NCSAN-EG – Business & Management

General Accounting for Engineers

Regular Price $490.00 – 1 Year Access – 12 PDH Credits

Accounting for Engineers Course Overview:
This series has been designed for professional development for engineers or non-financial professionals, .   Due to the use of accounting concepts in the later courses, this course should be taken in consecutive order.

Note: This course is not offered for CPE credit.

Accounting Course for engineers
Speaker / Author:

Alexander J. Sannella, CPA Ph.D — Rutgers University Business School
Alexander J. Sannella is currently an Associate Professor of Accounting at the Rutgers Business School. During his years at Rutgers, he has taught at both the graduate and undergraduate levels and served as Associate Dean of the Business School and Coordinator of the Department of Accounting and Information Systems.

 

Overview of Accounting Course:

NCSAN01-EG     Introduction to Financial Accounting and Analysis

The major emphasis of this course is to provide the engineer or non-financial professional with the tools and background information required to better assess the quality of accounting financial information and minimize risk.
This course begins with an introduction to financial accounting and then continues with GAAP (Generally Accepted Accounting Principles).  The impact of GAAP and how they impact financial statement analysis is discussed. Users will learn how to read and understand financial statements.

The accounting course is presented from the standpoint of a user of the financial statements or from a financial analyst perspective.  This course offers professional development hours for engineers.

Accounting Learning Objectives:

After completing this course, the course participant should be able to:

  • Differentiate the concepts traditionally identified with the balance sheet: Historical cost concept, the going concern concept, conservatism and the business equity concept.
  • Apply the revenue realization/recognition and matching principle concepts to the reporting of transactions and economic events impacting the income statement.
  • Analyze the impact of expensing versus capitalizing the advertising cost
  • Compare cash basis and accrual basis of accounting
  • Use the profitability ratios to assess the ability of the company to generate income and cash flows
  • Explain changes in cash and other balance sheet accounts
  • Use the concept of deferred tax and compute Financial Accounting (GAAP) Income and taxable income
  • Calculate Unlevered Free Cash Flows (UFCF) using Net income and EBIT method
  • Compare the financial information reported by two firms in the same industry, if each firm uses a different set of GAAP accounting methods or evaluation techniques.
  • Analyze the need to better assess the quality of accounting numbers and minimize accounting risk.
  • Prepare financial statements in accordance with Generally Accepted Accounting Principles or GAAP.
  • Distinguish between assets, liabilities and stockholders equity.
  • Report assets, liabilities in a balance sheet in the order of liquidity and maturity respectively.
  • Calculate the pure working capital of a company
  • Measure the financial position of a company by matching maturities.
  • Interpret the three basic financial statements: The balance sheet, the income statement and the cash flow statement.
Engineering and accounting GAAP

Accounting For Engineers Course includes 5 modules:

Accounting Modules:

NCSAN01-EG     Introduction to Financial Accounting and Analysis (above)
NCSAN02-EG     The Current Asset Section of the Balance Sheet
NCSAN03-EG     Non-current Assets
NCSAN04-EG     Accounting for Liabilities
NCSAN05-EG     Analysis of Stockholders’ Equity

 

NCSAN02-EG     The Current Asset Section of the Balance Sheet

Course Overview:
It is recommended that the participant first complete NCSAN01, Introduction to Financial Accounting and Analysis.

The next course in the Accounting for the Non-Accountant series examines the current asset section of the balance sheet, which is critical to an understanding of liquidity. The course defines the operating cycle of a firm and emphasizes its importance, not only for the cycle itself but for the financial ratios generated which can be used for comparable company analysis. Modeling applications provided include examples of the operating cycle ratios in debt capacity analysis and of ratios to project pro forma estimated, or projected, balance sheets. The course examines the impact of GAAP alternatives on ratio analysis, and compares the three different GAAP inventory methods, using examples to illustrate. The course includes discussion of LIFO liquidation, the LIFO reserve, continues with an exploration of accounts receivable and bad debts, and concludes by examining accounting for investment securities. Examples and exercises are interspersed throughout the course.

Learning Objectives:
After completing this course, the course participant should be able to:

Define what constitutes the operating cycle of a firm.
Perform financial statement analysis through the application of basic financial ratios.
Describe the impact of GAAP (Generally Accepted Accounting Principles) alternatives on ratio analysis.
Account for inventory balances.
Compare and contrast the basic inventory methods under a periodic inventory system.
Describe the impact of LIFO liquidation and the use of the LIFO reserve.
Account for bad debt expense.
Account for investment securities.

