Financial Accountings Fundamentals I

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.