If you are already enrolled in the Level I USC/CFALA CFA Review Program, no need to register separately for this class - it is included in your enrollment fees and has been incorporated into your class schedule.
If you are not enrolled in the Review Program, you may register to take Accounting Essentials as a stand-alone course.
Description: The CFA Program assumes a working knowledge of basic principles of accounting and finance. However, many Level I CFA candidates are weak in these areas and may flounder when confronted with CFA curriculum materials that assume familiarity with these concepts. To help such candidates advance, we offer an Accounting Essentials course that provides the skills Level I CFA candidates need to study effectively the accounting and financial analysis topics of the CFA exam. The instructor for this course has served as an instructor for the USC/CFALA CFA Review Program and understands how to bridge this critical knowledge gap.
The 2005 CFA Level I Study Guide stated, “Candidates should have a basic mastery of the concepts typically presented in introductory -level college accounting courses. Knowledge of the mechanics of journal entries (debits and credits) is assumed . . . and may be required to answer questions on the examination. Moreover, an understanding of the construction of and interrelationships among the balance sheet, income statement, and statement of cash flows is important. Candidates are also expected to understand basic accounting and business vocabulary related to the use and construction of financial statements and financial reporting.” The Accounting Essentials course outline reflects these prerequisites:
INTRODUCTION – THE PROCESS OF ACCOUNTING
* Event • Revenue, expense and owners’ equity
* Record (journal) • Reporting
* Summary (ledger) • Limitations
* Report (financial statements) • Historical cost
* Assets, liabilities and owners’ equity • Operating cycle
* Valuation • Revenue recognition and value
* Materiality • Matching costs, entity
* Assets: cash; short-term investments; accounts receivable; inventory; prepaids; property, plant and equipment; accumulated depreciation; investments; intangibles
* Liabilities: accounts payable, other current liabilities, lease liabilities, pension liabilities, deferred income taxes, contingencies
* Owners’ Equity: preferred stock, common stock, retained earnings, foreign currency adjustment, treasury stock
* Income Statement: sales, cost of goods sold, operating income, earnings per share
* Other Required Disclosures
* Summary: accounting process, transaction focus, values on the financial statements
Recommended Text (not provided): Essentials of Accounting, Robert N. Anthony and Leslie Pearlman Breitner, 11th Edition - $56.98
Early Registration Fees
We accept the following:
If you prefer to pay by check please register online and select "purchase order" as your payment option and enter your last name as the purchase order number.
Mail check to:
CFA Society of Los Angeles, 520 S. Grand Ave, Suite 370, Los Angeles CA 90071.
*Credit card payments will only be accepted through the secure online registration, and not by phone or email.
Enrollee cancellations must be made in writing and received at least 5 business days before the first day of class. All cancellations will incur a $30.00 processing fee. If enrollment is canceled after the 5-day deadline, a 50% cancellation fee will be charged.
Chairs: William Krantz, CFA & Larry Harris, PhD