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Our Courses

Financial Accounting

Financial Accounting

Financial accounting is the language of business. This course introduces students to the fundamental principles and concepts of financial accounting, providing a solid foundation for understanding and analyzing financial information. Through a combination of lectures, case studies, and practical exercises, students will learn how to prepare and interpret financial statements, record business transactions, and apply accounting principles to real-world scenarios.

Financial accounting course-pic

Financial accounting courses typically cover the fundamental principles and concepts used in preparing and analyzing financial statements. Here's an outline of what you might expect to learn in a financial accounting course:

Course Objectives:

  • Understand the role of financial accounting in business and its importance to stakeholders.
  • Apply the principles of double-entry bookkeeping to record transactions accurately.
  • Prepare financial statements, including the income statement, balance sheet, and statement of cash flows.
  • Analyze financial statements to assess a company's financial performance and position.
  • Understand the principles of revenue recognition, expense recognition, and accrual accounting.
  • Apply accounting concepts and techniques to inventory valuation, fixed assets, and depreciation.
  • Evaluate ethical issues in accounting and demonstrate professional conduct.
  • Compare and contrast International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP).

Course Covers:

  • Introduction to Financial Accounting: This section covers the basics of accounting, including the role of accounting in business, the accounting equation, and the basic financial statements (income statement, balance sheet, statement of cash flows).
  • Recording Transactions: You'll learn about double-entry bookkeeping, debits and credits, journal entries, and how transactions are recorded in general ledger accounts.
  • Adjusting Entries: Understanding accrual accounting requires adjusting entries for items like accrued revenue, accrued expenses, prepaid expenses, and unearned revenue.
  • Financial Statement Preparation: You'll learn how to prepare financial statements from trial balances, including income statements, balance sheets, and statements of cash flows.
  • Analysis of Financial Statements: Once the financial statements are prepared, you'll learn how to interpret and analyze them to assess a company's financial health, profitability, liquidity, and solvency.
  • Inventory Valuation: Different methods of inventory valuation, such as FIFO (First In, First Out), LIFO (Last In, First Out), and weighted average cost, are covered in detail.
  • Fixed Assets and Depreciation: Understanding the concepts of depreciation, amortization, and depletion, as well as the different methods used to calculate them (e.g., straight-line, units-of-production, double-declining balance).
  • Liabilities and Equity: Learn about different types of liabilities (current and long-term) and equity (common stock, retained earnings), as well as how to account for them in financial statements.
  • Revenue Recognition: Understanding the principles and criteria for recognizing revenue, including the timing and measurement of revenue from sales of goods and services.
  • Financial Statement Analysis: Ratio analysis, trend analysis, and common-size financial statements are techniques used to analyze financial statements to evaluate a company's performance and financial position.
  • Ethical Considerations: You'll explore ethical issues in accounting, such as integrity, objectivity, confidentiality, and professional behavior.
  • International Financial Reporting Standards (IFRS) vs. Generally Accepted Accounting Principles (GAAP): Depending on the course, there might be a comparison between these two sets of accounting standards.

Financial Course Details:

    Module 1: Introduction to Financial Accounting
  • Overview of Accounting Principles
  • Role of Financial Accounting in Business
  • Users of Financial Statements
  • Accounting Equation and Double-Entry Bookkeeping
  • Types of Business Entities
  • Module 2: Recording Transactions
  • Chart of Accounts
  • Journal Entries
  • Posting to General Ledger Accounts
  • Trial Balance and Adjusting Entries
  • Closing Entries and the Accounting Cycle
  • Module 3: Financial Statement Preparation
  • Income Statement: Revenue, Expenses, Net Income
  • Balance Sheet: Assets, Liabilities, Equity
  • Statement of Cash Flows: Operating, Investing,

    Financing Activities
  • Preparation and Presentation of Financial Statements
  • Module 4: Adjusting Entries and Accrual Accounting
  • Accruals and Deferrals
  • Prepaid Expenses and Unearned Revenue
  • Accrued Revenue and Accrued Expenses
  • Depreciation and Amortization
  • Module 5: Inventory Valuation
  • Inventory Costing Methods: FIFO, LIFO, Weighted

  • Lower of Cost or Market (LCM) Rule
  • Inventory Turnover and Cost of Goods Sold
  • Module 6: Fixed Assets and Depreciation
  • Classification of Fixed Assets
  • Depreciation Methods: Straight-Line, Units-of

    -Production, Double-Declining Balance
  • Asset Impairment and Disposal
    Module 7: Liabilities and Equity
  • Types of Liabilities: Current and Long-Term
  • Bonds Payable and Notes Payable
  • Stockholders' Equity: Common Stock,

    Retained Earnings
  • Dividends and Treasury Stock
  • Module 8: Revenue Recognition
  • Revenue Recognition Criteria
  • Sale of Goods vs. Rendering of Services
  • Long-Term Contracts and Percentage-of-

    Completion Method
  • Module 9: Financial Statement Analysis
  • Ratio Analysis: Liquidity, Solvency, Profitability,

  • Trend Analysis and Common-Size Financial

  • DuPont Analysis and Return on Equity (ROE)
  • Module 10: Ethical Considerations in Accounting
  • Ethical Standards for Accountants
  • Integrity, Objectivity, Confidentiality, Professional

  • Case Studies and Ethical Dilemmas
  • Module 11: International Financial Reporting Standards (IFRS) vs. Generally Accepted Accounting Principles (GAAP)
  • Overview of IFRS and GAAP
  • Key Differences in Accounting Standards
  • Convergence Efforts and Global Harmonization
  • Module 12: Advanced Topics (optional, for advanced courses)
  • Consolidated Financial Statements
  • Intercompany Transactions
  • Foreign Currency Translation
  • Accounting for Derivatives and Hedging
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