In this video I provide an overview of accounting and walk you through how to read financial statements.
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Though accounting may seem like a dense and complex subject, this course is designed to present the accounting cycle in an accessible and logical manner. This course will provide you with a solid understanding of basic accounting principles and will introduce you to financial statement analysis. Please note that this course is the first of two courses on the principles of accounting and that each of these two courses is divided into 10 units. Each unit should take approximately three hours to complete and should be completed sequentially for the most logical progression of information. As you work through these units, you will encounter a range of examples and problem sets geared towards providing you with practical applications of the lessons you learn. By the end of this course, you will able to create accurate and appropriate financial statements to convey a company’s financial health.
Here are the lessons in this section, along with a brief description of each one (remember that you most probably will get the maximum benefit by doing the lessons in the order presented):
Lesson One: Basic Accounting Concepts (this lesson) Lesson Two: Define Accounting Lesson Three: Basic Accounting Equation Lesson Four: What Are Assets? Lesson Five: Define Liability Lesson Six: What is Owners Equity? Lesson Seven: The Accounting Equation and Financial Position Lesson Eight: Basic Accounting Test
The benefits of having a global set of global accounting standards would be astronomical. Having one set of standards would give users of financial statements a better ability to evaluate an entity's financial standing; also, it would help investors and creditors make intelligent decisions. With the U.S. under pressure to comply with IFRS, the IASB and FASB have made major strides in converging standards. But by not immediately giving into pressure to adopt IFRS, the U.S. has also given the IASB incentive to provide stronger and improved standards. In the case of offsetting derivatives, a solution was not met in the form of a new standard, but both the FASB and IASB agreed on new disclosure requirements which will help give a better picture of an entity's financial standing.
Accounting principles focus on the users of accounting information. Principles have developed over a long period of time, and are continuously subject to revision as information needs change. This article deals with a review of accounting concepts and principles which are:1) business entity, 2) going concern, 3) objective evidence, 4) unit of measurement, 5) accounting period, 6) matching revenues and expenses, 7) adequate disclosure, 8) materiality, 9) consistency, and 10) conservatism
Peter John Baskerville's insight:
A sound article explaining the concepts and principles that underpin the recording, classifying and reporting of financial transactions in the accounting system.
A collection of over 30 free key accounting articles that serve as a primer for beginners and a refresher for those who already have background in accounting. It aims to build and solidify one's knowledge of the fundamentals which are vital in pursuing higher accounting studies and building a successful career in it. Artciles are grouped by:
1 - Introduction to Accounting
2 - Fundamental Accounting Concepts
3 - The Financial Statements
4 - Analyzing, Recording and Classifying Transactions
Peter John Baskerville's insight:
One of the best free online resources I have found for anyone wanting to gain an understanding of basic accounting concepts.
The second free online course in Bookkeeping, brought to you by Home Learning College's tutor, Jo Frediksen. Find out more about difference between straight vs. reducing balance depreciation methods in this short online tutorial. For more information on bookkeeping click on the link above
Several International companies are greatly relying on the data given by Managerial Accounting Information System. Bank of America for example are gauging their marketing performance across the globe through the real-time financial report, even the supply-chain of the non-profit operation of Red Cross is using the financial information to monitor their marketing operation effectiveness. Coca-Cola and 7-eleven International operation further reveals its dependence towards accounting data used in real-time streaming performance through their global internet data feed.
Accounting Standards: Introduction to IFRS Tax-news.com Traditionally, these rules were developed at national level – US Generally Accepted Accounting Principles (GAAP) is but one example.
The eBooks are designed specifically for students of accounting and/or individuals wanting to learn bookkeeping, start their own bookkeeping business or brush up on their accounting knowledge. These topical eBooks are written in a classroom lecture format using examples to stress important points with easy to understand language. Here is the first 40% of the eBook that can be purchased in full for a very small fee.
Peter John Baskerville's insight:
Brian Routh has been an accounting professor for more than a decade. He has developed over 90 FREE accounting videos for YouTube.
Accounting is an important part of any business. It provides the financial snapshot we need in order to make informed decisions regarding the current and future health and performance of our business.
