Abbott Associates

FCC 521 – Financial Reporting

Review, in down-to-earth terms, all aspects of finance including the balance sheet, fixed versus variable cost, and profit and loss statements plus much more. You will have a clear understanding of how operational costs fit into these arenas is crucial. There is a difference between raw data and information – you must know how to prepare reports that will get used. This unit will teach you how to read the data and convert it into information for better decision-making. The topics covered in this unit are:

  • Financial concepts and their practical use
  • Depreciation, Accrual and cash methods, Inventory handling
  • Closing of the books
  • Financial Reporting
  • Income statements, balance sheets, financial testing 

Depreciation Concept

Sum of Years and double declining depreciation

Depreciation calculated on computer

Depreciation Use

Working through the Use of Depreciation example on computer

Accrual method of handling money


Period Closing

Posting and closing example

Reading Financial Reports