The Financial Accounting course provides an overview of the concepts, theories, and practices of financial reporting and accounting. The course offers a broad range of topics that include the following: accounting for assets, financial statements, accounting cycle, equities, liabilities, expenses, and revenues.
- Understanding the steps of accounting cycle, which include: Recording of a transaction, presenting the trial balance, recording adjustments, presenting the adjusted trial balance, presenting the financial statements, recording the closing of an account, presenting the post-closing trial balance.
- Analyze the items that belong to current assets account, including cash, accounts receivable and inventory.
- Understand allowance method of accounting for bad debts Inferring bad debt expense from account analysis.
- Clarify revenue recognition concepts.
- Explain inventory systems and inventory valuation methods.
- Analyze the items that belong to long term assets account, including tangible and intangible assets.
- Understand the acquisition, depreciation and disposal of tangibles.
- Discuss the decision to capitalize or not to capitalize.