Financial accounting is a system of recording and summarising transactions that have occurred between parties involved in business. This type of accounting differs from accounting used by managers in its focus on transactions rather than on the financial statements themselves.

This course is intended to provide you with an understanding of the fundamental concepts and principles of financial accounting.

The course starts with an introduction to the basic accounting cycle, how transactions are recorded and reported, and how to prepare financial statements. We'll also cover how to adjust the accounts at the end of a period and what must be done to close them out.

Next, we'll cover merchandising transactions and how they differ from service transactions. We'll also learn about inventory cost flow methods, including FIFO, LIFO, and weighted average method.

We'll then look at subsidiary ledgers before moving on to special journals and bank reconciliations. We'll also touch on cash internal controls as well as receivable management and depreciation. In the next chapter, we'll look at payroll accounting before moving on to partnerships, corporations, liabilities, and bonds payable. Finally, we'll learn about notes payable and how to prepare a statement of cash flows.