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Financial Accounting

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Financial Accounting

In Financial Accounting, students learn the basic accounting principles, preparing them for a career in business or as the first course in their preparation to become an accountant. This course starts out teaching with a focus on small, sole-proprietorships providing a service, and gradually layers accounting practices from the most basic to the more complex accounting practices recommended for large companies.

AccountingBusiness
Author
Lumen Learning
Publisher
LibreTexts
Source
LibreTexts
License
CC BY
Language
EN
Category
Accounting & Auditing
Read online Download PDF (open licence)
Contents· 154 sections
  1. 01: What is Accounting
  2. 1.01: Introduction- What Is Accounting
  3. 1.02: Accounting Defined
  4. 1.03: Users of Accounting Information
  5. 1.04: Types of Businesses and Business Activities
  6. 1.05: Ethics in Accounting
  7. 1.06: Glossary Unit 1
  8. 1.07: Exercises- Unit 1
  9. 02: Accounting Principles and Practices
  10. 2.01: Introduction- Accounting Principles and Practices
  11. 2.02: GAAP Generally Accepted Accounting Principles
  12. 2.03: Account Types
  13. 2.04: The Basic Accounting Equation
  14. 2.05: Financial Statements
  15. 2.06: Accounting in the Headlines
  16. 2.07: Glossary- Lesson 2
  17. 2.08: Exercises- Unit 2
  18. 03: The Accounting Cycle
  19. 3.01: Introduction- The Accounting Cycle
  20. 3.02: The Accounting Cycle
  21. 3.03: Accounts Journals Ledgers and Trial Balance
  22. 3.04: General Rules for Debits and Credits
  23. 3.05: Journal Entries
  24. 3.06: Posting to the General Ledger
  25. 3.07: Preparing a Trial Balance
  26. 3.08: Glossary- Lesson 3
  27. 3.09: Debit and Credit Review
  28. 3.10: Exercises- Unit 3
  29. 04: Completion of the Accounting Cycle
  30. 4.01: The Accrual Basis and Cash Basis of Accounting
  31. 4.02: Classes and Types of Adjusting Entries
  32. 4.03: Adjusting for Accrued Items
  33. 4.04: Adjusting for Deferred Items
  34. 4.05: Preparing an Adjusted Trial Balance
  35. 4.06: Preparing Financial Statements
  36. 4.07: Closing Entries
  37. 4.08: Accounting in the Headlines
  38. 4.09: Glossary- Completing the Accounting Cycle
  39. 4.10: Exercises- Unit 4
  40. 05: Accounting For a Merchandising Enterprise
  41. 5.01: Merchandising Business
  42. 5.02: Merchandise Inventory
  43. 5.03: Buyer Entries under Perpetual Method
  44. 5.04: Seller Entries under Perpetual Inventory Method
  45. 5.05: Buyer Entries under Periodic Inventory System
  46. 5.06: Seller Entries under Periodic Inventory Method
  47. 5.07: Glossary- Accounting for a Merchandising Enterprise
  48. 5.08: Exercises- Unit 5
  49. 06: Financial Reporting for a Merchandising Enterprise
  50. 6.01: Adjusting Entries for a Merchandising Company
  51. 6.02: Merchandising Financial Statements
  52. 6.03: Journalizing Closing Entries for a Merchandising Enterprise
  53. 6.04: Impacts of Inventory Errors on Financial Statements
  54. 6.05: Accounting in the Headlines
  55. 6.06: Exercises- Unit 6
  56. 07: Inventory Valuation Methods
  57. 7.01: Merchandise Inventory
  58. 7.02: Inventory Methods for Ending Inventory and Cost of Goods Sold
  59. 7.03: Methods Under a Periodic Inventory System
  60. 7.04: Effects of Choosing Different Inventory Methods
  61. 7.05: Lower of Cost or Market Rule
  62. 7.06: Internal Control Issues and Procedures for Inventory
  63. 7.07: Exercises- Unit 7
  64. 08: Accounting Information Systems
  65. 8.01: Principles of Accounting Systems
  66. 8.02: Special Journals
  67. 8.03: Subsidiary Ledgers and Control Accounts
  68. 8.04: Internal Control and Accounting System Design
