This training course provides an introduction to key topics in accounting and finance for those involved in new ventures. It reviews financial accounting basics, including GAAP Principles and financial statements, and also covers key issues in finance, broadly defined as any financial or monetary activity that involves a company.
Individual Skill Course
- Understand and explain the assumptions and principles that underlie Generally Accepted Accounting Principles (GAAP)
- Understand and explain the rules of double-entry accounting
- Calculate the balance of the account
- Define the steps that make up the accounting cycle
- Describe the relationship between the major financial statements that make up an annual report
- Explain the role of finance in the entrepreneurial process
- Understand the importance of budgeting and financial planning
- Identify and explain the three major pricing strategies
- Define and distinguish between fixed and variable costs
- Calculate the components of a master (static) budget
- Prepare a cash budget
- Prepare and analyze pro forma financial statements
- Develop a basic financial plan
- Use pro forma financial statements to evaluate a new venture
- Explain the factors and assumptions involved in break-even analysis
- Calculate Return on Investment (ROI) and payback period
This course includes an “Ask the Expert” feature. You can use this feature to submit questions about course content. A subject matter expert will provide guidance or point you to additional resources for the topics you’re studying. Questions are answered as quickly as possible and usually within 24 hours.
Learners must achieve an average test score of at least 70% to meet the minimum successful completion requirement and qualify to receive IACET CEUs.
- Any modern Office suite: Microsoft Office, Apple iWork, OpenOffice, or LibreOffice
- The latest Adobe Reader/Acrobat Reader ( free download available at https://get.adobe.com/reader/ )
- Reliable internet connection. Broadband cable or highspeed DSL is recommended for optimal experience.
- E-mail account (to be able to register and to receive e-mail from the course system regarding registration, course status, etc.)
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