Financial Accountings Fundamentals I
Updated on Dec, 2023
Language - English
Duration -2 hours
Course Description for Financial Accounting Fundamentals I
At the completion of this course, you will be able to record the financial records of a small business called Fraser's Golf Academy.
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.
Financial accounting is a specific branch of accounting involving a process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time. These transactions are summarized in the preparation of financial statements, including the balance sheet, income statement and cash flow statement, that record the company's operating performance over a specified period.
Work opportunities for a financial accountant can be found in both the public and private sectors. A financial accountant's duties may differ from those of a general accountant, who works for himself or herself rather than directly for a company or organization.
Financial accounting utilizes a series of established accounting principles. The selection of accounting principles to use during the course of financial accounting depends on the regulatory and reporting requirements the business faces.
The financial statements used in financial accounting present the five main classifications of financial data: revenues, expenses, assets, liabilities and equity. Revenues and expenses are accounted for and reported on the income statement.
What will you learn in this course:
- Understand the different types of Business organizations.
- Know the three types of Business activities - operating, financing, and investing.
- Know the balance sheet equation and how it is used to record business transactions.
- Know how to use debits and credits.
- Know the three financial statements - Income statement, balance sheet, and cash flow statement.
- Learn how to adjust the accounting records and close the books.
- Be able to complete a set of accounting records for a small business - Fraser's Golf Academy.
What are the prerequisites for this course?
- No prerequisites.
Check out the detailed breakdown of what’s inside the course
Introduction to Business
- Introduction to Business Organizations and activities 29:43 29:43
The Balance Sheet Equation
The Financial Statements
Recording Business Transactions
Adjusting entries and closing the books
Dr. John McLellanDr John
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.
User your certification to make a career change or to advance in your current career. Salaries are among the highest in the world.
Our students work
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