Since coming to the Johnson Graduate School of Management in 1991, Robert J. Bloomfield has used laboratory experiments to study financial markets and investor behavior. He has also published in all major business disciplines, including finance, accounting, marketing, organizational behavior, and operations research. Professor Bloomfield served as director of the Financial Accounting Standards Research Initiative (FASRI), an activity of the Financial Accounting Standards Board, and is an editor of a special issue of Journal of Accounting Research dedicated to Registered Reports of empirical research. Professor Bloomfield has recently taken on editorship of Journal of Financial Reporting, which is pioneering an innovative editorial process intended to broaden the range of research methods used in accounting, improve the quality of research execution, and encourage the honest reporting of findings.
This course will enable you to interpret the financial statement line items that capture the most central and important operations of any enterprise: the revenue and other cash inflows earned from customers and the related expenses or losses.
You are required to have completed the following courses or have equivalent experience before taking this course:
- Foundations of Financial Statements
- Accruals and Cash Flows
Key Course Takeaways
- Determine if revenue will be received for a transaction based on meeting the legal qualifications for consideration
- Record revenue for a transaction accurately over time by identifying the five steps of revenue recognition
- Analyze a transaction and performance obligations
- Allocate transaction prices by applying a deferred revenue schedule
- Accurately account for discounts, returns, and allowances within financial statements over time
- Adjust financial statements for accounts receivable and bad debts
- Adjust financial statements for the aging of accounts receivable to report on how much and how long a firm has been owed revenue
- Discuss and identify different forms of measure management associated with revenue and receivables
- Distinguish between physical and accounting flows of inventory and identify costs that are and are not categorized with inventory
- Compare and contrast the “Last In, First Out (LIFO)” method of inventory to the “First In, First Out (FIFO)” method, outlining the circumstances in which each may be beneficial
- Create entries for the life cycle of inventory under a variety of accounting flow assumptions
- Explain and identify different forms of measure management associated with inventory
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How It Works
5-7 hours per week
100% online, instructor-led
Professor of Management
Cornell SC Johnson College of Business
Nicholas H. Noyes Professor of Management, Johnson Graduate School of Management, SC Johnson College of Business, Cornell University
Who Should Enroll
- Individuals seeking to enter the field of accounting or auditing
- Managers involved in financial forecasting and investments
- Entrepreneurs seeking investors and/or investment opportunities
- Pre-MBA students interested in gaining an accounting background
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