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Financial Accounting Foundations
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Beginner Provider : Ruqayyah Archie 7 Lessons · 20m in Arabic, German, English, Spanish, French, Portuguese, Chinese
Course Description
Financial Accounting is an important aspect of any business, allowing managers and owners to review the company’s financial state and identify their profit levels. When a company is aware of the amount of profit that they have, they will be able to make decisions about their products or services, their marketing efforts, setting prices, and managing expenses. Financial Accounting can be used in any type of business because it provides the financial data that will allow the company to prepare financial statements, conduct audits, and prepare budgets. The accounting cycle begins by taking the initial data from source documents like checks and invoices and ends with completed financial statements and the posting of closing entries.
From the beginning to the end, there are checks and balances to the financial accounting process. In this course, you will learn what financial accounting is and when to use it. Financial accounting is not the same as other types of accounting, and it also differs from bookkeeping. This foundational course will cover information like the accounting equation, the accounting cycle, and how to analyze transactions. You will also learn about the major financial statements, what’s included in them, and how accounting conservatism is used.
What You'll Learn
- Explain what financial accounting is and when to use it
- Use the accounting equation to analyze transactions
- Explain accounting conservatism principles
- Identify the major financial statements and what they include
- Recognize the steps in the accounting cycle
Key Takeaways
- Financial accounting provides the financial data a company needs to prepare financial statements, conduct audits, and prepare budgets.
- Financial accounting lets managers and owners review a company's financial state and identify profit levels to guide decisions on products, marketing, pricing, and expenses.
- The accounting cycle begins with initial data from source documents like checks and invoices and ends with completed financial statements and the posting of closing entries.
- Financial accounting differs from other types of accounting and from bookkeeping.
- This foundational course covers the accounting equation, the accounting cycle, analyzing transactions, the major financial statements, and accounting conservatism.
Frequently Asked Questions
What does this course cover?
It covers what financial accounting is and when to use it, the accounting equation, the accounting cycle, how to analyze transactions, the major financial statements and what they include, and how accounting conservatism is used.
Who is this course for?
It is a foundational course suited to managers, owners, and anyone needing to understand financial accounting, which can be used in any type of business.
How is financial accounting different from bookkeeping?
Financial accounting is not the same as other types of accounting, and it also differs from bookkeeping.
What skills will I gain?
You will build skills in accounting, basic accounting functions, basic accounting principles, financial accounting, financial analysis, and full cycle accounting.
What lessons are included?
Lessons include Introduction, Introduction to Financial Accounting, When to Use Financial Accounting, Basics of Financial Accounting, The Accounting Equation, Accounting Conservatism, and a Test Your Knowledge assessment.
