What every non-financial professional needs to know about accounting, auditing, and financial reporting:

General purpose financial statements
Balance Sheet
Income Statement
Statement of Stockholders' Equity
Statement of Cash Flows
Other sources of financial data

Management's Discussion and Analysis
Interim Reporting

What is GAAP - the language of accountants
Defining GAAP
Who sets GAAP?

The Financial Accounting Standards Board (FASB)
International Accounting Standards Board (IASB)
The Securities and Exchange Commission (SEC)
The American Institute of Certified Public Accountants (AICPA)
The Governmental Accounting Standards Board (GASB)
Basic concepts, principles, and assumptions

Materiality
Historical cost versus current value
Accrual basis versus cash basis
Going concern versus liquidation basis

Significant accounting policies and alternatives you should know about:
Revenue recognition
Assets
Marketable securities
Inventories
Investments
Fixed assets and depreciation
Mergers and acquisitions (M&A)
Purchase accounting versus pooling-of-interests
In-process R&D
Intangible assets
Liabilities

Commitments and contingencies
Income taxes
Leases
Long-term debt
Shareholders' Equity
What does the independent auditor's report tell you?

Generally accepted auditing standards (GAAS)
Types of audit opinions
Unqualified
Qualified
Adverse
Disclaimer
Explanatory paragraphs

How to analyze financial statements

Trends and comparisons

Horizontal analysis
Vertical analysis
Trend analysis
Common size statements
Ratio analysis

Earnings per share
Stock price to earnings (P/E)
Current ratio
Acid-test ratio
Inventory turnover
Debt ratio
Gross profit margin

What every professional should know about management accounting and reporting:
Objectives of management accounting
Budgeting
Operating
Flexible
Capital

Cost accounting

Cost terminology
Product versus period costs
Variable versus fixed costs
Controllable versus noncontrollable costs

What are product and service costs?
Cost of goods sold
Direct materials
Direct labor
Overhead
Cost of services provided
Job costing
Standard costing
Process costing

Breakeven analysis for profit planning
Assumptions of breakeven analysis
The breakeven model
Breakeven with multiple products

What you should consider in your planning and decision-making process:
Cash flow management
Present value concepts and how to apply them
Add or drop a product or service line
Make or buy decisions
And much more!

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