What you will learn
Students will acquire a clear understanding of the nature of accounting information and the environment in which it is developed and used.
Understanding basic accounting terminology
Understand the environment in which accounting is developed and used.
Understand and know how to create a Profit & Loss and Balance Sheet statement
This financial accounting course delves into the following topics:
- accounting data’s characteristics,
- the context in which it was created,
- Accounting’s purpose and nature,
- accounting systems’ functions,
- who makes use of the accounting software,
- and accountants’ and CPAs’ work.
In addition, we talk about the FASB and discuss the accounting standards known as generally accepted accounting principles. I also
explain how to apply standard internal controls to prevent theft, fraud, and embezzlement in any firm and we describe and explore the numerous types of business organizations.
- explain common internal controls that can be used in every business organization in order to avoid theft, fraud, and embezzlement.
- The various forms of business organizations are also explained and discussed.
- I discuss and define the various financial terms that are needed to create a profit and loss and a balance sheet.
- We explain the nature of assets, liabilities, and owner’s equity; and how a balance sheet should balance.
- The accounting equation is also introduced and discussed, explained, and illustrated.
And finally, a balance sheet and a profit and loss are explained in detail.
At the end of the course it is expected that the student will have a better understanding of the nature of accounting, understand accounting concepts, certain accounting terminology, and understand two of the main financial statements; the balance sheet and the profit and loss statement.