Reporting Use of Firm Resources and Taxation from edX

We’ll begin this course with a look at inventory and learn how to link inventory valuation to gross profit. We’ll also explore the four principal inventory valuation methods and assess the pros and cons of each inventory valuation method. Next, we’ll learn how to measure the cost of long-lived assets and distinguish between expenses and capitalized items. We’ll learn how to compute depreciation under various depreciation methods and explain the effect of depreciation on cash flow. We’ll also learn how to compute gains and losses on disposal of fixed assets as well as account for the impairment of tangible assets.

Next, we’ll look at the concept of deferred taxes and learn how to distinguish between a deferred tax asset and liability. This course also teaches you on how to compute the value of a deferred tax liability and explains when and why a deferred tax liability would be considered an equity item.

This course is part 3 of the New York Institute of Finance’s Financial Accounting Professional Certificate.

What's inside

Learning objectives

Inventory
Long-lived assets and depreciation

Taxes and depreciation
Deferred taxes

Inventory
Long-lived assets and depreciation
Taxes and depreciation
Deferred taxes

Syllabus

Mod 01: Inventory

Mod 02: Long-Lived Assets and Depreciation

Mod 03: Taxes and Depreciation

Mod 04: Deferred Taxes

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Develops skills to accurately account for assets, liabilities, and equity to measure financial health

Increases accuracy of financial statements that managers and investors rely on

Enhances employability in accounting or finance roles

Delivers a comprehensive overview of all aspects of inventory accounting

Meets industry standards for financial accounting

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Reporting Use of Firm Resources and Taxation with these activities:

Introduction to Accounting Principles

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This book provides a comprehensive overview of accounting principles and will help you build a solid foundation for the course.

View Accounting Principles on Amazon

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Read the book chapter by chapter.
Take notes and highlight important concepts.
Complete the exercises and review questions at the end of each chapter.

Volunteer at a Non-Profit Organization

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Volunteering at a non-profit organization will provide you with practical experience in accounting and expose you to the challenges faced by non-profits.

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Contact a local non-profit organization.
Assist with accounting tasks such as bookkeeping, financial reporting, or auditing.
Learn about the financial management of non-profit organizations.

Inventory Valuation Calculations

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Practice calculating inventory valuation using different methods will reinforce your understanding of this important concept.

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Solve practice problems involving FIFO, LIFO, and weighted average cost methods.
Analyze the impact of different inventory valuation methods on financial statements.

Five other activities

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Group Discussions

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Engaging in discussions with peers will provide you with diverse perspectives and enhance your understanding of course concepts.

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Attend group discussion sessions.
Actively participate in discussions by sharing your insights and asking questions.
Collaborate with peers on solving problems and completing assignments.

Depreciation and Amortization

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Understanding depreciation and amortization is essential for accurately reporting the value of long-lived assets. These tutorials will enhance your grasp of these topics.

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Watch online tutorials on various depreciation methods.
Apply depreciation methods to real-world scenarios.
Analyze the impact of depreciation on cash flow.

Accounting Software Training

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Hands-on training in accounting software will equip you with practical skills that are highly valued in the job market.

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Attend a workshop on accounting software.
Practice using the software to perform accounting tasks.
Complete a project using the accounting software.

Deferred Tax Analysis

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Creating your own analysis will help you deepen your understanding of the complex topic of deferred taxes.

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Research and analyze a company's financial statements.
Identify and calculate deferred tax liabilities and assets.
Write a report summarizing your findings.

Financial Analysis Case Competition

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Participating in a case competition will challenge you to apply your knowledge and skills to a real-world scenario.

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Team up with other students.
Analyze a provided case study.
Develop and present a financial analysis and recommendations.

Career center

Learners who complete Reporting Use of Firm Resources and Taxation will develop knowledge and skills that may be useful to these careers:

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Cost Accountant

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Financial Analyst

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Commercial Banker

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