📈 Business & Money

Principles of Financial Accounting

This course provides a comprehensive introduction to the principles and practices of financial accounting. It covers the...

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Sections

1. Introduction to Financial Accounting
1 views

An overview of financial accounting, its purpose, and its importance in business.

9 topics (9 versions)

1.1Definition and Purpose of Financial Accounting

1.2The Accounting Cycle

1.3Users of Financial Accounting Information

1.4Ethics in Financial Accounting

1.5The Role of Financial Accounting in Business

1.6Accounting vs. Bookkeeping

1.7Historical Development of Accounting

1.8The Financial Accounting Standards Board (FASB)

1.9Introduction to International Financial Reporting Standards (IFRS)

2. Understanding Financial Statements
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Learn about the types of financial statements and their components.

9 topics (9 versions)

2.1The Balance Sheet

2.2The Income Statement

2.3The Statement of Cash Flows

2.4The Statement of Shareholders' Equity

2.5Notes to Financial Statements

2.6Interpreting Financial Statements

2.7Limitations of Financial Statements

2.8Concept of Materiality

2.9Comparative Financial Statements

3. The Accounting Equation and Double-Entry System
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Explore the foundation of accounting through the accounting equation and the double-entry system.

9 topics (9 versions)

3.1The Basic Accounting Equation

3.2Assets, Liabilities, and Equity

3.3The Double-Entry Accounting System

3.4Debits and Credits

3.5Recording Transactions

3.6The General Ledger

3.7Trial Balance

3.8Adjusting Entries

3.9Closing Entries

4. Accrual Accounting Concepts
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Understand the principles of accrual accounting and how they differ from cash accounting.

9 topics (9 versions)

4.1Accrual vs. Cash Accounting

4.2Revenue Recognition Principle

4.3Expense Recognition Principle

4.4Matching Principle

4.5Adjusting Entries for Accrued Revenues

4.6Adjusting Entries for Accrued Expenses

4.7Prepaid Expenses

4.8Unearned Revenues

4.9Depreciation and Amortization

5. Inventory Accounting
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Examine methods for accounting inventory and their impact on financial statements.

9 topics (9 versions)

5.1Types of Inventory

5.2Inventory Valuation Methods

5.3First In, First Out (FIFO)

5.4Last In, First Out (LIFO)

5.5Weighted Average Cost Method

5.6Specific Identification Method

5.7Periodic vs. Perpetual Inventory Systems

5.8Inventory Turnover Ratio

5.9Lower of Cost or Market Rule

6. Internal Controls and Cash Management
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Learn about the importance and implementation of internal controls and effective cash management.

9 topics (9 versions)

6.1Purpose of Internal Controls

6.2Components of Internal Control

6.3Internal Control Procedures

6.4Bank Reconciliation

6.5Cash Management Techniques

6.6Petty Cash Management

6.7Fraud Prevention and Detection

6.8Auditing and Internal Controls

6.9Role of Technology in Cash Management

7. Receivables and Payables
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Understand the accounting treatment for receivables and payables.

9 topics (9 versions)

7.1Types of Receivables

7.2Accounts Receivable Management

7.3Allowance for Doubtful Accounts

7.4Direct Write-Off Method

7.5Aging of Accounts Receivable

7.6Notes Receivable

7.7Accounts Payable Management

7.8Short-Term vs. Long-Term Payables

7.9Interest Calculations on Notes Payable

8. Fixed Assets and Depreciation
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Explore the accounting for fixed assets and methods of depreciation.

9 topics (9 versions)

8.1Types of Fixed Assets

8.2Capitalization of Fixed Assets

8.3Depreciation Methods

8.4Straight-Line Depreciation

8.5Declining Balance Depreciation

8.6Units of Production Depreciation

8.7Impairment of Assets

8.8Disposal of Fixed Assets

8.9Intangible Assets and Amortization

9. Liabilities and Equity
2 views

Examine the different types of liabilities and equity, and their accounting implications.

9 topics (9 versions)

9.1Current vs. Long-Term Liabilities

9.2Notes Payable and Bonds

9.3Contingent Liabilities

9.4Shareholders' Equity

9.5Common and Preferred Stock

9.6Dividends and Retained Earnings

9.7Stock Splits and Treasury Stock

9.8Earnings Per Share (EPS)

9.9Analysis of Equity Transactions

10. Financial Statement Analysis
1 views

Learn techniques for analyzing financial statements to assess a company's performance.

9 topics (9 versions)

10.1Horizontal Analysis

10.2Vertical Analysis

10.3Ratio Analysis

10.4Liquidity Ratios

10.5Solvency Ratios

10.6Profitability Ratios

10.7Market Value Ratios

10.8Limitations of Ratio Analysis

10.9Comparative Financial Analysis

11. Revenue and Expense Recognition
2 views

Understand the principles and methods for recognizing revenue and expenses.

9 topics (9 versions)

11.1Revenue Recognition Criteria

11.2Point of Sale vs. Over Time Revenue Recognition

11.3Expense Recognition Criteria

11.4Timing of Revenue and Expense Recognition

11.5Impact of Revenue Recognition on Financial Statements

11.6Deferred Revenue

11.7Accrued Expenses

11.8Prepaid Expenses

11.9Impact of Expense Recognition on Profitability

12. Financial Reporting and Disclosure
3 views

Explore the regulatory environment and requirements for financial reporting and disclosures.

9 topics (9 versions)

12.1Regulatory Bodies in Financial Reporting

12.2GAAP vs. IFRS

12.3Mandatory Disclosures

12.4Voluntary Disclosures

12.5Segment Reporting

12.6Interim Financial Reporting

12.7Annual Reports

12.8Corporate Governance and Financial Reporting

12.9Impact of Financial Reporting on Stakeholders

13. Ethics in Financial Accounting
2 views

Examine the ethical considerations and challenges in financial accounting.

9 topics (9 versions)

13.1Importance of Ethics in Accounting

13.2Common Ethical Issues in Accounting

13.3Professional Codes of Conduct

13.4Fraud and Financial Reporting

13.5Whistleblowing in Accounting

13.6Ethical Decision-Making Frameworks

13.7Impact of Unethical Behavior on Financial Statements

13.8Role of Accountants in Promoting Ethics

13.9Case Studies on Ethical Dilemmas

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Principles of Financial Accounting

Sections

1. Introduction to Financial Accounting1 views

2. Understanding Financial Statements1 views

3. The Accounting Equation and Double-Entry System2 views

4. Accrual Accounting Concepts1 views

5. Inventory Accounting1 views

6. Internal Controls and Cash Management2 views

7. Receivables and Payables2 views

8. Fixed Assets and Depreciation2 views

9. Liabilities and Equity2 views

10. Financial Statement Analysis1 views

11. Revenue and Expense Recognition2 views

12. Financial Reporting and Disclosure3 views

13. Ethics in Financial Accounting2 views

Sign in to track your progress

1. Introduction to Financial Accounting
1 views

2. Understanding Financial Statements
1 views

3. The Accounting Equation and Double-Entry System
2 views

4. Accrual Accounting Concepts
1 views

5. Inventory Accounting
1 views

6. Internal Controls and Cash Management
2 views

7. Receivables and Payables
2 views

8. Fixed Assets and Depreciation
2 views

9. Liabilities and Equity
2 views

10. Financial Statement Analysis
1 views

11. Revenue and Expense Recognition
2 views

12. Financial Reporting and Disclosure
3 views

13. Ethics in Financial Accounting
2 views