Financial Accounting: A Comprehensive Guide with E-book

Unlock Financial Accounting Mastery: Comprehensive Course for Students, Professionals, and Business Owners

Created by: Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI

What Will I Learn?

• Grasp the basics of financial accounting and understand its objectives and significance in business.
• Demonstrate proficiency in using the double-entry accounting system and interpreting the accounting equation.
• Record business transactions using debits and credits, including period-end adjusting entries.
• Understand and apply the rules for closing entries at the end of an accounting period.
• Handle transactions related to the purchase and sale of inventory, including applying inventory cost flow assumptions such as FIFO, LIFO, and weighted average m
• Master the use of subsidiary ledgers and special journals, specifically for accounts receivable and accounts payable
• Conduct bank reconciliations and apply best practices for cash internal controls.
• Accurately estimate and record allowance for doubtful accounts using both allowance method and direct write-off methods.
• Understand, calculate, and record depreciation for property, plant, and equipment using various methods, including straight-line, double-declining balance, and
• Handle transactions related to the purchase and sale of property, plant, and equipment.
• Understand and execute the payroll accounting process, including the calculation of payroll taxes and recording complex payroll journal entries.
• Grasp the unique accounting considerations and transactions for partnerships, including income allocation, admission and withdrawal of a partner, and partnershi
• Handle transactions unique to a corporate form of entity, including issuance and repurchase of shares, and dividend distributions.
• Understand the concept of bonds payable and notes payable, including their issuance, discount/premium amortization, and interest payment.
• Prepare a comprehensive statement of cash flows using both direct and indirect methods, and understand its importance in financial analysis.
• Use Excel to perform various accounting tasks, including creation of amortization schedules and financial statement preparation.
• Understand how to update and adjust accounting records to reflect changes in the business environment.
• Grasp the importance of theory in making appropriate accounting adjustments and decisions.
• Learn how to compare and contrast different accounting procedures and choose the most suitable for a given business scenario.
• Understand and apply the time-value of money concept in the context of bond and note transactions.
• Determine current and long-term portions of notes payable using amortization schedules.
• Learn how to adapt accounting procedures and policies to ever-changing business and regulatory environments.

Requirements

• Familiarity with basic mathematical operations: As the course involves performing calculations for different financial processes, basic mathematical skills are necessary.
• Willingness to learn and engage with complex concepts: Financial accounting can be detailed and requires careful study. Being prepared to engage with the content actively will help ensure successful learning outcomes.

Target audience

• Accounting Students: This course serves as an excellent supplement to formal accounting education, providing a practical understanding of financial accounting concepts and their application in real-world scenarios.
• Professionals Transitioning to Accounting Roles: If you are considering a career change into an accounting field or seeking to enhance your accounting knowledge and skills, this course will provide a solid foundation.
• Small Business Owners and Entrepreneurs: Understanding financial accounting is essential for effectively managing business finances. This course will equip you with the knowledge to interpret financial statements, record transactions accurately, and make informed financial decisions.
• Finance and Business Professionals: Professionals working in finance, business, or related fields who want to expand their understanding of financial accounting principles and practices will benefit from this course.
• Self-learners and Lifelong Learners: If you have a genuine interest in learning financial accounting, whether for personal enrichment or curiosity, this course provides a comprehensive and structured learning experience.
• Bookkeepers and Accountants: Bookkeepers who want to enhance their knowledge of financial accounting principles or accountants looking to refresh their skills will find this course valuable for professional development.
• Individuals Preparing for Professional Certification Exams: If you are studying for professional accounting certifications, such as the CPA (Certified Public Accountant) exam, this course can serve as a supplementary resource to reinforce and deepen your understanding of financial accounting concepts.
• Anyone Interested in Understanding Business Finances: Financial literacy is crucial for personal and professional success. This course will demystify financial accounting, empowering individuals to make informed financial decisions in their personal and professional lives.