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Cost Management
Home PDU for the PMP® / Technical

Required information to prepare financial statements

USD 1.00
instructor
Instructor
Alan Fata
Category
Technical
Difficulty
Easy
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Course Highlight Curriculum Course Content Take The Test
Learning Objectives:
  1. Define “transaction” and provide common examples.
  2. Define “transaction analysis” and explain its importance to the accounting process.
  3. Identify the account changes created by the purchase of inventory, the payment of a salary, and the borrowing of money.
  4. Understand that accounting systems can be programmed to automatically record expenses such as salary as it accrues.
  5. Explain the reason that a minimum of two accounts are impacted by every transaction.
  6. Identify the account changes that are created by the payment of insurance and rent, the sale of merchandise, the acquisition of a long-lived asset, a capital contribution, the collection of a receivable, and the payment of a liability.
  7. Separate the two events that occur when inventory is sold and determine the effect of each.
  8. Explain the history of double-entry bookkeeping. 
  9. List the four steps followed in the accounting process. Indicate the purpose of a T-account. 
  10. List the rules for using debits and credits. 
  11. Understand the reason that debits and credits are always equal. 
  12. Describe the purpose and structure of a journal entry. 
  13. Identify the purpose of a journal. 
  14. Define “trial balance” and indicate the source of its monetary balances.
  15. Prepare journal entries to record the effect of acquiring inventory, paying salary, borrowing money, and selling merchandise.
  16. Define “accrual accounting” and list its two components. Explain the purpose of the revenue realization principle. Explain the purpose of the matching principle.
  17. Prepare journal entries for basic transactions such as the payment of insurance, the acquisition of a long-lived asset, the contribution of capital, the payment of a dividend, and the like.
  18. Explain the recording of a gain or loss rather than revenue and cost of goods sold.
  19. Describe the recording of an unearned revenue.
  20. Understand the purpose of both the journal and the ledger.
  21. Discuss the posting of journal entries to the ledger T-accounts and describe the purpose of that process.

Other course details:
  1. This is an introductory course that does not require any prerequisite.
  2. This course can be taken on a standalone basis.
  3. This course is chapter 4 in the book titled "Financial Accounting".
  4. It provides 3 PDU (Technical skill) towards your PMP professional development education.
Course Features
Credits:
3 PDU
Skill Section:
Technical
Access:
Lifetime
Test Questions:
20
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