Conceptual Framework of Accounting, YOU NEED TO KNOW for CPA

The FASB Conceptual Framework is the foundation of the FASB Statements of Accounting Standards, the bulk of GAAP.
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  • Lectures 5
  • Length 1 hour
  • Skill Level All Levels
  • Languages English
  • Includes Lifetime access
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About This Course

Published 2/2015 English

Course Description

Accounting students and learners! I am Cliff Hendren, a Certified Public Accountant with an MBA from the University of Tennessee. I have over 5 years experience teaching online accounting classes for the major online universities. I have designed this class so you get EXACTLY what you need to be successful in your understanding of accounting. And in particular, this class is like a 24 hour, 7 day per week tutoring session for your university accounting class.

The Financial Accounting Standards Board (FASB) Conceptual Framework is very challenging for accounting students because it is theory based. It is the building block of all the accounting rules that are included in Generally Accepted Accounting Principles (GAAP). By understanding the conceptual framework, you will get insight into the basis for the accounting rules. Example concepts that drive the accounting rules are:

  • The Matching Principle
  • The Monetary Unit Assumption
  • The Going-Concern Assumption
  • Materiality
  • The Entity Assumption

The course will give you everything that you need to know for the FASB Conceptual Framework, which is typically Chapter 2 of most Intermediate Accounting texts. The material presented is in a condensed format in 5 lectures so that you get everything you need to be successful in your Intermediate Accounting class.

You will get videos walk throughs of homework problems with explanations, a power point presentation of all the key concepts that you NEED TO KNOW, example exam questions and a 20 question quiz with explanations that detail the concepts that YOU NEED TO KNOW. In addition, you will be able to download the PowerPoint presentation slides, download lecture notes with all the key concepts, and download the example homework problems that I have worked for you! You will have all the tools that you need to understand the FASB Conceptual Framework!

What are the requirements?

  • This class is best suited for those that have had intro to accounting. However, a review of intro accounting material is included.

What am I going to get from this course?

  • Explain the FASB conceptual framework
  • Understand the relationship among the objectives of financial reporting
  • Identify the general objective of financial reporting
  • Describe the three specific objectives of financial reporting
  • Discuss the types of useful information for investment and credit decision making
  • Explain the qualities of useful accounting information
  • Understand the accounting assumptions and principles that influence GAAP
  • Define the elements of financial statements
  • List the qualitative characteristics of useful information in the tentative FASB and IASB joint conceptual framework

What is the target audience?

  • This course is ideal for university and college accounting students that need extra help in their accounting classes.
  • This course is ideal for anyone wanting to learn accounting at an in-depth level, beyond the introductory level

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.

Curriculum

Section 1: The FASB Conceptual Framework
02:06

This is an introduction to the course and what you will get in this course.

01:19

This is an overview of the course objectives

18:46

This video is a power point presentation of the FASB Conceptual Framework. This material is common in nearly all intermediate accounting courses.

20 questions

This quiz is over the FASB Conceptual Framework and will emphasize exactly what you need to know.

16:19

This is a walkthrough of several exam problems that you might see in your intermediate accounting class with explanations.

06:11

This is a walkthrough of an essay homework problem example that covers the objectives of financial reporting.

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Instructor Biography

Prof. Kenneth "Cliff" Hendren, Certified Public Accountant

I am a Certified Public Accountant in the State of Tennessee, license number 17333. My Masters of Business Administration degree is from the University of Tennessee at Chattanooga, awarded in 2000. My career includes 7 years in public accounting for regional and national CPA firms and 7 years in executive management positions in healthcare as a Chief Financial Officer. In addition, I have taught online accounting classes since 2005 with Strayer University, University of Phoenix, Baker College, Indiana Wesleyan University, National American University and Tennessee Temple University. My experience as on online accounting professor and as a career CPA brings unparalleled value to my classes.

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