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Accounting Coaches LLC/2025 - FSA On-Demand - Level 1
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  • $67

2025 - FSA On-Demand - Level 1

  • 200+ In-Depth Video Lessons and Materials: Move beyond the basics and develop a profound comprehension of core accounting concepts.

  • Email Support with Experts: Personalized guidance is at your fingertips. Interact with our instructors over email and other messaging platforms.

  • Don't Break the Bank: Our course is priced competitively, making it a cost-effective choice compared to similar offerings in the market.


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As a non-accountant studying for the CFA exam

grappling with complex accounting concepts can be challenging. 30+ minute long videos and wordy study materials only add to the workload. You may struggle to find practical applications of these concepts. On top of that, managing your schedule during this time-intensive study period is hard. With the fear of failure looming over the process you want to make sure your time and effort are being well spent.

When your study materials are adding to the stress

you hit a wall and complex accounting seems like too much. You start to dread going through lengthy video lessons to review a topic. You risk misinterpretation of accounting concepts and the risk of the accounting section dragging down your exam score. The result? A dismal CFA exam performance and a compromised career path in the competitive world of finance.

Testimonials

My first encounter with Accounting coaches was in a CFA level 1 prep class. I was amazed at the way Accounting coaches understood and explained the concepts & relationship between the three financial statements. Not only did Accounting coaches do an excellent job explaining the concepts, but they also provided help visualizing it.

Daniel Hanagan

Accounting coaches was very helpful in putting together a study plan and coaching me through some of the topics. As a CFA Charterholder, Accounting coaches has an excellent grasp of the material and can explain complex topics in layman’s terms. Anyone who needs some guidance on how to tackle the CFA exams should reach out to Accounting coaches.

Sid Dewan

As I struggled to come to terms with the material, I decided to reach out to Accounting coaches via LinkedIn, who were open to helping me with my queries given their experience and knowledge. I can say, my frequent conversations with Accounting coaches over the course of the final weeks leading to the test day, made the difference and I was able to pass the Level 2 exam.

Skanda Sandeep

Your coach for this on-demand class

Tom Adams, Ph.D., CPA, CGMA

Tom Adams is our lead instructor at Accounting Coaches LLC helping create the curriculum, materials, lectures and questions our customers use to prepare for the FSA topic for the CFA exams. Tom is able to leverage his experience as he is also an Accounting professor at La Salle University’s School of Business where he teaches a variety of accounting topics to both undergrate and graduate students while also publishing finance and accounting research papers. In addition, he has experience training young professionals in their preparation for the Certified Public Accountant (CPA) examination too. Tom holds his Ph.D. in accounting from Temple University.
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Contents

Chapter 1: Introduction to Financial Statement Analysis

This chapter provides a high level introduction of the course and formally defines and distinguishes between financial reporting and financial statement analysis. The different financial statements produced by a firm - including the statements of financial position, comprehensive income, changes in equity, and cash flows - are discussed. Finally, the chapter introduces the concepts of supplementary disclosure, external audit, and the financial analysis framework.
Chapter 1 Outline
Financial Statement Analysis - Why Does It Matter?
Preview
Introduction to Financial Statement Analysis
Role of Financial Reporting and Statement Analysis
Primary Financial Statements and Other Info Sources
Regulatory Authorities
Financial Statements and Supplementary Information
Balance Sheet and Statement of Comprehensive Income
Statement of Changes in Shareholders’ Equity
Cash Flow Statement
Financial Notes
Auditor’s Report
Financial Statement Analysis Framework
Chapter 1 Questions
Chapter 1 Answer Key

Chapter 2: Financial Reporting Standards

This chapter introduces the student to financial reporting standards, with an emphasis on International Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (U.S. GAAP). The impact of accounting standards on financial statement analysis are discussed in detail.
Chapter 2 Outline
Financial Reporting Standards - Why Does It Matter?
Preview
Introduction to Financial Reporting Standards
The Objective of Financial Reporting
Standard Setting Bodies
Accounting Standards Boards (Part 1)
Accounting Standards Boards (Part 2)
IFRS Framework
Qualitative Characteristics
Constraints on Financial Reports
The Elements of Financial Statements
General Requirements
Comparison and Monitoring
Chapter 2 Questions
Chapter 2 Answer Key

