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Reporting Firm Resources, Obligations and Performance

5.0 Filled star Filled star Filled star Filled star Filled star
Based on 11 ratings
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Jack Farmer

This course begins with an explanation of the role of adjustments in accrual accounting and covers the difference between explicit and implicit transactions. We’ll look at the components of a Classified Balance Sheet and learn how to prepare a Classified Balance Sheet as well as a Multiple-step Income Statements.

This course also looks at revenue recording and revenue measurement issues and teaches how to estimate bad debts using the allowance method.

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This course begins with an explanation of the role of adjustments in accrual accounting and covers the difference between explicit and implicit transactions. We’ll look at the components of a Classified Balance Sheet and learn how to prepare a Classified Balance Sheet as well as a Multiple-step Income Statements.

This course also looks at revenue recording and revenue measurement issues and teaches how to estimate bad debts using the allowance method.

We’ll wrap up the course with a look at the concept of the statement of cash flows and learn how to distinguish among Cash flow from Operations, Financing and Investing.

This course is part 2 of the New York Institute of Finance’s Financial Accounting Professional Certificate.

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What's inside

Learning objectives

  • Accrual accounting & statement format
  • Accounting for sales
  • Cash flow

Syllabus

Traffic lights

Read about what's good
what should give you pause
and possible dealbreakers
For students in a finance certification program
Instructors are recognized in the field
Provides strong foundation for beginners
Clear course requirements
Builds a strong foundation for accounting principles
Helps prepare learners for accounting roles

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Reviews summary

Financial reporting fundamentals for professionals

Learners say this course provides an excellent foundation in financial reporting, particularly for finance professionals. Students highlight the instructor's ability to clarify complex topics and the benefit of real-world examples, making key areas like cash flow analysis and revenue recording directly applicable. While many find the content logically structured and highly practical, a few reviewers mention the presentation style can be dry or the pace inconsistent. Some also suggest it assumes some prior accounting knowledge, which might make it challenging for absolute beginners seeking deeper theoretical explanations.
Instructor excels at clarifying complex topics with real-world examples.
"The instructor's ability to break down difficult concepts into manageable, understandable pieces was truly impressive."
"I especially appreciated the real-world examples provided, which helped bridge the gap between theory and actual practice."
"This course was exactly what I needed. It clarified many concepts around revenue measurement and obligations that I found confusing previously."
Presentation can be dry; more interactive elements desired.
"I found the presentation style a bit dry at times... more interactive elements or case studies could have made the learning experience more engaging."
"Felt a bit like watching a textbook."
"The pace was inconsistent, sometimes too fast, sometimes too slow, making it hard to maintain focus."
Offers a solid base but may not satisfy advanced learners.
"A good foundational course for understanding firm resources and obligations... I felt some parts... could have used more detailed explanations."
"I would have liked to see more advanced topics or challenges, as it mostly covers fundamental concepts."
"It serves as a decent theoretical foundation, but I had to supplement it with external resources for practical scenarios."
Can be challenging for those new to accounting principles.
"I struggled to follow the lectures... concepts were introduced without enough foundational background, leaving me confused..."
"Not ideal for someone starting with limited prior knowledge."
"The explanations were often vague, and the examples provided were insufficient to truly grasp the complex topics."

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 Firm Resources, Obligations and Performance with these activities:
Review your accounting concepts and the basics of accrual accounting
Reviewing your accounting concepts will prepare you for the advanced topics covered in this course.
Browse courses on Accrual Accounting
Show steps
  • Read through your old notes on accounting concepts
  • Revisit the basics of accrual accounting
Practice recording revenue and expenses using the accrual accounting method
Accrual accounting underpins this course; practicing revenue and expense recognition using this method will provide a solid foundation for advanced topics.
Browse courses on Revenue Recognition
Show steps
  • Set up a mock company and record transactions
  • Prepare financial statements using the accrual accounting method
Learn how to prepare a classified balance sheet and a multiple-step income statement
This course heavily relies on the creation of financial statements; learning how to create these statements is key to doing well.
Show steps
  • Find tutorials on preparing classified balance sheets
  • Find tutorials on preparing multiple-step income statements
Two other activities
Expand to see all activities and additional details
Show all five activities
Estimate bad debts using the allowance method
This will strengthen your ability to appropriately recognize revenue in the context of bad debt.
Show steps
  • Review the basics of the allowance method
  • Estimate bad debts using the provided data
Prepare a presentation on the statement of cash flows
This course includes an in-depth look at the statement of cash flows; practicing with this deliverable will make the topic more concrete and ensure retention.
Browse courses on Statement of Cash Flows
Show steps
  • Research the statement of cash flows
  • Gather data and prepare a cash flow statement
  • Create a presentation on your findings

