Financial Accounting

Description:

    Accounting concepts and principles applied to service; merchandising and manufacturing operations; partnerships and corporations; the analysis, interpretation, and use of accounting data for management.

    Financial accounting also introduces the basics of accounting which is considered as the language of business. Also, the course intends to hone understanding of business transactions. Topics include an introduction to accounting, branches of accounting, users of accounting information, forms of business organization, types of business according to activities, accounting concepts and principles, the accounting equation, types of major accounts, rules of debit and credit, and the accounting cycle.

Overview:

    Financial accounting is the field of accounting concerned with the summary, analysis, and reporting of financial transactions related to a business. This involves the preparation of financial statements available for public use. Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision-making purposes.

Read More:

(1) What Is Financial Accounting? - AccountingEdu.org

(2) Financial Accounting - Investopedia

(3) What Is Financial Accounting? It's Critical Information

(4) Definition, What is Financial Accounting, and How ... - ClearTax

(5) Financial Accounting | Explanation | AccountingCoach

Watch:

(1) Brief History of Accounting

     by ProfAlldredge [4:15] | YouTube

(2) History of accounting

      by The Finance Storyteller [4:05] | YouTube

(3) ACCOUNTING BASICS: a Guide to (Almost) Everything

      by Accounting Stuff [14:12] | YouTube

(4) ACCOUNTING BASICS: Debits and Credits Explained

      by Accounting Stuff [5:43] | YouTube

(5) Ep.1 👉INTRODUCTION to Accounting- BASICS (Lesson 1)

      by Philippine Accounting Wiz Tutorials [23:42] | YouTube

Topics:

1. Accounting and Its Environment

a. Introduction to Financial Accounting

        i. What is Accounting?

ii. History of Accounting

iii. Users of Accounting Information

iv. Fields of Accounting

v. Types of Financial Statements

vi. Types of Business Organization According to Ownership

vii. Elements of Accounting

2. Accounting Concepts, Principles, and Assumptions

a. The Accounting Equation and Effects of Transaction

3. Double-Entry Accounting System and Recording Business Transactions

a. The Accounting Cycle for Service & Manufacturing Business

4. Time Period Assumption and Corresponding Use of Adjusting Entries

a. End of Period Adjustments

5. Preparation of Financial Statements and the Completion of the Accounting Cycle

a. Completion of Accounting Cycle

6. Recording Transactions in a Merchandising Concern

7. Accounting for Assets Categories:

a. Cash A/R

b. N/R

c. Inventory

d. Plant Assets

8. Accounting for Liability Categories:

a. A/P

b. N/P

c. Accrued and Estimated Liabilities and Long-Term Debt

d. Bonds Payable

9. Ownership Equity in the Three General Forms of Business Organization:

a. Sole Proprietorship

b. Partnership

c. Corporation

10. Investment in Corporate Securities

11. Analysis of Financial Statements

PDF Materials (E-Books):

(1) Financial Accounting

     by Robert Libby, Patricia A. Libby & Daniel G. Short

     File Size: 341 KB | Page Count: 43

(2) Principles of Financial Accounting

      by Christine Jonick, Ed.D.

      File Size: 5.1 MB | Page Count: 318

(3) Accounting for Managers

      by Dr. Mahesh Chand Garg

      File Size: 4.1 MB | Page Count: 662