Financial Accounting

Understand key financial accounting principles to excel in your career and make informed financial decisions.

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Course curriculum

1. 1.1 Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting
2. QUIZ 1.1
3. 1.2 Identify Users of Accounting Information and How They Apply Information
4. QUIZ 1.2
5. 1.3 Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities
6. QUIZ 1.3
7. 1.4 Explain Why Accounting Is Important to Business Stakeholders
8. QUIZ 1.4
9. 1.5 Describe the Varied Career Paths Open to Individuals with an Accounting Education
10. QUIZ 1.5
11. Chapter 1: Lesson summary
12. Quiz 1.1
13. 1.2
14. 1.3
15. 1.4
16. 1.5
1. 2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate
2. QUIZ 2.1
3. 2.2 Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and Noncurrent Liabilities, Equity, Revenues, and Expenses
4. QUIZ 2.2
5. 2.3 Prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet
6. QUIZ 2.3
7. Chapter 2: Lesson Summary
8. 2.1
9. 2.2
10. 2.3
1. 3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements
2. QUIZ 3.1
3. 3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions
4. QUIZ 3.2
5. 3.3 Define and Describe the Initial Steps in the Accounting Cycle
6. QUIZ 3.3
7. 3.4 Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business Transactions on Financial Statements
8. QUIZ 3.4
9. 3.5 Use Journal Entries to Record Transactions and Post to T-Accounts
10. QUIZ 3.5
11. 3.6 Prepare a Trial Balance
12. QUIZ 3.6
13. Chapter 3: Lesson Summary
14. 3.1
15. 3.2
16. 3.3
17. 3.4
18. 3.5
19. 3.6
1. 4.1 Explain the Concepts and Guidelines Affecting Adjusting Entries
2. QUIZ 4.1
3. 4.2 Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries
4. QUIZ 4.2
5. 4.3 Record and Post the Common Types of Adjusting Entries
6. QUIZ 4.3
7. 4.4 Use the Ledger Balances to Prepare an Adjusted Trial Balance
8. QUIZ 4.4
9. 4.5 Prepare Financial Statements Using the Adjusted Trial Balance
10. QUIZ 4.5
11. Chapter 4: Lesson Summary
12. 4.1
13. 4.2
14. 4.3
15. 4.4
16. 4.5
1. 5.1 Describe and Prepare Closing Entries for a Business
2. QUIZ 5.1
3. 5.2 Prepare a Post-Closing Trial Balance
4. QUIZ 5.2
5. 5.3 Apply the Results from the Adjusted Trial Balance to Compute Current Ratio and Working Capital Balance, and Explain How These Measures Represent Liquidity
6. QUIZ 5.3
7. 5.4 Appendix: Complete a Comprehensive Accounting Cycle for a Business
8. QUIZ 5.4
9. Chapter 5: Lesson summary
10. 5.1
11. 5.2
12. 5.3
13. 5.4
1. 6.1 Compare and Contrast Merchandising versus Service Activities and Transactions
2. QUIZ 6.1
3. 6.2 Compare and Contrast Perpetual versus Periodic Inventory Systems
4. QUIZ 6.2
5. 6.3 Analyze and Record Transactions for Merchandise Purchases Using the Perpetual Inventory System
6. QUIZ 6.3
7. 6.4 Analyze and Record Transactions for the Sale of Merchandise Using the Perpetual Inventory System
8. QUIZ 6.4
9. 6.5 Discuss and Record Transactions Applying the Two Commonly Used Freight-In Methods
10. QUIZ 6.5
11. 6.6 Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies
12. QUIZ 6.6
13. 6.7 Appendix: Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System
14. QUIZ 6.7
15. Chapter 6: Lesson Summary
