"The branch of accounting concerned with the summary, analysis and reporting of financial transactions related to a business."
The recording, classifying, and summarizing of financial transactions in accordance with generally accepted accounting principles, and generating reports that provide insight into the financial status and performance of an entity.
Financial Statements: Understanding financial statements such as Balance sheets, income statements and cash flow statements, explain financial performance, how to interpret and analyze financial statements.
Accounting Principles and Concepts: Fundamental Accounting concepts, assumptions, and principles.
Transactions: Learn how to implement accurate bookkeeping and maintain financial transactions such as invoices, payments, receipts, and journals.
Journal Entries: What journal entries are, and how to create and manage them.
Debits and Credits: Introduces Debits and Credits and how they are used in accounting.
Trial Balance: Learn about the Trial Balance and how it is used to balance accounts.
Asset Management: Learn how assets are accounted for, including acquisition, depreciation, disposals, revaluations, and loan management.
Liability Management: Understand how creditors and lenders are managed, including types of liability accounts and the purpose of each.
Budgeting: Budgeting basics, types of budgets, and budget implementation.
Cost Accounting: Cost Accounting is an essential concept to understand when it comes to managing and controlling costs at an organizational level.
Revenue Recognition: Learn about the accounting implications of recognizing revenue.
Auditing: Conduct internal and external audits of financial statements and accounting systems.
Risk Management: Risk management principals, issues and techniques.
International Financial Reporting Standards: Learn International Financial Reporting Standards (IFRS), the standard accounting language used around the world.
Financial Analysis: Understand the different financial analysis types, including ratio analysis, trend analysis, and benchmarking.
Taxation: Understand types of taxes, tax laws, tax obligations, and tax strategies.
Forensic Accounting: Identify, prevent and detect fraudulent accounting practices in organizations.
Ethics: Understand ethical principles and codes of conduct that apply to accounting.
Measurement and Reporting Systems: Understand how organizations should report financial information to stakeholders.
Corporate Governance: Understand the role of governance in financial decision-making within organizations.
Financial Accounting: Financial accounting is concerned with the preparation of financial statements for external users like investors, creditors, and government regulatory bodies. These statements reflect an organization's financial status, including assets, liabilities, and equity.
Managerial Accounting: Managerial accounting is concerned with providing information to managers for internal use. It is used to make informed business decisions, help allocate resources, and determine profitability.
Cost Accounting: Cost accounting deals with determining the cost of products or services produced by an organization. It is used to manage costs and increase profitability.
Tax Accounting: Tax accounting deals with calculating and filing tax returns. It is concerned with ensuring that an organization is compliant with tax laws and regulations.
Auditing: Auditing involves the examination of an organization's financial records to determine compliance with accounting standards and financial reporting requirements.
Financial Analysis: Financial analysis involves the review of financial data to make informed business decisions. It may include trend analysis, ratio analysis, and forecasting.
Public Sector Accounting: Public sector accounting deals with the financial management of government agencies or organizations. It is concerned with ensuring that public funds are used efficiently and effectively.
Nonprofit Accounting: Nonprofit accounting deals with the financial management of nonprofit organizations. It is concerned with ensuring that resources are used to further the organization's mission and goals, rather than maximizing profits.
"Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders."
"This involves the preparation of financial statements available for public use."
"Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting used in any given jurisdiction."
"International Financial Reporting Standards (IFRS) is a set of accounting standards stating how particular types of transactions and other events should be reported in financial statements. IFRS are issued by the International Accounting Standards Board (IASB)."
"It includes the standards, conventions and rules that accountants follow in recording, summarizing, and in the preparation of financial statements."
"With IFRS becoming more widespread on the international scene, consistency in financial reporting has become more prevalent between global organizations."
"While financial accounting is used to prepare accounting information for people outside the organization or not involved in the day-to-day running of the company, managerial accounting provides accounting information to help managers make decisions to manage the business."
"Financial accounting is a branch of accounting concerned with the summary, analysis, and reporting of financial transactions related to a business."
"Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision-making purposes."
"It includes the standards, conventions, and rules that accountants follow in recording and summarizing and in the preparation of financial statements."
"Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting used in any given jurisdiction."
"IFRS are issued by the International Accounting Standards Board (IASB)."
"With IFRS becoming more widespread on the international scene, consistency in financial reporting has become more prevalent between global organizations."
"Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders."
"Managerial accounting provides accounting information to help managers make decisions to manage the business."
"Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision-making purposes."
"IFRS is a set of accounting standards stating how particular types of transactions and other events should be reported in financial statements."
"Financial accounting is used to prepare accounting information for people outside the organization or not involved in the day-to-day running of the company."
"Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting used in any given jurisdiction."