IA101 Introduction to Financial Accounting

IA101 Introduction to Financial Accounting

COURSE DESCRIPTION
Learn financial accounting fundamentals and how to identify, measure and report on the financial effects of economic events on enterprises. Topics include accrual accounting concepts; preparation, understanding and analysis of financial statements; accounting for sales and cost of sales; inventory valuation; depreciation of operational assets; and accounting for investments, liabilities and present value concepts.

Details

Accounting Framework and Accounting Assumption
Accrual Basis V.S. Cash Basis
Types and users of Financial Statements
Accounting Equation
Type and classification of Accounts,
Transaction analysis, Debit, Credit
Record transaction in General Journal
Posting to T-Account
Preparing for Trial Balance
Balance sheet and Profit and loss statement before adjusting entries
Adjusting entries and correcting errors
Working Paper for preparing financial Statement
Closing Entries
Prepare for financial statements after adjusting and closing entries
Accounting for Merchandise Business
The use of special journals and subsidiary ledger accounts
Adjusting and Closing Entries for Merchandise Business
Prepare Working Paper and financial statement for Merchandise business
Industrial Accounting
Bank reconcile statement and Petty cash concepts