Financial Accounting

Course is recommended for college credit by the American Council on Education's Credit Recommendation Service (ACE CREDIT)

 

 

Financial Accounting
Course is recommended for college credit by the American Council on Education's Credit Recommendation Service (ACE CREDIT)

Earn Financial Accounting College Credits On Your Schedule.

Accounting has existed almost as long as there have been people on our planet. Archeologists have discovered evidence of accounting-like recordkeeping from as long ago as 8000 BC in ancient Sumeria, which is present-day Iraq. Sumerians used stone and clay tokens to maintain records of farm goods that people had traded.

Accounting is a process of recording, summarizing, verifying, and reporting financial transactions. This definition may initially sound like just a jumble of words. But each of these terms—or steps in the accounting process—is crucial.
Recording transactions is simply the act of entering them into a company’s accounting records.
 
If accountants don’t record all the financial transactions of a company, then the company has no way of knowing how much money it made, or how much it owes.
 
In the same way, if you don’t write down or record a financial transaction in your checkbook, you won’t know how much money you have—or don’t have—to pay bills.
 
Thousands, even millions, of financial transactions may occur each year for a business. It would be impossible to understand a company’s total financial picture by looking at all these transactions individually. So, accountants summarize financial transactions, presenting them in a more concise format and grouping them into categories. This helps make these transactions more understandable to regular peoples.

Financial Accounting
Sample Syllabus Sections 1 & 2

1

1.1 The History of Accounting - Describe the history of accounting and historical figures important to the history of accounting.

1.2 Accounting: The Language of Business - Accounting is a process of recording, summarizing, verifying, and reporting financial transactions.

1.3 Users of Financial Information - Describe internal and external users of financial information.

1.4 Useful Information - Describe qualitative characteristics of useful information.

1.5 Principles & Constraints - Identify the materiality constraint and conservatism constraint.

1.6 Ethics in Accounting - Learn the steps in solving an ethical dilemma.

2

2.1 Business Activity Categories - Describe the three categories of business activities: operating, financing, and investing.

2.2 Forms of Business - Identify the three forms of business.

2.3 The Accounting Equation - In this section, we will look at two of the basic building blocks that accountants use when analyzing transactions: the accounting equation and economic events.

2.4 Source Documents - Analyzing transactions is one of the main jobs of an accountant. Likewise, one of the main goals that accountants have when analyzing transactions is determining whether they affect a company’s finances.

2.5 Asset & Liability Types - The accounting equation is the basic building block of transaction analysis and many of the financial reports accountants produce. The basic accounting equation is assets equal liabilities plus equity.

Sample Questions
Test Your Current Knowledge of Financial Accounting

Financial Accounting Exam Study Guide with Sample Questions

The following sample questions do not appear on an actual examination. These questions are intended to give test-takers an indication of the format and idea of what to study!


  1. Purchase of inventory
  2. Retirement of a fully depreciated machine
  3. Collection of accounts receivables
  4. Amortization of prepaid insurance
  5. Declaration of prepaid insurance

  1. Gross Profit
  2. Gain on sale of a truck
  3. Interest expense
  4. Loss on disconinued operations
  5. Sales discounts

  1. As a current liability of $420000
  2. As a long-term liability of $420000
  3. As another liability of $420000 with a footnote breaking out current and long-term portions
  4. As a current liability of $120000 and a long-term liability of $300000
  5. As a disclosure item only

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Example Lecture Videos

The history of accounting and how it helps society

Describe the cost of inventory and margins

Adjusting Entries Case Studies