Principles of Financial Accounting
What you'll learn
- Identify the accounting principles and the role of accounting in sustainable business organizations
- Measure and record balance sheet and income statement elements in organizations
- Be able to get an "A" in your college or University Introductory Financial Accounting course.
- Be well prepared to take a more advanced accounting course.
- Be able to keep accounting records for a service company and a merchandise company.
- Know how to use excel in recording business transactions.
- Complete two case studies where you keep the accounting records - one for a service company and one for a merchandise company. Using excel you record journal entries, summarize in the ledger, take a trial balance, do adjusting entries and present an income statement and balance sheet for each company.
Requirements
- The excel spreadsheet files will be provided.
Description
This is an introductory financial accounting course that covers all the financial accounting concepts offered in an introductory financial accounting course at university or college.
Financial accounting is the process of recording, summarizing and reporting a company's business transactions through financial statements. These statements are: the income statement, the balance sheet, the cash flow statement and the statement of retained earnings.
Learn and Master the Financial Accounting Process.
Understand that accounting is the language of business.
Know business terminology (biz speak).
Understand the difference between a corporation and a single proprietorship.
Know the three forms of business - service company, merchandise company and a manufacturer.
Understand an Income Statement and how to prepare one.
Understand a Balance Sheet and how to prepare one.
Know how to analyse and record business transactions
Learn how to use debits and credits to record business transactions.
Know how to use the accounting journal and ledger,
Complete a set of accounting records for a service business using excel spreadsheets.
Complete a set of accounting records for a merchandise company using excel spreadsheets.
Understand LIFO and FIFO.
Understand how to use the accounting system for Internal Control.
Understand the different methods of depreciation.
This is one of the best courses I have gone through. My finance knowledge has increased to large extent. Sonalika Sood
Who this course is for:
- College and university business students
- Secondary school students taking a bookkeeping or accounting course in high school.
- Entrepreneurs who want a good understanding of basic accounting.
Course content
- Preview02:30
Instructor
![Dr. John Daniel Mclellan](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 64 64"%3E%3C/svg%3E){kind=avatar}
- 4.1 Instructor Rating
- 483 Reviews
- 6,889 Students
- 33 Courses
I am a Professor of Accounting with over thirty-five years experience teaching accounting to college students, undergraduate and MBA university students as well as CMA candidates seeking to earn their Professional Certified Management Accountant Designation.
I achieved my Certified Management Accountant Designation 40 years ago. With that I then earned my Masters of Business Administration degree and later a PHD in accounting.
I have developed and will continue to develop a number of courses in both Financial Accounting and Management Accounting for you - a college or university student (or even a secondary student) to help you to achieve the best result in your undergraduate accounting course. If you get an "A" from me I guarantee you will get an "A" from your accounting prof.
For Graduate students, I have a course to prepare those of you who do not have a business degree for the Masters of Business Administration. Also I have a course at the masters level called Managerial Accounting.
For CMA Candidates, I have courses to prepare you to successfully pass their Certified Management Accounting Exams offered by Institute of Management Accountants.
Dr. John