Essentials of Creating and Analyzing Financial Statements

5 Credits: Accounting


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Essentials of Creating and Analyzing Financial Statements

Course Level
CPE Credits

5 Credits: Accounting

Course Description

The task of creating financial statements stands as a cornerstone in the realm of accounting, critical for effective decision-making and financial transparency. Yet, the process, from closing the books to calculating financial ratios, is often fraught with complexities and nuances that can challenge even seasoned professionals. Essentials of Creating and Analyzing Financial Statements, led by experienced instructor Steven Bragg, addresses these challenges head-on. This course guides you through the entire journey of financial statement preparation, ensuring accuracy and timeliness – key factors in management decision-making. Steven shares best practices gleaned from his extensive experience, offering a resource you’ll find indispensable in this vital process. By completing this course, you’ll gain not only the technical skills to produce robust financial statements but also the analytical acumen to interpret and apply the data effectively.

This course covers material also contained in Accountants’ Guidebook.

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Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Identify terminology, core steps, and key parts of the process of closing the books and generating financial statements.

Chapter 2

  • Identify the different formats in which the financial statements can be constructed and presented.
  • Recognize the purpose, information needed, and source documents to reference for the different types of financial statements.
  • Recognize the formula requirements of a balanced balance sheet and how to classify asset information.

Chapter 3

  • Recognize the reporting requirements and issues associated with interim period information.
  • Recognize the components, tests, and key reporting requirements for segment reporting.
  • Recognize the closing process and reporting requirements for public company reports.

Chapter 4

  • Identify what to measure, how to measure consistently, and the timing of measurements.
  • Recognize the characteristics of different business ratios and the calculation methods employed for those ratios.
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Course Specifics

Course ID
Revision Date
September 27, 2022

There are no prerequisites.

Advanced Preparation


Number of Pages

Compliance Information

NASBA Provider Number: 103220

CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

Meet The Experts

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 300 business books and courses. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and …