This comprehensive course is designed to guide learners from beginner to advanced topics in financial accounting. It begins with the foundation of accounting principles, including GAAP, the FASB, IASB, and the accounting standard-setting process. Students learn how to navigate the accounting cycle, journal entries, debits and credits, T-accounts, trial balances, and adjusting and closing entries.
The course covers detailed instruction on preparing financial statements such as income statements, balance sheets, retained earnings, multi-step income statements, and cash flow statements (both direct and indirect methods). Practical applications include inventory accounting (FIFO, LIFO, weighted average, retail methods), depreciation (straight-line, double declining, units of production), PP&E, intangible assets, and goodwill accounting.
Advanced topics include bonds, equity transactions, dividends, EPS, treasury stock, financial ratios, cash flow analysis, and auditing concepts. The course also explores current accounting issues, impairment, contingent liabilities, and financial reporting standards. By the end, learners will be capable of analyzing financial information, preparing accurate reports, calculating key ratios, and applying accounting standards confidently in both academic and professional settings.
