Accounting for Corporations - Financial Accounting from Udemy

This course is designed to introduce and elaborate on the elements of corporate accounting that set it apart from financial accounting for other business entities such as sole proprietorships or partnerships.

Our journey begins with an overview of the corporate entity, its characteristics, and the rationale for choosing this form of business. We will provide you with a thorough understanding of the stark contrasts and similarities between corporations, partnerships, and sole proprietorships.

As we delve into the intricacies of issuing stock for corporations, you will learn about the financial transactions related to issuing stock for both cash and non-cash assets. With a focus on dividends, you will gain insight into the different types, specifically cash and stock dividends, and learn how to account for these transactions.

One of the key components we will explore is preferred stock. You will understand what it is, how to account for it, and the reasons why a corporation might choose to issue, or an investor might decide to acquire it. We will discuss treasury stock, another important concept, where you will learn to compare and contrast it with preferred and common stock.

Further along the course, you will discover the equity section of financial statements. Here we will dissect the Statement of Stockholders’ Equity and the Statement of Retained Earnings, helping you to understand the unique aspects of a corporation's financial statement compared to other business entities.

Our detailed discussion on the corporate closing process will provide a comparative view with that of partnerships and sole proprietorships. Understanding the calculation and significance of earnings per share is another crucial aspect that this course covers.

A unique aspect of this course is the vast array of learning resources available to you. We have incorporated downloadable PDF Files which provide offline reference information. You will have access to Excel Practice Files that are preformatted, helping you to not only focus on the adjusting process but also to learn some of the basics of Excel such as addition, subtraction, and cell relationships.

To boost your test-taking skills, we have prepared multiple-choice example questions. These reduce the information to the size and format of multiple-choice questions while providing insights on how to approach them. For those interested in numerical problem-solving, we have short calculation questions that break down problems into a short format that could be used in multiple choice questions.

Lastly, this course promotes engagement with other students through discussion questions. These provide an opportunity to discuss topics from different viewpoints, an approach that many students find very helpful.

The instructor leading you through this journey is a seasoned professional, a practicing Certified Public Accountant (CPA) and a Chartered Global Management Accountant (CGMA) with a Master of Science in Taxation. As a Certified Post-Secondary Instructor (CPS) and a Curriculum Development Expert, the instructor has rich experience teaching many accounting classes and working with students in the fields of accounting, business, and business applications. This blend of technical expertise and teaching experience ensures that you are learning from a well-rounded professional who knows the subject matter and understands how to teach it effectively.

Whether you're an accounting student, a budding entrepreneur considering a corporate entity, or an accounting professional seeking to upskill, this course will provide you with valuable insights and knowledge in the field of corporate accounting. We look forward to having you join us on this journey.

What's inside

Learning objectives

Analyze the differences and similarities between corporations and other business entities such as partnerships and sole proprietorships.
Evaluate the financial transactions related to the issuing of corporate stock for both cash and non-cash assets.
Apply the accounting principles to record transactions related to cash dividends and stock dividends.
Explain the concept, accounting implications, and the reasons for issuing or acquiring preferred stock.
Compare and contrast treasury stock with preferred and common stock.

Interpret the equity section of the financial statements, specifically the statement of stockholders’ equity and the statement of retained earnings.
Demonstrate understanding of the corporate closing process in comparison to that of partnerships and sole proprietorships.
Calculate earnings per share and articulate its significance.
Create accounting solutions using excel for various corporate accounting scenarios.

Analyze the differences and similarities between corporations and other business entities such as partnerships and sole proprietorships.
Evaluate the financial transactions related to the issuing of corporate stock for both cash and non-cash assets.
Apply the accounting principles to record transactions related to cash dividends and stock dividends.
Explain the concept, accounting implications, and the reasons for issuing or acquiring preferred stock.
Compare and contrast treasury stock with preferred and common stock.
Interpret the equity section of the financial statements, specifically the statement of stockholders’ equity and the statement of retained earnings.
Demonstrate understanding of the corporate closing process in comparison to that of partnerships and sole proprietorships.
Calculate earnings per share and articulate its significance.
Create accounting solutions using excel for various corporate accounting scenarios.

