This course provides an introduction to the basic topics in financial accounting. We will learn about receivables, liabilities, and basic accounting systems. We will also learn the basics of financial statements, review stakeholder equity, and learn about long-term assets.
Upon successful completion of this course, participants will be able to:
- Explain the role of accounting in business.
- Describe basic accounting systems.
- Distinguish financial accounting in retail businesses from those in service industries.
- Describe accounting practices for cash, receivables, and inventories.
- Describe accounting for fixed and long-term assets.
- Explain how stockholders make money from their shares.
- Describe methods for analyzing various financial statements.
Lesson 1: Introduction to Basic Accounting Systems
This lesson focuses on an introduction to the role of accounting in business. Basic accounting, an overview of financial accounting, and elements of an accounting system are covered. We will also learn the differences between cash and accrual accounting.
Lesson 2: Accounting for Retail Businesses and Internal Controls
In this lesson, we will explore the application of financial accounting in retail businesses. We will also learn about internal cash controls. Purchase and sales transactions, bank reconciliations, and important laws that govern financial accounting will be covered.
Lesson 3: Receivables and Inventories
The focus of this lesson is on receivables and inventory. Types of receivables and inventories will be covered, along with write-offs, balance sheet reporting, and inventory costing methods and reporting.
Lesson 4: Long-Term Assets and Liabilities
In this lesson, we will focus on fixed assets and financial liabilities. Topics in this lesson include the disposal of assets, financial reporting, bonds, and the reporting of liabilities.
Lesson 5: Equity and Financial Statements
In this final lesson, we will learn about stockholders, cash flow statements, and metric-based analysis of financial statements. Dividends, stock splits, various cash flows, and global analysis will all be covered.