Chapter 3: Understanding Income Statements

This chapter examines the statement of comprehensive income, which was introduced in chapter one, in great detail. Concepts related to revenue recognition, expense recognition, operating vs. non-operating income, earnings per share, including diluted earnings per share, common size analysis, and comprehensive income are covered.
Chapter 3 Outline
Income Statement - Why Does It Matter?
Preview
Introduction to the Income Statement
Revenue Recognition (Part 1)
Revenue Recognition (Part 2)
Revenue Transactions (Part 1)
Revenue Transactions (Part 2)
Variable Consideration
Contract Modifications
Principal-Agent Relationship
Preview
Expense Recognition (Part 1)
Expense Recognition (Part 2)
Doubtful Accounts
Depreciation and Amortization
Implications for the Financial Analyst
Changes in Accounting Policy
Income Statement Formulas (Part 1)
Income Statement Formulas (Part 2)
Common Size Analysis
Chapter 3 Questions
Chapter 3 Answer Key
Chapter 3 Question 1 Solution Video
Chapter 3 Question 2 Solution Video
Chapter 3 Question 3 Solution Video
Chapter 3 Question 4 Solution Video
Chapter 3 Question 5 Solution Video
Chapter 3 Question 8 Solution Video

Chapter 4: Understanding Balance Sheets

Chapter four examines the balance sheet, which lists all of the items a firm owns (its assets), all of the debts the firm owes (its liabilities), as well as what is left over for the owners’ of the firm (shareholders’ equity). Students will also learn about the balance sheet’s limitations in the context of financial statement analysis, alternative forms of balance sheet presentation, the classification of assets and liabilities as current vs. non-current, common-size analysis, and, finally, the calculation of liquidity and solvency ratios using the balance sheet.
Chapter 4 Outline
Balance Sheet - Why Does It Matter?
Preview
Introduction to the Balance Sheet
Assets
Liquidity and the Operating Cycle
Working Capital
Preview
Current Assets
Cash, Cash Equivalents, and Marketable Securities
Accounts Receivable
Inventories
Other Current Assets
Current Liabilities
Non-Current Assets
Investment Property
Intangible Assets
Goodwill, Financial Assets, and Deferred Tax Assets
Non-Current Liabilities
Equity
Analysis of the Balance Sheet
Liquidity and Solvency Ratios
Chapter 4 Questions
Chapter 4 Answer Key

Chapter 5: Understanding Cash Flow Statements

This chapter examines the statement of cash flows, which reconciles a firm’s beginning balance of cash to its ending balance of cash. Students learn that cash inflows and outflows can be better understood if they are categorized into operating, investing, and financing cash flows as required by accounting standards. In addition, the statement of cash flows’ relationship with both the balance sheet and income statement is discussed, with a particular emphasis on using our understanding of these relationships to use the indirect method when calculating cash flows from operating activities.
Chapter 5 Outline
Cash Flow Statements - Why Does It Matter?
Preview
Introduction to Cash Flow Statements
Components and Format of the Cash Flow Statement
Non-Cash Transactions
Direct and Indirect Methods
Linkages and Preparation (Part 1)
Linkages and Preparation (Part 2)
Cash Flow Statement Analysis
Cash Flow Statement Analysis Steps
Common-Size Analysis
Free Cash Flow
Performance and Coverage Ratios
Chapter 5 Questions
Chapter 5 Answer Key

Chapter 6: Financial Analysis Techniques

Chapter six introduces a wide variety of financial analysis techniques including activity, liquidity, solvency, profitability, and valuation ratios. It also discusses the relationships between ratios and how they are used in both equity and credit analyses. Finally, the chapter covers DuPont analysis as well as the use of ratio analysis to model and forecast earnings.
Chapter 6 Outline
Financial Analysis Techniques - Why Does It Matter?
Preview
Introduction to Financial Analysis Techniques
Financial Analysis Techniques
Concepts of Ratio Analysis
Ratio Analysis
Common-Size Analysis
Graphs and Regression Analysis
Common Ratios Used in Financial Analysis
Activity Ratios
Activity Ratio Interpretation (Part 1)
Activity Ratio Interpretation (Part 2)
Liquidity Ratios and Calculations
Interpretation of Liquidity Ratios
Solvency Ratios
Calculation of Solvency Ratios
Interpretation of Solvency Ratios
Profitability Ratios
Interpretation of Profitability Ratios
DuPont Ratio Analysis
Equity Analysis (Part 1)
Equity Analysis (Part 2)
Equity Analysis (Part 3)
Credit Analysis
Business and Geographic Segments, Model Building and Forecasting
Chapter 6 Questions
Chapter 6 Answer Key
Chapter 6 Question 5 Solution Video

Chapter 7: Inventories

This chapter covers inventories and the different valuation methods used to calculate the values of both cost of goods sold and ending inventory for a firm. Different cost flow assumptions, including first-in, first-out (FIFO), last-in, last-out (LIFO), average cost, and specific identification, are introduced. Finally, advanced inventory concepts such as LIFO reserves, LIFO liquidations, and inventory write-downs are covered. Throughout, the chapter emphasizes the importance of analysts understanding how these concepts can impact financial statement analysis.
Chapter 7 Outline
Inventories - Why Does It Matter?
Preview
Introduction to Inventories
Specific ID, FIFO, Weighted Average
LIFO, Calculation of Cost of Sales
Periodic vs. Perpetual Inventory Systems
LIFO Reserves and LIFO Liquidity
Inventory Method Changes
Inventory Adjustments
Presentation and Disclosure
Preview
Inventory Ratios
Chapter 7 Questions
Chapter 7 Answer Key
Chapter 7 Question 5 Solution Video