Syllabus

Introduction

PDF - 10 Corporation Introduction

10 Corporation Introduction

10 Multiple Choice Questions - Corporations

Traffic lights

Read about what's good

what should give you pause

and possible dealbreakers

Includes downloadable PDF files, providing offline reference information that accounting students and professionals can use to study and review key concepts

Offers multiple-choice example questions, which reduces the information to the size and format of multiple-choice questions while providing insights on how to approach them

Features an instructor who is a practicing Certified Public Accountant (CPA) and a Chartered Global Management Accountant (CGMA) with a Master of Science in Taxation

Incorporates Excel practice files that are preformatted, helping learners focus on the adjusting process and learn some of the basics of Excel

Includes short calculation questions that break down problems into a short format that could be used in multiple choice questions, which is helpful for exam preparation

Promotes engagement with other students through discussion questions, providing an opportunity to discuss topics from different viewpoints, which many students find very helpful

Reviews summary

Essential corporate financial accounting concepts

According to learners, this course provides a solid foundation in essential corporate accounting concepts, covering topics like issuing stock, dividends, treasury stock, and equity statements. Students particularly praised the clear explanations from the experienced instructor. The practical resources provided, such as the Excel practice files and multiple-choice questions, were frequently highlighted as very helpful for applying concepts. While generally considered excellent for beginners or those looking to reinforce fundamentals, some reviewers noted the pace felt slow at times or wished for more in-depth coverage on certain topics, suggesting it might be too basic for advanced learners. Overall, it is seen as a valuable introduction with useful supplementary materials.

Pace and depth varied; some wanted more detail.

"The pace felt a bit slow at times, especially in the introductory sections, for someone with some accounting background."

"Could use more in-depth examples or discussion on complex scenarios involving stock and dividends."

"Some modules felt just right, while others seemed to rush through important details or linger too long on simple ones."

Instructor's expertise adds significant value.

"The instructor clearly knows their stuff as a practicing CPA, which brings authority to the lessons."

"I appreciated learning from someone with real-world experience; it made the concepts more relevant."

"His teaching style is effective, and his background is a major plus."

Ideal starting point for learning corporate accounting.

"This course is perfect if you're just starting out or need a strong foundation in corporate accounting."

"Provides a great introduction and doesn't assume too much prior knowledge, making it good for beginners."

"I had no prior background in this specific area and found the course easy to follow and learn from."

Excel files and quizzes aid practical application.

"The Excel practice files were a lifesaver; they helped me apply the concepts learned in the lectures."

"I really appreciated the multiple-choice questions and short calculations for testing my understanding."

"The worksheets provided alongside the videos were very helpful in solidifying the material."

Complex ideas are explained simply and effectively.

"The instructor has a knack for explaining complex accounting topics in a very clear and understandable way."

"Everything was presented in a way that made sense, even for someone new to these specific concepts."

"I found the explanations easy to follow, which made learning the material much smoother."

Focuses on essential corporate accounting areas.

"The course covered all the essential parts of corporate accounting that I needed to understand the basics."

"I learned about stock, dividends, and equity statements, which were the main areas I wanted to study."

"This course gives a good overview of the fundamental concepts specific to corporate 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 Accounting for Corporations - Financial Accounting with these activities:

Review Financial Accounting Principles

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Reinforce foundational accounting knowledge to better understand corporate accounting nuances.

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Review the basic accounting equation.
Study the chart of accounts.
Practice journal entries.

Practice Stock Issuance Scenarios

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Solidify understanding of stock issuance by working through various scenarios.

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Find practice problems online.
Work through problems step-by-step.
Check your answers.

Create a Presentation on Treasury Stock

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Solidify understanding of treasury stock by creating a presentation.

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Research treasury stock.
Create presentation slides.
Practice the presentation.

Four other activities

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Review Intermediate Accounting

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Deepen understanding of accounting principles with a comprehensive textbook.

View Intermediate Accounting, Volume 2 on Amazon

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Obtain a copy of the textbook.
Read relevant chapters.
Work through practice problems.

Build an Excel Model for EPS Calculation

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Apply Excel skills to create a model for calculating Earnings Per Share (EPS).

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Gather EPS data.
Create an Excel model.
Test the model with data.

Review Corporate Financial Accounting

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Enhance knowledge of corporate accounting with a specialized textbook.

View Accounting 21e Chapters 1-11 (with Working... on Amazon

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Obtain a copy of the textbook.
Read relevant chapters.
Work through practice problems.