Career center

Learners who complete Reporting Firm Resources, Obligations and Performance will develop knowledge and skills that may be useful to these careers:
Financial Analyst
Financial analysts provide recommendations to their clients on which stocks and bonds to buy and sell. They help businesses make investment decisions. This course may help prepare you to understand and analyze financial information, considering both its qualitative and quantitative aspects.
See salaries and explore the career path for Financial Analyst
Auditor
Auditors review the financial records of companies and organizations to ensure that they are accurate, complete, and compliant with regulations. This course would be helpful to prepare for the many facets of this job, including the need to understand how financial transactions are recorded and reported, to interpret financial information, and to apply auditing procedures in accordance with professional standards.
See salaries and explore the career path for Auditor
Tax Accountant
Tax accountants analyze tax laws and regulations to help businesses and individuals minimize their tax liability. This course would be helpful to prepare you to understand complex tax codes and regulations and how they are applied to various transactions.
See salaries and explore the career path for Tax Accountant
Chief Financial Officer
Chief financial officers (CFOs) are responsible for overseeing the financial operations of companies and organizations. They make critical decisions about how to allocate resources, manage risk, and grow the business. This course may help prepare you to understand and analyze financial information, which is essential for making sound financial decisions.
See salaries and explore the career path for Chief Financial Officer
Bookkeeper
Bookkeepers maintain financial records, including recording transactions, preparing reports, and processing payroll. This course would be helpful to prepare you to understand the basics of accounting, including how to record and categorize transactions, and how to prepare basic financial statements.
See salaries and explore the career path for Bookkeeper
Financial Planner
Financial planners help individuals and families manage their finances and plan for the future. This course may help prepare you to understand the financial planning process, including how to assess clients' needs, develop financial plans, and recommend investment strategies.
See salaries and explore the career path for Financial Planner
Investment Banker
Investment bankers provide financial advice to companies and governments. They help companies raise capital and advise on mergers and acquisitions. This course may help prepare you to understand financial markets and the different types of investment banking transactions.
See salaries and explore the career path for Investment Banker
Budget Analyst
Budget analysts develop and manage budgets for companies and organizations. They analyze financial data and make recommendations on how to allocate resources. This course would be helpful to prepare you to understand budgeting principles and how to develop and manage a budget.
See salaries and explore the career path for Budget Analyst
Cost Accountant
Cost accountants analyze the costs of products and services. They help businesses improve their efficiency and profitability. This course would be helpful to prepare you to understand costing principles and how to analyze and interpret cost data.
See salaries and explore the career path for Cost Accountant
Financial Controller
Financial controllers are responsible for the day-to-day financial operations of companies and organizations. They oversee budgeting, accounting, and financial reporting. This course may help prepare you to understand the different aspects of financial management, including budgeting, accounting, and financial reporting.
See salaries and explore the career path for Financial Controller
Forensic Accountant
Forensic accountants investigate financial crimes, such as fraud and embezzlement. They also help businesses prevent financial crimes from occurring. This course would be helpful to prepare you to understand the principles of forensic accounting and how to investigate financial crimes.
See salaries and explore the career path for Forensic Accountant
Management Consultant
Management consultants help businesses improve their performance. They analyze businesses and recommend changes to improve efficiency and profitability. This course may help prepare you to understand the principles of management consulting and how to analyze businesses.
See salaries and explore the career path for Management Consultant
Operations Analyst
Operations analysts analyze the operations of businesses and organizations to improve efficiency and productivity. This course may help prepare you to understand the principles of operations management and how to analyze and improve business processes.
See salaries and explore the career path for Operations Analyst
Risk Manager
Risk managers identify and assess risks to businesses and organizations. They also develop and implement plans to manage these risks. This course may help prepare you to understand the principles of risk management and how to identify, assess, and manage risks.
See salaries and explore the career path for Risk Manager
Business Analyst
Business analysts analyze the needs of businesses and recommend solutions to improve their performance. This course may help prepare you to understand the principles of business analysis and how to analyze businesses and recommend solutions.
See salaries and explore the career path for Business Analyst

