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
- The excel spreadsheet files will be provided.
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
Hi! at first i underestimated your way of teaching (because it was too theoretical) but now i enjoy your lecture. Thank you so much for your clear explanations!!! Laurent
It help me to understand how to measure and record balance sheet and income statement elements in organizations. Anonymized User Udemy Business.
Yes, it was good and got lot of things. Shanika Wijenarayana Sonnadara Udemy Business.
Having this new kind of perspective in Financial Accounting is an amazing learning. Anonymized User Udemy Business.
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.
I am a Professor of Managerial Accounting and Strategic Management with over thirty-five years of 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 earned the Certified Management Accountant Designation 40 years ago. With that I then earned my Master of Business Administration degree and later a Ph.D. in accounting.
For five years, I owned and operated a successful small business. I purchased a profitable small manufacturing company employing eleven employees. I developed two additional product lines and doubled the annual profits.