Crafting a clear and informative income statement is a common challenge faced by accountants. This course addresses the problem by guiding participants through the complexities of various income statement formats and content descriptions. It agitates the issue by emphasizing the need for accurate and comprehensive representation of a business's financial performance. The solution is provided through detailed instructions on presentation formats, discontinued operations, and other comprehensive income, along with real-world examples from publicly-held companies. This course equips accountants with the skills to produce insightful income statements that truly reflect the financial health of a business, thereby enhancing their proficiency in financial reporting.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Chapter 1
Differentiate between the various types of income statements.
List the types of information to be included in each type of income statement.
Chapter 2
Recognize how noncash expenses can be used in the analysis of an income statement.
Note which expenses can be included in the cost of goods sold.
Chapter 3
Recognize which expenses can and cannot be allocated to discontinued operations.
Chapter 4
Recognize the items that can and cannot be included in other comprehensive income.
Chapter 5
Understand the differences between the margins that can be reported on an income statement.
Describe the contents of the ratios used to analyze the information in an income statement.
Major Topics
Overview of the Income Statement
Revenue and Expense Presentation of the Income Statement
Discontinued Operations
Comprehensive Income
Income Statement Ratio Analysis
Rationales
