Financial Accounting: Financial accounting though provides historical information but is very planning and financial forecasting. An additional goal of IJMFA is to develop an understanding of the environment in which reporting choices are made, what the options are, how to use these data in making decisions, and how to avoid misusing financial statement data. IJMFA provides a vehicle to help professionals, academics, researchers and policy makers, working in the field of managerial and financial accounting, to disseminate information and to learn from each other’s work. This course introduces students to the principles, concepts, and applications of financial accounting.
Students are exposed to the process by which financial transactions and events are recorded, and will learn how to compile and interpret basic financial statements. Students planning to continue in the field of accounting or business should consider purchasing a financial calculator such as a Texas Instruments Financial Analyst. Explain generally accepted accounting principles and define and apply several accounting principles. Financial position of the business is ascertained on the basis of the accounting reports.
Compute depreciation expense under the various methods and understand its impact on the financial statements. StraighterLine does suggest that students complete Accounting I and II (ACC101 and ACC102) prior to enrolling in this course. Students in this financial accounting course explore basic accounting concepts and procedures and the interpretation of financial statements.
The principles of accrual and deferral accounting are presented, including proper use of debits, credits, and fiscal year-end procedures. Accounting is the process of identifying, measuring and communicating economic information to permit informed judgment and decisions by the users of the information. According to this definition, Accounting is a processing system, whose input is financial transaction and output is financial statements communicating various information to various interested groups”. Book-Keeping is merely recording of the transactions and maintaining the records whereas Accounting means to analyze these results.
Accounting principles are body of doctrines commonly associated with the theory and procedure of accounting, serving as an explanation of current practices and as a guide for the selection of conventions, or procedures where alternative exist. According to this assumption, for accounting purposes a business is treated as a separate entity that is distinct from its owner (s) and all other economic proprietors. If this assumption is not followed, the financial status and operating results of a business entity cannot be ascertained.