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Learn the Environment of Financial Reporting to SUCCEED!

Everything YOU NEED TO KNOW to SUCCEED in understanding accounting accounting like a Certified Public Accountant!
3.9 (19 ratings)
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2,250 students enrolled
Last updated 1/2015
  • 38 mins on-demand video
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
Understand capital markets and decision making
Know what is included in financial reporting
Explain generally accepted accounting principles (GAAP) and the sources of GAAP
Identify the types of pronouncements issued by the Financial Accounting Standards Board (FASB)
Understand how the Financial Accounting Standards Board (FASB) operates
Describe the relationship between the Securities and Exchange Commission (SEC) and the FASB
Use ethical models for decision making about ethical dilemmas
Understand creative and critical thinking
Describe the joint convergence project of the FASB and IASB
View Curriculum
  • No other materials are required, but it is useful if you are an Intermediate Accounting student and have an Intermediate Accounting textbook.

This course uses a PowerPoint presentation, a practice quiz with explanations and notes to cover the most commonly discussed accounting concepts in Intermediate Accounting 1, Chapter 1. This covers WHAT YOU NEED TO KNOW for your Intermediate Accounting Class. Topics covered: Capital Markets and Decision Making, financial reporting, explanation of Generally Accepted Accounting Principles, the types of pronouncements from the Financial Accounting Standards Board, ethical dilemmas in accounting, and critical thinking in accounting.

Who is the target audience?
  • This course is designed with university accounting students in mind, however, anyone desiring to learn accounting in-depth is welcome
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Curriculum For This Course
Expand All 6 Lectures Collapse All 6 Lectures 38:07
Financial Accounting and Accounting Standards
6 Lectures 38:07

This is an introduction to the course. In this course, you will learn everything that you absolutely NEED TO KNOW in Intermediate Accounting I, chapter 1. This class is primarily for college/university accounting students taking Intermediate Accounting.

Introduction to Course

This is a PowerPoint presentation with voice over by the instructor explaining all the main concepts that you NEED TO KNOW.

The Environment of Financial Reporting

This quiz covers material discussed in lecture 1. The quiz is built from test banks that are commonly used for intermediate accounting chapter 1. You might see questions that are similar in your university accounting courses and the CPA exam.

Quiz 1
20 questions

This is a walkthrough of a homework problem similar to what you might see in your intermediate accounting class. In this problem a client company is asking you to describe what is meant by Generally Accepted Accounting Principles. This problem is adapted from the CPA Exam. For the homework, you need to: 1) Identify what the problem is asking for, 2) identify the information needed to FULLY answer the questions (don't half way answer - instructors HATE incomplete answers), 3) write your answer at a COLLEGIATE level quality. Also, include relevant REFERENCES as required. Most colleges require APA format for your written work.

Walk through of a homework example in Chapter 1

This is a homework problem that is asking the student to identify and describe the AICPA contributions to GAAP.

Example HW problem asking for AICPA contributions to GAAP

This is a walkthrough of a very common matching homework assignment common in most intermediate accounting texts. This problem states to match the GAAP sources to their definition.

Example HW problem asking to match GAAP definitions - explanations added

This is a walkthrough of additional chapter 1 homework problems that you might see in your Intermediate Accounting class. We will answer questions regarding the Financial Accounting Standards Board standard setting process, distinguish between Managerial Accounting and Financial Accounting, understand the types of pronouncements issued by the FASB, and talk about some discussion question examples similar to questions that you might see in the future.

Walkthrough of additional homework problems
About the Instructor
4.0 Average rating
119 Reviews
7,857 Students
3 Courses
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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