Analyze a Company's Stockholders' Equity

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Apply course concepts by analyzing a real company's stockholders' equity section.

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Choose a public company.
Download financial statements.
Analyze the equity section.
Write a summary of findings.

Career center

Learners who complete Accounting for Corporations - Financial Accounting will develop knowledge and skills that may be useful to these careers:

Corporate Accountant

A Corporate Accountant focuses on the financial record-keeping and reporting specific to corporations. This role involves preparing financial statements, analyzing financial data, and ensuring compliance with accounting standards and regulations. This course directly addresses the core knowledge needed for a Corporate Accountant. The course provides a thorough understanding of corporate entities, issuing stock, dividends, preferred stock, treasury stock, and the equity section of financial statements. By covering the corporate closing process and earnings per share calculations, this course helps build a strong foundation for success as a Corporate Accountant.

See salaries and explore the career path for Corporate Accountant

Controller

A Controller oversees the accounting and financial reporting functions of an organization. This is a senior-level position that often requires a master's degree and extensive experience in accounting. This course helps build an understanding of the accounting practices specific to corporations. Knowledge of stock issuance, dividends, preferred stock, and treasury stock practices, which are covered extensively in this course, is crucial. The course's focus on the Statement of Stockholders’ Equity, Statement of Retained Earnings, and the corporate closing process is also essential for a Controller.

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Financial Manager

A Financial Manager plans, directs, and coordinates accounting, investment, and other financial activities for an organization. This role often requires an advanced degree and strong leadership skills. 'Accounting for Corporations' helps to provide an understanding of how corporations manage their finances. The course offers insights into key elements of corporate financial management, such as stock issuance, dividend policies, and the handling of treasury stock. Financial managers benefit from this knowledge, as well as a solid grasp of the Statement of Stockholders’ Equity, Statement of Retained Earnings, and earnings per share calculations.

See salaries and explore the career path for Financial Manager

Private Equity Analyst

A Private Equity Analyst identifies and evaluates investment opportunities in private companies. This requires a deep understanding of financial analysis and valuation techniques. 'Accounting for Corporations' provides an important foundation for the work of a Private Equity Analyst. They must understand how corporations manage their finances and structure their equity. The course's emphasis on corporate financial statements, stock issuance, dividends, and earnings per share calculations helps develop a strong understanding of corporate financial health, which is essential for assessing investment opportunities.

See salaries and explore the career path for Private Equity Analyst

Business Valuator

A Business Valuator determines the economic value of a company or its assets. This work may involve analyzing financial statements, market data, and other relevant information. 'Accounting for Corporations' helps build the foundation required for determining the value of a business. A key factor in evaluating a company's worth is understanding its financial structure and accounting practices. The course helps business valuators by providing a clear understanding of corporate equity, retained earnings, dividend policies, and earnings per share calculations.

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Internal Auditor

An Internal Auditor assesses the effectiveness of an organization's internal controls and risk management processes. This involves reviewing financial records, conducting audits, and making recommendations for improvement. This role is crucial for ensuring financial integrity within an organization. This course gives you the knowledge required for overseeing internal auditing processes. Internal Auditors conduct audits of financial statements, and this course gives you the knowledge you need to understand corporate equity, dividends, and treasury stock, as well as the Statement of Stockholders’ Equity and Statement of Retained Earnings.

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Financial Analyst

A Financial Analyst evaluates financial data to provide insights and recommendations to organizations or individuals. This work includes analyzing financial statements, preparing financial models, and assessing investment opportunities. The 'Accounting for Corporations' course may be useful for a Financial Analyst. Understanding the nuances of corporate financial statements, including the Statement of Stockholders’ Equity and Retained Earnings, is crucial. Additionally, the course's insights into earnings per share calculations and the closing process for corporations provide a solid understanding of how corporate financials are structured and interpreted.

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Equity Research Analyst

An Equity Research Analyst researches and analyzes publicly traded companies to provide investment recommendations. This often requires a strong understanding of financial statements and industry trends. Gaining an accounting background through this course may be useful to the Equity Research Analyst. It will provide an important, detailed review of corporate accounting practices, including the nuances of stock issuance, dividends, and treasury stock. You will also benefit from learning about the Statement of Stockholders’ Equity, Statement of Retained Earnings, and earnings per share calculations.