  69. 8.05: Accounting in the Headlines
  70. 8.06: Exercises- Unit 8
  71. 09: Cash
  72. 9.01: Internal Control Structure
  73. 9.02: Cash and Internal Control
  74. 9.03: Preparing a Bank Reconciliation
  75. 9.04: Petty Cash
  76. 9.05: Accounting in the Headlines
  77. 9.06: Exercises- Unit 9
  78. 10: Receivables
  79. 10.01: Receivables
  80. 10.02: Subsidiary Ledgers and Control Accounts
  81. 10.03: Direct Write-Off and Allowance Methods
  82. 10.04: Estimating Bad Debts
  83. 10.05: Accounting for Credit Card Sales
  84. 10.06: Accounting for Notes Receivable
  85. 10.07: Exercises- Unit 10
  86. 11: Plant Assets and Intangible Assets
  87. 11.01: Long Term Assets
  88. 11.02: Entries for Cash and Lump-Sum Purchases of Property Plant and Equipment
  89. 11.03: Methods for Computing Depreciation
  90. 11.04: Computing Book value
  91. 11.05: Asset Disposal
  92. 11.06: Journalize Entries for Trade-In of Similar Assets
  93. 11.07: Natural Resources and Depletion
  94. 11.08: Journalizing Adjusting Entries for Depletion
  95. 11.09: Intangible Assets
  96. 11.10: Exercises- Unit 11
  97. 12: Current Liabilities and Payroll
  98. 12.01: Accounting for Current Liabilities
  99. 12.02: Entries Related to Notes Payable
  100. 12.03: Accounting for Contingent Liabilities
  101. 12.04: Recording Transactions Related to Product Warranties
  102. 12.05: Payroll Accounting Defined
  103. 12.06: Payroll Accounting Entries
  104. 12.07: Exercises- Unit 12
  105. 13: Forms of Business Organizations
  106. 13.01: Sole Proprietorships and Partnerships
  107. 13.02: Journal Entries for Partnerships
  108. 13.03: Changes to the Partners
  109. 13.04: Corporations
  110. 13.05: Common and Preferred Stock
  111. 13.06: Journal Entries to Issue Stock
  112. 13.07: Treasury Stock
  113. 13.08: The Stockholders Equity Section of the Balance Sheet
  114. 13.09: Exercises- Unit 13
  115. 14: Stockholders Equity Earnings and Dividends
  116. 14.01: Retained Earnings- Entries and Statements
  117. 14.02: Entries for Cash Dividends
  118. 14.03: Stock Dividends and Splits
  119. 14.04: Items Reported on a Corporate Income Statement
  120. 14.05: Exercises- Unit 14
  121. 15: Long-Term Liabilities and Investment in Bonds
  122. 15.01: Long-Term Financing
  123. 15.02: Recording Entries for Bonds
  124. 15.03: Redeeming Bonds Payable
  125. 15.04: Capital Leases and Operating Leases
  126. 15.05: Accounting for Investment in Bonds
  127. 15.06: Exercises- Unit 15
  128. 16: Investment in Stocks
  129. 16.01: Investment of Stocks in Other Corporations
  130. 16.02: Cost Method
  131. 16.03: Equity Method
  132. 16.04: Consolidated Financial Statements
  133. 16.05: Exercises- Unit 16
  134. 17: Statement of Cash Flows
  135. 17.01: The Statement of Cash Flows
  136. 17.02: Direct and Indirect Methods for Preparing a Statement of Cash Flows
  137. 17.03: Cash Flows From Investing and Financing
  138. 17.04: Preparing a Statement of Cash Flow
  139. 17.05: Accounting in the Headlines
  140. 17.06: Exercises- Unit 17
  141. 18: Financial Statement Analysis
  142. 18.01: Analyzing Comparative Financial Statements
  143. 18.02: Calculating Trend Percentages
  144. 18.03: Common-Size Financial Statements
  145. 18.04: Calculate Ratios That Analyze a Companys Short-Term Debt-Paying Ability
  146. 18.05: Ratios That Analyze a Companys Long-Term Debt Paying Ability
  147. 18.06: Ratios That Analyze a Companys Earnings Performance
  148. 18.07: Ratio Summary
  149. 18.08: Exercises- Unit 18
  150. 19: Appendix- Partnerships
  151. 19.01: Sole Proprietorships and Partnerships
  152. 19.02: Journal Entries for Partnerships
  153. 19.03: Changes to the Partners
  154. 19.04: Exercises- Appendix B (revise questions)