Financial Accounting Course

financial accounting course explores the nature of accounting information and the environment in which it was developed. We discuss and introduce the purpose and nature of accounting, the functions of accounting systems, who uses the accounting systems, and the work of accountants and CPAs. Attention is focused upon the set of standards called generally accepted accounting principles and what they and the FASB do. We discuss and explain common internal controls that can be used in every business organization in order to avoid theft, fraud, and embezzlement.  The various forms of business organizations are also explained and discussed. We discuss and define the various financial terms that are needed to create a profit and loss and a balance sheet.  We explain the nature of assets, liabilities, and owner's equity; and how a balance sheet should balance. The accounting equation is also introduced and discussed, explained, and illustrated. A balance sheet and a profit and loss are illustrated and explained in detail. At the end of the course it is expected that the student will have a better understanding of the nature of accounting, understand accounting concepts, certain accounting terminology, and understand two of the main financial statements; the balance sheet and the profit and loss statement.