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Auditor

An Auditor examines financial records to ensure accuracy and compliance with laws and regulations. They may work internally for a company or externally as part of an auditing firm. 'Accounting for Corporations' may be useful for a future Auditor. This course provides a detailed overview of corporate accounting practices, covering topics like stock issuance, dividends, and treasury stock. A strong understanding of the corporate closing process, a key focus of this course, is critical. Gaining a strong background in corporate accounting principles is essential for this role.

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Investment Banker

An Investment Banker advises companies on raising capital through the issuance of stocks and bonds, as well as mergers and acquisitions. These roles often require an advanced degree and strong analytical skills. 'Accounting for Corporations' may be useful for a Financial Manager. The course gives a detailed understanding of how corporations structure their equity, issue stock, and manage dividends. The insights on the Statement of Stockholders’ Equity and the Statement of Retained Earnings help anyone understand the financial health of a company, which is crucial for anyone in investment banking.

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Management Consultant

A Management Consultant provides advice and guidance to organizations on how to improve their performance and efficiency. They may specialize in areas such as finance, strategy, or operations. 'Accounting for Corporations' may be useful for a Management Consultant, especially those who work with corporate clients. Understanding corporate financial structures and accounting practices provides a foundation for analyzing business performance and identifying areas for improvement. The course's coverage of topics like equity, dividends, and earnings per share may be relevant when assessing a company's financial position.

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Tax Accountant

A Tax Accountant prepares and files tax returns for individuals or businesses, ensuring compliance with tax laws and regulations. This role requires a strong understanding of tax codes and accounting principles. Taking 'Accounting for Corporations' may be useful. While it does not focus specifically on taxation, this course provides essential knowledge of corporate financial structures and transactions, giving insights on how these entities manage and report their finances. Understanding the different aspects of corporation financial statements and earnings is useful in tax preparation.

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Forensic Accountant

A Forensic Accountant investigates financial fraud and embezzlement, often working with law enforcement agencies or in legal settings. This role requires a strong understanding of accounting principles and investigative techniques. 'Accounting for Corporations' may be useful for a Forensic Accountant. While the course does not directly address fraud investigation, it provides a strong foundation in corporate accounting practices. Understanding how corporations are expected to manage and report their finances, including stock issuance, dividends, and equity, is essential for identifying irregularities and potential fraud.

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Compliance Officer

A Compliance Officer ensures that an organization is adhering to all relevant laws, regulations, and internal policies. Roles such as these require a detailed understanding of industry-specific rules and regulations. This course may be useful to Compliance Officers who work with corporations. Understanding corporate accounting practices, including stock issuance, dividends, and equity, is important for ensuring compliance. The course's coverage of corporate financial statements and the corporate closing process provides a basis for evaluating whether a company is meeting its financial reporting obligations.

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Budget Analyst

A Budget Analyst is responsible for helping organizations create and manage their budgets. This involves analyzing financial data, preparing budget reports, and monitoring spending. 'Accounting for Corporations' may be useful for a Budget Analyst. The course provides a foundation in corporate financial statements and accounting processes. Understanding how corporations structure their equity, manage dividends, and calculate earnings is relevant for anyone involved in budgeting and financial planning. Furthermore, familiarizing oneself with the Statement of Stockholders’ Equity and the Statement of Retained Earnings helps in financial analysis.

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Reading list

We've selected two books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Accounting for Corporations - Financial Accounting.

Ch 1-12 W/Wrkppr-Acct

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Focuses specifically on corporate financial accounting. It provides detailed explanations and examples of corporate accounting practices. It is particularly helpful for understanding the nuances of corporate financial statements. It valuable resource for students and professionals alike.

Accounting 21e Chapters 1-11 (with Working Papers)...

Paperback

$$$$

Intermediate Accounting, Volume 2

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Provides a comprehensive overview of accounting principles and practices. It standard textbook used in many accounting programs. It offers a deeper dive into topics covered in the course, particularly regarding financial statement preparation and analysis. It useful reference for understanding the underlying concepts.

Intermediate Accounting, Volume 2

Paperback

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Intermediate Accounting, Volume 2

Kindle Edition

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Accounting for Corporations - Financial Accounting

What's inside

Learning objectives

Syllabus

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Reviews summary

Essential corporate financial accounting concepts

Activities

Career center

Reading list

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