Introduction to Financial Accounting
What you'll learn
- Understand the Objectives of Financial Accounting
- Understand the Debit and Credit Measurement System
- Understand How to Compile and Read Financial Statements
- Understand the Uses and Limitations of Financial Accounting
- No prior accounting or bookkeeping training or experience required
This Course provides an easy to understand introduction to financial accounting, with special focus on small businesses. The course is designed to help small business owners, accounting students, bookkeepers and nonprofit managers grasp the fundamentals they need to interpret and analyze financial statements. No prior accounting or business background is needed to understand the material in this course. The lectures are given in in an informal, jargon free, amusing fashion. Despite being concise the lectures are comprehensive. All fundamental principles and procedures are covered. Each lecture is linked to a web page that contains a comprehensive written version of topics covered. Key image files are separately downloadable. Short quizzes are given to test mastery of key topics. Topics Covered: The Fundamental Accounting Equation; Debits and Credits; Recording Transactions; Cash versus Accrual Accounting; Accounts Receivables; Accounts Payable; Wage Withholding and Payroll Taxes; Finance and Operating Leases:Deferred Revenue and Prepaid Expenses; Fixed Assets and Depreciation; Inventory and Cost of Goods Sold; Adjusting Journal Entries; Closing the Books; Compiling the Financial Statements: The Balance Sheet, Income Statement, Cash Flows Statement, and Statement of Changes in Owner’s Equity; Liquidating Value vs. Goodwill Liquidity; Leverage Ratios,; Distinguishing Profit from Owner’s Compensation,; Forecasting Future Income Based on Past Performance; Internal Controls; Gauging the Reliability of Financial Statements.
Who this course is for:
- Business owners, accounting students, bookkeepers, attorneys
Mike is a CPA and Certified Valuation Analyst with over forty years of accounting and appraisal experience. He is the author of Financial Accounting: A Mercifully Brief Introduction, Time Value of Money: Concepts, Applications and Formulas, and Goodwill in Small Service Businesses: Negotiating a Fair Price.
He has taught mathematics and business courses at colleges in Wisconsin and Maryland. His articles on the theory and practice of business appraisal have appeared in academic and professional journals. He has graduate degrees in accounting and philosophy and an undergraduate degree in psychology. He maintains a business appraisal practice in Miami, Florida.