 5

6.  Navigate the accounting cycle (the process by which transactions become represented in the financial statements).  Be familiar with the structure of a corporate annual report.  Be familiar with the format and purpose of primary financial statements including  balance sheet  income statement  cash flow statement Introduction to Accounting Boot Camp 6

7. 1. Concepts and Standard Formation 2. Financial Statements 3. Transaction Analysis 4. Accounting Cycle 5. Primary Accounts 6. Time Value of Money 7. Cash Flow 7 Introduction to Accounting Boot Camp

8.  Accounting has rules!  Rules differ from country to country  Who makes the rules?  How do the rules become official (promulgated)? 8 Introduction to Accounting Boot Camp

9. There are three primary financial statements:  Balance Sheet  Balance Sheet – What do we own; what do we owe?  Income Statement  Income Statement – Were we successful?  Statement of Cash Flow  Statement of Cash Flow – Where did money come from? Where did money go? 9 Introduction to Accounting Boot Camp

10. AAAAccounting Cycle – repetitive process of generating financial information FFollows process of: Action → Reflection → Reaction IIn accounting terms: Transaction → Adjustment → Closing → Prepare Financial Statements 10 Introduction to Accounting Boot Camp

11. What accounts are used by most firms?  Receivables  Receivables – money owed to us  Inventory  Inventory – things we will sell  Fixed Assets  Fixed Assets – property, plant, and equipment  Payables and Debt  Payables and Debt – money we owe to others 11 Introduction to Accounting Boot Camp

12.  Financial position is affected by  how much cash is received (paid), and  when cash is received (paid)  Would you rather have $1,000 now or $1,000 ten years from now?  How does inflation and rate of return affect payments and receipt of money? 12 Introduction to Accounting Boot Camp Accounting and the Fourth Dimension

13.  Statement of Cash Flow  How do increases and decreases in cash affect the company?  Cash Flow Classifications Introduction to Accounting Boot Camp 13

14.  Textbook  Textbook – same as ACCT 5301 course  Readings  Readings – in the syllabus  Notes  Notes – in your hands and on the web 14 Introduction to Accounting Boot Camp

15.  Take home assignments  Attendance will be taken  Exam at the end Introduction to Accounting Boot Camp 15