This course is an introduction to the basic concepts and standards underlying financial accounting systems. Several important concepts will be discussed, such as: the matching principle, the accrual method, revenue recognition, inventory, property, plant and equipment, liabilities and equity. The course focuses on the construction of the basic financial accounting statements; the income statement, balance sheet, and cash flow statement, along with, their interpretation.
Course ID: KNOWACCT
Everything You Wanted to Know About Accounting, But Afraid to Ask
- Demonstrate how business transactions are recorded in terms of the resulting changes in the basic elements of the accounting equation.
- Differentiate between the cash basis of accounting and the accrual basis of accounting
- Summarize the recording and posting transactions using a chart of accounts, journals, and ledgers.
- Describe and prepare the financial statements of a corporation, and explain how they interrelate.
- Distinguish between activities, accounting, and financial statements of a service business and a merchandising business.
- Describe the objectives of internal control.
- Describing how the three financial statements are compiled
- Describing how transactions flow through an accounting system
- Describing the various supporting documentation needed for every transaction
- Describing the importance of an internal control system