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Live Webcast Replay

The Controllership Series - Financial Statement Preparation

Total Credits: 2.6 including 1.6 Accounting - Technical, 1 Auditing- Technical

Average Rating:
ACPEN Industry Institute |  Accounting and Auditing |  Personal Development
Lynn Fountain
Course Levels:
2.6 Hours
Product Setting: Expires 30 day(s) after program date.

Please Note: Programs with a ☾ insignia begin after 5pm or air on the weekend.


One of the important roles of any member of the financial team. Including the controller, may be involvement in the preparation of the company’s financial statements. Even if that responsibility falls within the office of the CFO, the controller and other finance personnel must understand how their transitions recorded impact the financial statements. Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity.
Relevant financial information is presented in a structured manner and in a form which is easy to understand. They typically include four basic financial statements accompanied by a management discussion and analysis:

  • A balance sheet or statement of financial position reports on a company's assets, liabilities and owners’ equity at a given point in time.
  • An income statement may have varying names including profit and loss report (P&L report), statement of comprehensive income, or statement of revenue & expenses. These report on a company's income, expenses, and profits over a stated period. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period.
  • A statement of changes in equity or “statement of equity” also called “statement of retained earnings” reports on the changes in equity of the company over a stated period.
  • A cash flow statement reports on a company's cash flow, particularly its operating, investing and financing activities over a stated period.

A balance sheet represents a single point in time, where the income statement, the statement of changes in equity, and the cash flow statement each represent activities over a stated period. For large corporations, these statements may be complex and may include an extensive set of footnotes to the financial statements, management discussion and analysis and supplementary information. The notes typically describe each item on the balance sheet, income statement and cash flow statement in further detail. Notes to financial statements are considered an integral part of the financial statements.


Basic Course Information

Learning Objectives
  • Discover and understand the purpose of the Financial Statement
  • Explore how to prepare a Balance Sheet, Income Statement, statement of Stockholder Equity, and Statement of Cash Flow
  • Discover and understand basic analytic ratios for the Balance Sheet, Income Statement and Statement of Cash Flow
  • Recognize and understand the components of notes to the Financial Statement
  • Identify the need for and uses of supplemental information to the Financial Statement

Major Subjects
  • Accounting
  • Finance
  • Financial Statement Preparation

Course Materials


Lynn Fountain's Profile

Lynn Fountain Related Seminars and Products

Lynn Fountain has over 45 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.


Mon, Jul 29, 2024 - 02:00pm to 04:22pm EDT
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Tue, Jun 03, 2025 - 07:00pm to 09:22pm EDT
Wed, Jun 18, 2025 - 11:00am to 01:22pm EDT

Additional Info

Basic Course Information

Prerequisites None
Advanced Preparation None
Designed For Controllers, Accountants, CFO, Finance Professionals, Operational Professionals, Auditors
Original Recording Date 01/01/2024
Course Developer Lynn Fountain
Date Added to Catalog 02/05/2024
Yellow Book No

Additional Information

Complaint Resolution Policy

Please contact Anne Taylor for any complaints., (972-377-8199). 

Official Registry Statement

Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:

Instructional Delivery Method

Group Internet Based

Course Registration Requirements

Online Registration

Refund/Cancellation Policy

Please contact the ACPEN help desk 1-877-602-9877 or if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer. 



Overall:      4.3

Total Reviews: 6