16. 6.1
17. 6.2
18. 6.3
19. 6.4
20. 6.5
21. 6.6
22. 6.7
1. 7.1 Define and Describe the Components of an Accounting Information System
2. QUIZ 7.1
3. 7.2 Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders
4. QUIZ 7.2
5. 7.3 Analyze and Journalize Transactions Using Special Journals
6. QUIZ 7.3
7. 7.4 Prepare a Subsidiary Ledger
8. QUIZ 7.4
9. 7.5 Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information
10. QUIZ 7.5
11. Chapter 7: Summary
12. 7.1
13. 7.2
14. 7.3
15. 7.4
16. 7.5
1. 8.1 Analyze Fraud in the Accounting Workplace
2. QUIZ 8.1
3. 8.2 Define and Explain Internal Controls and Their Purpose within an Organization
4. QUIZ 8.2
5. 8.3 Describe Internal Controls within an Organization
6. QUIZ 8.3
7. 8.4 Define the Purpose and Use of a Petty Cash Fund, and Prepare Petty Cash Journal Entries
8. QUIZ 8.4
9. 8.5 Discuss Management Responsibilities for Maintaining Internal Controls within an Organization
10. QUIZ 8.5
11. 8.6 Define the Purpose of a Bank Reconciliation, and Prepare a Bank Reconciliation and Its Associated Journal Entries
12. QUIZ 8.6
13. 8.7 Describe Fraud in Financial Statements and Sarbanes-Oxley Act Requirements
14. QUIZ 8.7
15. 8.1
16. 8.2
17. 8.3
18. 8.4
19. 8.5
20. 8.6
21. 8.7
22. Chapter 8: Summary
1. 9.1 Explain the Revenue Recognition Principle and How It Relates to Current and Future Sales and Purchase Transactions
2. QUIZ 9.1
3. 9.2 Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches
4. QUIZ 9.2
5. 9.3 Determine the Efficiency of Receivables Management Using Financial Ratios
6. QUIZ 9.3
7. 9.4 Discuss the Role of Accounting for Receivables in Earnings Management
8. QUIZ 9.4
9. 9.5 Apply Revenue Recognition Principles to Long-Term Projects
10. QUIZ 9.5
11. 9.6 Explain How Notes Receivable and Accounts Receivable Differ
12. QUIZ 9.6
13. 9.7 Appendix: Comprehensive Example of Bad Debt Estimation
14. QUIZ 9.7
15. Chapter 9: summary
16. 9.1
17. 9.2
18. 9.3
19. 9.4
20. 9.5
21. 9.6
22. 9.7
1. 10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
2. QUIZ 10.1
3. 10.2 Calculate the Cost of Goods Sold and Ending Inventory Using the Periodic Method
4. QUIZ 10.2
5. 10.3 Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method
6. QUIZ 10.3
7. 10.4 Explain and Demonstrate the Impact of Inventory Valuation Errors on the Income Statement and Balance Sheet
8. QUIZ 10.4
9. 10.5 Examine the Efficiency of Inventory Management Using Financial Ratios
10. QUIZ 10.5
11. Chapter 10: Summary
12. 10.1
13. 10.2
14. 10.3
15. 10.4
16. 10.5
1. 11.1 Distinguish between Tangible and Intangible Assets
2. QUIZ 11.1
3. 11.2 Analyze and Classify Capitalized Costs versus Expenses
4. QUIZ 11.2
5. 11.3 Explain and Apply Depreciation Methods to Allocate Capitalized Costs
6. QUIZ 11.3
7. 11.4 Describe Accounting for Intangible Assets and Record Related Transactions
8. QUIZ 11.4
9. 11.5 Describe Some Special Issues in Accounting for Long-Term Assets
10. QUIZ 11.5
11. Chapter 11: Summary
12. 11.1
13. 11.2
14. 11.3
15. 11.4
16. 11.5
1. 12.1 Identify and Describe Current Liabilities
2. QUIZ 12.1
3. 12.2 Analyze, Journalize, and Report Current Liabilities
4. QUIZ 12.2
5. 12.3 Define and Apply Accounting Treatment for Contingent Liabilities
