Introduction to Financial Accounting
Learn the general principles of accrual accounting and apply basic accounting procedures to create the three major financial statements.
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Module 1: Accounting Concepts
- Introduction to financial accounting
- Balance sheet equations
- Types of ownership
- Function of an audit
Module 2: Measuring Income
- The income statement
- Revenue recognition and the matching concept
- Relationship between balance sheet and income sheet
- Statement of retained earnings
- Earnings per share
Module 3: Recording Transactions
- Explain the double entry accounting system
- Analyze and journalize transactions
- Post journal entries to the ledgers
- Prepare and use a trial balance
- Explain the accounting adjustments required at the end of the fiscal period
Module 1: Accrual Accounting and Financial Statement Formats
- Adjustments to accounts
- Implicit transactions
- Classified balance sheet
- Income statement
- Case study - Goodyear, Inc. balance sheet and income statement
Module 2: Accounting for Sales
- Revenue recognition
- Revenue measurement
- Credit sales and accounts receivable
- Assessing level of accounts receivable
Module 3: Cash Flow
- Purpose of the statement of cash flows
- Types of cash flow
- Preparing the statement of cash flows