NCSAN03-EG     Noncurrent Assets
It is recommended that the participant first complete NCSAN02, The Current Asset Section of the Balance Sheet.

The course Noncurrent Assets, part of the Accounting for the Non-Accountant series, examines the three major categories of noncurrent assets: tangible fixed assets, which include plant assets, or property, plant, and equipment; intangible assets, which include patents, copyrights and goodwill; and natural resources or wasting assets, which include oil and gas deposits and timberlands. After introducing tangible fixed assets, the course provides explanations and examples of accounting for tangible fixed assets at acquisition and also subsequent to acquisition. The course participant will explore depreciation accounting issues and methods, and capitalization of interest. Next, the course examines intangible assets, detailing which assets are subject to amortization and which are not. Special cases involving research and development (R&D) costs, patents, computer software costs and internal software costs are discussed. Finally, the course looks at accounting for natural resources or wasting assets, focusing on exploration and development costs in extractive industries and financial statement disclosures for oil and gas activities. Illustrations, examples and exercises are interspersed throughout the course.

Learning Objectives:
After completing this course, the course participant should be able to:

Describe the three major categories of noncurrent assets.
Understand the characteristics of tangible fixed assets.
Account for tangible fixed assets at acquisition as well as subsequent to acquisition.
Depreciate tangible fixed assets using the basis GAAP (Generally Accepted Accounting Principles) depreciation methods.
Apply analytical measures to tangible fixed assets.
Distinguish between intangible assets subject to amortization and those not subject to amortization.
Account for natural resource assets.
Make appropriate disclosures for oil and gas activities.

NCSAN04-EG     Accounting for Liabilities
Course Overview:
It is recommended that the participant first complete NCSAN03, Non-current Assets.

This course discusses the basic concepts for the time value of money. It also reviews the distinction between current and long-term liabilities as well as special issues and contingent liabilities. All aspects of accounting for long-term debt (bonds payable) are explained, with numerous examples of amortizations offered. The different amortization methods for discount and premium are illustrated. The course includes review questions, a self-assessment exercise and a comprehensive problem.

Learning Objectives:
After completing this course, the course participant should be able to:

Understand the time value of money.
Analyze a business decision involving the time value of money.
Calculate an annuity due using two different approaches.
Classify liabilities on the balance sheet.
Account for bond issuances.
Explain bond pricing theory.
Describe what contingent liabilities are.
Deal with special issues relating to corporate debt.

NCSAN05-EG     Analysis of Stockholders’ Equity

Stockholders’ equity represents the residual claims against the assets of the firm. Stockholders’ equity claims are residual because they can only be asserted after the claims of creditors have been satisfied.

In this course we look at what makes up stockholders’ equity. We will explain common stock, preferred stock, and additional paid in capital, as well as dividends, stock options, and treasury stock. The differences between common and preferred will be examined, with a summary of the characteristics of each. Accounting for the various components of stockholders’ equity will be reviewed, with numerous examples.

Learning Objectives:  After completing this course, the course participant should be able to:

  • Describe what stockholders’ equity represents.
  • Understand the two major objectives of accounting for stockholders’ equity.
  • Classify the major sources of stockholders’ equity.
  • Make the appropriate disclosures related to stockholders’ equity.
  • Discuss the issuance of capital stock in the primary market.
  • Compare and contrast the characteristics of common and preferred stock.
  • Account for dividends.
  • Account for treasury stock.
  • Explain the different types of adjustments to total stockholders’ equity.
  • Account for stock-based compensation.
  • Account for convertible debt and preferred shares.

Software & Hardware Requirements:

•    Adobe Acrobat® Reader for the .pdf files
•    Adobe® Flash® Player 8 or higher
•    Mac OS X
•    If using a PC: OS Microsoft® Windows® 2000 or later
•    Ram: 256 MB minimum
•    Sound card with speakers/headphones
•    Internet connection at 28.8-Kbps or faster speed
•    If using Microsoft® Internet Explorer®, use version 5.5 or later
•    If using Netscape Navigator, use version 7.x or later
•    If using Safari, use version 1.x or later

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”Engineering

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