6. QUIZ 12.3
7. 12.4 Prepare Journal Entries to Record Short-Term Notes Payable
8. QUIZ 12.4
9. 12.5 Record Transactions Incurred in Preparing Payroll
10. QUIZ 12.5
11. Chapter 12: Summary
12. 12.1
13. 12.2
14. 12.3
15. 12.4
16. 12.5
1. 13.1 Explain the Pricing of Long-Term Liabilities
2. QUIZ 13.1
3. 13.2 Compute Amortization of Long-Term Liabilities Using the Effective-Interest Method
4. QUIZ 13.2
5. 13.3 Prepare Journal Entries to Reflect the Life Cycle of Bonds
6. QUIZ 13.3
7. 13.4 Appendix: Special Topics Related to Long-Term Liabilities
8. QUIZ 13.4
9. Chapter 13: lesson 13 summary
10. 13.1
11. 13.2
12. 13.3
13. 13.4
1. 14.1
2. 14.2
3. 14.3
4. 14.4
5. 14.5
6. 14.1 Explain the Process of Securing Equity Financing through the Issuance of Stock
7. QUIZ 14.1
8. 14.2 Analyze and Record Transactions for the Issuance and Repurchase of Stock
9. QUIZ 14.2
10. 14.3 Record Transactions and the Effects on Financial Statements for Cash Dividends, Property Dividends, Stock Dividends, and Stock Splits
11. QUIZ 14.3
12. 14.4 Compare and Contrast Owners’ Equity versus Retained Earnings
13. QUIZ 14.4
14. 14.5 Discuss the Applicability of Earnings per Share as a Method to Measure Performance
15. QUIZ 14.5
16. Chapter 14: lesson summary
1. 15.1
2. 15.2
3. 15.3
4. 15.4
5. 15.5
6. 15.1 Describe the Advantages and Disadvantages of Organizing as a Partnership
7. QUIZ 15.1
8. 15.2 Describe How a Partnership Is Created, Including the Associated Journal Entries
9. QUIZ 15.2
10. 15.3 Compute and Allocate Partners’ Share of Income and Loss
11. QUIZ 15.3
12. 15.4 Prepare Journal Entries to Record the Admission and Withdrawal of a Partner
13. QUIZ 15.4
14. 15.5 Discuss and Record Entries for the Dissolution of a Partnership
15. QUIZ 15.5
16. Chapter 15: lesson summary
1. 16.1
2. 16.2
3. 16.3
4. 16.4
5. 16.5
6. 16.6
7. 16.1 Explain the Purpose of the Statement of Cash Flows
8. QUIZ 16.1
9. 16.2 Differentiate between Operating, Investing, and Financing Activities
10. QUIZ 16.2
11. 16.3 Prepare the Statement of Cash Flows Using the Indirect Method
12. QUIZ 16.3
13. 16.4 Prepare the Completed Statement of Cash Flows Using the Indirect Method
14. QUIZ 16.4
15. 16.5 Use Information from the Statement of Cash Flows to Prepare Ratios to Assess Liquidity and Solvency
16. QUIZ 16.5
17. 16.6 Appendix: Prepare a Completed Statement of Cash Flows Using the Direct Method
18. QUIZ 16.6
19. Chapter 16: lesson 16 summary

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Financial Accounting

Course curriculum

Chapter 1 : Role of Accounting in Society

Chapter 2 : Introduction to Financial Statements

Chapter 3 : Analyzing and Recording Transactions

Chapter 4 : The Adjustment Process

Chapter 5 : Completing the Accounting Cycle

Chapter 6 : Merchandising Transactions

Chapter 7 : Accounting Information Systems

Chapter 8 : Fraud, Internal Controls, and Cash

Chapter 9 : Accounting for Receivables

Chapter 10 : Inventory

Chapter 11 : Long-Term Assets

Chapter 12 : Current Liabilities

Chapter 13 : Long-Term Liabilities

Chapter 14 : Corporation Accounting

Chapter 15 : Partnership Accounting

Chapter 16 : Statement of Cash Flows

About this course

Discover your potential, starting today