In this Financial Accounting course, we begin with an introduction exploring the definition, purpose, and role that accounting plays in aiding business decision-making.
We then delve into the mechanics of recording business transactions, familiarizing students with basic accounting principles and concepts. Emphasis is placed on understanding how transactions are recorded through journals, ledgers, and the double-entry accounting system. Following this, we progress to the intricacies of the accounting cycle, where students will learn the step-by-step process from identifying transactions to preparing comprehensive financial statements. This section will also shed light on the importance of adjusting and closing entries in ensuring that financial statements are both accurate and complete.
Moving forward, we explore accounting practices specific to merchandising businesses. The distinction between service and merchandising businesses will be clarified, alongside an understanding of revenue recognition and the recording of transactions unique to merchandisers. The course then delves into the nuances of inventory valuation methods, such as FIFO, LIFO, along with determining the cost of sales and its consequential impact on the income statement.
The next focus is on the management of receivables and payables, providing insight into recognizing, valuing, and managing accounts receivable, as well as navigating through accounts payable and the importance of efficiently managing short-term obligations. Subsequently, we explore long-term assets, examining the classification and valuation of property, plant, equipment, and intangibles. Students will also learn about depreciation, amortization, and impairment, along with their effects on financial statements.
An understanding of liabilities follows, with a focus on long-term obligations. Students will learn how to recognize and value these liabilities on the balance sheet. The course then culminates in an exploration of equity, discussing the components of stockholders' equity, including common stock, retained earnings, and dividends. A keen understanding of the relationship between equity, assets, and liabilities will also be emphasized.
Concluding the course, we integrate the various concepts, showcasing how the elements of financial accounting cohesively come together to form comprehensive financial statements.
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