Foundations of Financial StatementsCornell Course
Foundations of Financial Statements ()
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Course Overview
This course provides a foundation in financial accounting and examines the expansion of the field as it relates to the evolution of business' accounting needs. Students will be able to speak intelligently about accounting entities, assets, and claims, along with how they are represented on an income statement and balance sheet. It then examines the application of financial statement ratios and the ways in which data can be utilized for the internal and external evaluation of a company's financial position, performance, and prospects. Students will apply financial statement ratios to analyze how profit is generated and make determinations on a company's liquidity and solvency. Finally, this course will look at non-profit organizations and the implications of restricted funds versus for-profit companies and unrestricted funds.
Key Course Takeaways
- Distinguish between entities and enterprises and their assets and claims
- Correlate the roles of the people involved in the financial process with the problems they are tasked with solving
- Identify and implement changes to assets within the income statement
- Distinguish between operating and reporting distortion and be able to identify each
- Outline the purpose of the conceptual framework and standards boards
- Identify the goals of financial reporting and the qualities of a useful report
- Evaluate an organization's:
- financial position using the balance sheet
- financial performance using its income statement
- cash flows using the Statement of Cash Flows
- Distinguish between dissolution, bankruptcy, and insolvency
- Explain how bankruptcy law impacts the repayment of creditors, stockholders, and owners
- Use financial statement ratios to evaluate a company's liquidity and solvency
- Evaluate how different organizations use assets and/or equity to generate profit, by calculating the return on assets and then comparing the return on sales, asset turnover, and the financial leverage ratio
- Explain how the nature of non-profit organizations results in restricted funds and different financial reporting guidelines
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Course Length
2 weeks
Effort
5 to 7 hours of study per week
Format
100% online, instructor-led
Course Author
Robert Bloomfield
Professor
Cornell SC Johnson College of Business
Who Should Enroll
- Individuals seeking to enter the field of accounting or auditing
- Managers involved in financial forecasting and investments
- Entrepreneurs seeking investors and/or investment opportunities
- Pre-MBA students interested in gaining an accounting background
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