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Financial accounting (or financial accountancy) is the field of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees, government agencies, owners, and other stakeholders. Financial capital maintenance can be measured in either nominal monetary units or units of constant purchasing power. The fundamental need for financial accounting is to reduce principal–agent problem by measuring and monitoring agents’ performance and reporting the results to interested users.

Financial accountancy is used to prepare accounting information for people outside the organization or not involved in the day-to-day running of the company. Management accounting provides accounting information to help managers make decisions to manage the business.

In short, financial accounting is the process of summarizing financial data taken from an organization’s accounting records and publishing in the form of annual (or more frequent) reports for the benefit of people outside the organization.

Financial accountancy is governed by both local and international accounting standards.

Outline

Module 1 The Accounting Environment

  • Learning objectives
  • Accounting Defined
  • Employment opportunities in accounting
  • Financial accounting versus managerial accounting
  • Development of financial accounting standards
  • Ethical behavior of accountants
  • Critical thinking and communication skills
  • Internet skills
  • How to study the chapters in this text

 

Module 2 Accounting and its use in business decisions

  • 2.1 Learning objectives
  • 2.2 A career as an entrepreneur
  • 2.3 Forms of business organizations
  • 2.4 Types of activities performed by business organizations
  • 2.5 Financial statements of business organizations
  • 2.6 The financial accounting process
  • 2.7 Underlying assumptions or concepts
  • 2.8 Transactions affecting only the balance sheet
  • 2.9 Transactions affecting the income statement and/or balance sheet
  • 2.10 Summary of balance sheet and income statement transactions
  • 2.11 Dividends paid to owners (stockholders
  • 2.12 Analyzing and using the financial results—the equity ratio
  • 2.13 Understanding the learning objectives
  • 2.14 Appendix: A comparison of corporate accounting with accounting for a sole
  • proprietorship and a partnership
  • 2.15 Demonstration problem
  • 2.16 Solution to demonstration problem
  • 2.17 Key terms
  • 2.18 Self-test

 

Module 3 Recording business transactions

  • 3.1 Learning objectives
  • 3.2 Salary potential of accountants
  • 3.3 The account and rules of debit and credit
  • 3.4 Recording changes in assets, liabilities, and stockholders’ equity
  • 3.5 The accounting cycle
  • 3.6 The journal
  • 3.7 The ledger
  • 3.8 The accounting process in operation
  • 3.9 The use of ledger accounts
  • 3.10 Analyzing and using the financial results— Horizontal and vertical analyses
  • 3.11 Key terms
  • 3.12 Self-test

 

Module 4 Adjustments for financial reporting

  • 4.1 Learning objectives
  • 4.2 A career as a tax specialist
  • 4.3 Cash versus accrual basis accounting
  • 4.4 The need for adjusting entries
  • 4.5 Classes and types of adjusting entries
  • 4.6 Adjustments for deferred items
  • 4.7 Adjustments for accrued items
  • 4.8 Effects of failing to prepare adjusting entries
  • 4.9 Analyzing and using the financial results—trend percentages
  • 4.10 Understanding the learning objectives

 

Module 5 Completing the accounting cycle

  • 5.1 Learning objectives
  • 5.2 A career in information systems
  • 5.3 The accounting cycle summarized
  • 5.4 The work sheet
  • 5.5 Preparing financial statements from the work sheet
  • 5.6 Journalizing adjusting entries
  • 5.7 The closing process
  • 5.8 Accounting systems: From manual to computerize
  • 5.9 A classified balance sheet
  • 5.10 Analyzing and using the financial results — the current ratio
  • 5.11 Understanding the learning objectives

 

Module 6 Accounting theory

  • 6.1 Learning objectives
  • 6.2 A career as an accounting professor
  • 6.3 Traditional accounting theory
  • 6.4 Underlying assumptions or concepts
  • 6.5 Other basic concepts
  • 6.6 The measurement process in accounting
  • 6.7 The major principles
  • 6.8 Modifying conventions (or constraints)
  • 6.9 The financial accounting standards board’s conceptual framework project
  • 6.10 Objectives of financial reporting
  • 6.11 Qualitative characteristics
  • 6.12 The basic elements of financial statements
  • 6.13 Recognition and measurement in financial statements
  • 6.14 Summary of significant accounting policies
  • 6.15 Significant accounting policies
  • 6.16 Understanding the learning objectives

 

Module 7 Introduction to inventories and the classified income statement

  • 7.1 Learning objective
  • 7.2 A career as a CEO
  • 7.3 Two income statements compared— Service Company and merchandising company
  • 7.4 Sales revenues
  • 7.5 Cost of goods sold
  • 7.6 Classified income statement
  • 7.7 Analyzing and using the financial results—Gross margin percentage
  • 7.8 Understanding the learning objectives
  • 7.9 Appendix: The work sheet for a merchandising company
  • 7.10 Key terms
  • 7.11 Self-test

 

Module 8 Measuring and reporting inventories

  • 8.1 Learning objectives
  • 8.2 Choosing an accounting career
  • 8.3 Inventories and cost of goods sold
  • 8.4 Importance of proper inventory valuation
  • 8.5 Determining inventory cost
  • 8.6 Departures from cost basis of inventory measurement
  • 8.7 Analyzing and using financial results—inventory turnover ratio
  • 8.8 Understanding the learning objectives
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ITI Institute Dubai
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