If you are new to HBS Online, you will be required to set up an account before starting an application for the program of your choice. This course will teach you the fundamentals of financial accounting from the ground up. Understand how to construct and interpret the cash flow statement and recognize the differences between GAAP and IFRS standards for cash flow statement creation.

You’ll need to provide, on average, three years of financial statements, plus a one-year cash flow projection. It’s virtually impossible to deliver any of these if you don’t have an accounting system in place. Accounting is how you get a clear picture of your financial position. It tells you whether or not you’re making a profit, what your cash flow is, what the current value of your company’s assets and liabilities is, and which parts of your business are actually making money. Introduction to accounting frequently identifies assets, liabilities, and capital as the field’s three fundamental concepts.

Equity Securities also serves as a useful way for people and companies to honor their tax obligations. An accountant usually works for a person, a business or the government. However, accounting firms such as Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers are renowned for tracking and managing public and private financial data. Harold Averkamp, CPA and owner of AccountingCoach, said accountants also give a company’s internal management team the information it needs to keep the business financially healthy. Some of the information originates from the recorded transactions, and some consists of estimates and projections based on various assumptions, he said.

Are you interested in understanding how to support diversity, equity, and inclusion in the accounting academy, the profession, and the larger community? If so, join the TLC Section for a year-long conversation on diversity, equity, and inclusion. Each quarter, we will read and discuss a book that addresses different DEI topics.

Free Cash Flow

An Italian mathematician and friend of Leonardo da Vinci, Pacioli published a book on the double-entry system of bookkeeping in 1494. Full BioMichael Boyle is an experienced financial professional with more than 10 years working with financial planning, derivatives, equities, fixed income, project management, and analytics. Forensic accounting is a specialty practice area of accounting that describes engagements that result from actual or anticipated disputes or litigation. “Forensic” means “suitable for use in a court of law”, and it is to that standard and potential outcome that forensic accountants generally have to work. Both the words accounting and accountancy were in use in Great Britain by the mid-1800s, and are derived from the words accompting and accountantship used in the 18th century.

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