Chapter 8: Long-Lived Assets

Chapter eight covers long-lived assets, which are assets expected to be used for multiple financial reporting periods. These assets include both tangible (e.g., a manufacturing facility) and intangible (e.g., a patent) assets. The concept of cost capitalization is explained; in addition, the accounting for these assets after they are placed in service is discussed.
Chapter 8 Outline
Long-Lived Assets - Why Does It Matter?
Preview
Introduction to Long-Lived Assets
Acquisition of PP&E Assets
Acquisition of Intangibles
Preview
Internally Developed Intangible Assets
Intangible Assets Acquired in a Business Combination
Capitalizing vs. Expensing
Capitalization of Interest Costs
Capitalization of Internal Development Costs
Depreciation and Amortization of Long-Term Assets
Depreciation Methods and Calculation of Depreciation Expenses
Amortization Methods and Calculation of Amortization Expenses
Revaluation Model
Impairment
Derecognition of Long-Lived Assets
Presentation and Disclosure
Chapter 8 Questions
Chapter 8 Answer Key
Chapter 8 Question 1 Solution Video

Chapter 9: Income Taxes

This chapter covers the accounting for income taxes, which is a topic distinct from tax reporting to taxing authorities. The latter topic is outside of the scope of this chapter; instead this chapter explains how tax related items are captured in the financial statements produced by a firm. Concepts such as deferred tax assets (DTAs), deferred tax liabilities (DTLs), income tax expense, income taxes payable, and valuation allowances are discussed as well.
Chapter 9 Outline
Income Taxes - Why Does It Matter?
Preview
Introduction to Income Tax
Differences Between Accounting Profit and Taxable Income
Preview
Permanent Differences
Temporary Differences
Unused Tax Loss and Tax Credits
Chapter 9 Questions
Chapter 9 Answer Key
Chapter 9 Question 1 Solution Video

Chapter 10: Long-Term Liabilities

Chapter ten covers non-current liabilities, including bonds and their related discounts or premiums. The effective interest method is introduced and time is spent discussing debt covenants, leases, and pensions.
Chapter 10 Outline
Long-Term Liabilities - Why Does It Matter?
Preview
Introduction to Long-Term Liabilities and Bonds Payable
Accounting for Bond Issuance (Part 1)
Accounting for Bond Issuance (Part 2)
Accounting for Bond Amortization, Interest Expense, and Interest Payments (Part 1)
Accounting for Bond Amortization, Interest Expense, and Interest Payments (Part 2)
Fair Value Option and Derecognition of Debt
Debt Covenants and Presentation and Disclosure of Long-Term Debts
Preview
Lease Accounting
Lessee Accounting
Lessor Accounting
Financial Reporting for Post-Employment and Share-Based Compensation Plans
Pensions
Chapter 10 Questions
Chapter 10 Answer Key
Chapter 10 Question 5 Solution Video

Chapter 11: Financial Reporting Quality

This chapter formally defines the concept of financial reporting quality. The relationship between earnings quality and financial reporting quality is discussed as well. Finally, the impact of each on financial statement analysis is explained.
Chapter 11 Outline
Financial Reporting Quality - Why Does It Matter
Preview
Financial Reporting Quality
Conceptual Overview
Biased Accounting Choices
Conservative vs. Aggressive Financial Reporting
Motivations
Mechanisms that Discipline Financial Reporting Quality
Preview
Detection
Chapter 11 Questions
Chapter 11 Answer Key

Chapter 12: Introduction to Financial Statement Modeling

Chapter 12 Outline
Financial Statement Modeling - Why Does It Matter?
Preview
Introduction to Financial Statement Modeling
Income Statement Forecasting
Statement of Cash Flows
Biases
External Forces Affecting Models

Chapter 13: Applications of Financial Statement Analysis

In the final chapter, we wrap-up by demonstrating different applications of financial statement analysis including forecasting net income and cash flows, assessing credit quality, and screening for potential equity investments.
Chapter 13 Outline
Applications of Financial Statement Analysis - Why Does It Matter?
Preview
Introduction to Applications of Financial Statement Analysis
Evaluating Past Performance
Projecting Future Performance
An Input to Market Based Valuation
Projecting Multiple Period Performance
Assessing Credit Risk
Screening for Potential Equity Investments
Analyst Adjustments
Chapter 13 Questions
Chapter 13 Answer Key

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