An understanding of the basics of accounting is useful to lawyers engaged in virtually every type of practice. In this 3.3-hour January 30, 2012 presentation, Paul C. Seitz, CPA, Managing Director of Seitz Consulting LLC of Wilmington, Delaware, gives a practical explanation of this important topic.

Major topics include:

üIntroduction; Understanding Business Operations

üThe Accounting System

• accrual vs. cash vs. tax basis

• how does a business record its financial transactions?

üTypes Of Financial Transactions

üBasis For Recording Transactions: Chart Of Accounts

üAccounting System Records

• double entry bookkeeping

• recording transactions

• debits and credits

üAccounting Cycle

• trial balances

• financial statements

üTrial Balances

üPreparation And Types Of Financial Statements

• GAAP

• balance sheet

• statement of operations

• statement of retained earnings

• statement of cash flows