Reading list

We've selected ten 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 Reporting Firm Resources, Obligations and Performance.
Cover image
The New Tao of Warren Buffett
Save
Highly recommended. provides a unique perspective on financial statement analysis from one of the world's most successful investors.
The New Tao of Warren Buffett
Paperback
Check
The New Tao of Warren Buffett
Kindle Edition
Check
Cover image
Financial Accounting
Save
Highly recommended for additional reading, this book provides a comprehensive overview of financial accounting, with a strong emphasis on the conceptual framework and accounting standards.
Financial Accounting
Paperback
$$$
Cover image
Intermediate Accounting
Save
Known for its straightforward explanations and focus on conceptual understanding, this textbook serves as an excellent introduction to the field.
Intermediate Accounting
Paperback
Check
Intermediate Accounting
Kindle Edition
Check
Cover image
The Little Book of Picking Top Stocks
Save
Offers a practical approach to financial statement analysis, with a focus on real-world examples and case studies.
The Little Book of Picking Top Stocks: How to Spot...
Hardcover
$$
The Little Book of Picking Top Stocks: How to Spot...
Kindle Edition
$$
Cover image
Household Finance
Save
Is useful as a deep dive into the topic of financial accounting, building a theoretical foundation for the student. It also provides a comprehensive examination of accounting principles and practices.
Household Finance
Paperback
Check
Household Finance
Kindle Edition
Check
Cover image
Accounting Principles, Volume 2
Save
Introduces the fundamental principles and mechanics of financial accounting. It covers the preparation of financial statements, including the balance sheet, income statement, and cash flow statement.
Accounting Principles, Volume 2
Paperback
Check
Accounting Principles, Volume 2
Kindle Edition
Check
Cover image
Intermediate Accounting
Save
Provides a comprehensive overview of intermediate accounting concepts, including financial statement analysis, time value of money, and accounting for leases.
Intermediate Accounting
Loose Leaf
$$$$
Intermediate Accounting
Hardcover
$$$$
Intermediate Accounting
Loose Leaf
$$$
Intermediate Accounting IFRS
Paperback
$$$$
Intermediate Accounting, Volume 2
Hardcover
$$$$
Problem Solving Survival Guide to accompany...
Paperback
$$$$
Intermediate Accounting: IFRS Edition
Paperback
$$$
Intermediate Accounting: 2014 FASB Update
Hardcover
$$
Intermediate Accounting
Hardcover
$$
Intermediate Accounting, Volume 2
Loose Leaf
$$
Intermediate Accounting, 18th Edition
Kindle Edition
$$$$
Intermediate Accounting, 17th Edition
Kindle Edition
$$$$
Intermediate Accounting, 16th Edition
Kindle Edition
$$$$
Intermediate Accounting IFRS, 4th Edition
Kindle Edition
$$$$
Cover image
Government and Politics of Texas
Save
Provides a practical approach to financial accounting, with a focus on how financial information is used by decision makers.
Government and Politics of Texas by Gary Halter...
Mass Market Paperback
$$$
Cover image
Study Guide and Workbook for Accounting for Non...
Save
Recommended for students with little to no background in accounting, this book offers a clear and concise introduction to the subject.
Study Guide and Workbook for Accounting for Non...
Paperback
$$
Cover image
Builder's Guide to Accounting
Save
Recommended as pre-requisite reading, this book offers a practical guide to accounting and finance for small business owners and managers. It covers all of the basics in a clear and concise manner.
Builder's Guide to Accounting
Paperback
Check
Builder's Guide to Accounting
Kindle Edition
Check

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Course image
Rating
5.0 Filled star Filled star Filled star Filled star Filled star
Effort
1 to 2 hours per week for 4 weeks
Level
Introductory
Via
edX
Institution
New York Institute of Finance
Instructor
Jack Farmer
Language
English
Transcript
English
This course belongs to a collection called Financial Accounting. It's comprised of six courses:
  1. Accounting System Structure and Information Management
  2. Reporting Firm Resources, Obligations and Performance (viewing)
  3. Reporting Investments, Pensions, and Financial Statement Analysis
  4. Reporting Liabilities and Owners Capital and Cashflow
  5. Reporting Use of Firm Resources and Taxation
  6. Financial Accounting Professional Certificate Examination
Traffic lights
Read about what's good
what should give you pause
and possible dealbreakers
For students in a finance certification program
Instructors are recognized in the field
Provides strong foundation for beginners
Clear course requirements
Builds a strong foundation for accounting principles
Helps prepare learners for accounting roles
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