Peter John Baskerville's insight:
A comprehensive article about basic accounting principles every small business owner should understand by Tom Perkins, a fitness business coach/adviser; a radio host, speaker and author; and a certified personal trainer and nutritionist. Tom covers topics like: Terminology and General Principles, Accounting Method, Debits and Credits, Income & Expenses,
Assets and Liabilities, Financial statements, Master Budgets and a Glossary.
Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers (Elliot, Barry & Elliot, Jamie: Financial accounting and reporting).
Accounting has been defined as:the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof.(AICPA)
Accountancy therefore encompasses the recording, classification, and summarizing of transactions and events in a manner that helps its users to assess the financial performance and position of the entity. The process starts by first identifying transactions and events that affect the financial position and performance of the company. Once transactions and events are identified, they are recorded, classified and summarized in a manner that helps the user of accounting information in determining the nature and effect of such transactions and events.
The site map is a comprehensive list of links to all chapter-specific resources on this companion site.
Chapter 1: Accounting in Action Chapter 2: The Recording Process Chapter 3: Adjusting the Accounts Chapter 4: Completion of the Accounting Cycle Chapter 5: Accounting for Merchandising Operations Chapter 6: Inventories Chapter 7: Accounting Information Systems Chapter 8: Internal Control and Cash Chapter 9: Accounting for Receivables Chapter 10: Plant Assets, Natural Resources, and Intangible Assets Chapter 11: Current Liabilities and Payroll Accounting Chapter 12: Accounting for Partnerships Chapter 13: Corporations: Organization and Capital Stock Chapter 14: Corporations: Dividends, Retained Earnings, and Income Reporting Chapter 15: Long-Term Liabilities Chapter 16: Investments Chapter 17: The Statement of Cash Flows Chapter 18: Financial Statement Analysis Chapter 19: Managerial Accounting Chapter 20: Job Order Cost Accounting Chapter 21: Process Cost Accounting Chapter 22: Cost-Volume-Profit Relationship Chapter 23: Budgetary Planning Chapter 24: Budgetary Control and Responsibility Chapter 25: Performance Evaluation through Standard Costs Chapter 26: Incremental Analysis and Capital Budgeting PowerPoint
While a company’s financial reports – the income statement, the balance sheet, the cash flow statement and the statement of owners’ equity – represent the company’s financial health and progress, they can’t provide a perfectly accurate picture. There are always assumptions built into many of the items on these statements that, if changed, can have greater or lesser effects on the company’s bottom line and/or apparent health. This article looks at how assumptions in depreciation impact the value of long-term assets and how this can affect short-term earnings results.
A worksheet from Biz/ed to help students understand suspense accounts. This worksheet deals with:
1 - Errors not revealed by the trial balance 2 - Errors which are revealed by the trial balance 3 - The principle of suspense accounts 4 - Correction of errors using the journal 5 - Calculating the corrected net profit
Peter John Baskerville's insight:
A very useful worksheet for a very difficult area of accounting.
The Statement of Cash Flows is unmistakably the most difficult of the financial statements to prepare. With three sections, operating activities, investing activities, and financing activities, students often find the statement of cash flows to be a bit challenging to master. In financial accounting, students first have to assimilate to the idea of accrual accounting where revenues are recorded when earned and expenses are recorded when incurred (revenue recognition principle and matching principle). When students finally have this topic down they are asked to complete the statement of cash flows which only represents cash inflows and outflows (the opposite of accrual accounting). Therefore, instead of taking balances from the ledger accounts and placing them on a financial statement (i.e. balance sheet, income statement) we have to look at the changes in the account balances (i.e. change from beginning balance to ending balance)
Accounting Conventions - The term convention means 'established usage.' Conventions are based on practicability and usage. For example, the relationship of 12 units forming a dozen is a convention.
This list features the top accounting and finance blogs from both the collaborative and individual blogging circles, covering a wide range of topics within the industry including taxes, personal finance, investing and more. Read on for our picks for the best Accounting and Finance blogs of 2012.
Accounting is a broad subject that covers how financial information about businesses is communicated to its users including shareholders, creditors, investors and others. This sections provides tutorials and other resources related to accounting.
"Here are free resources, articles, stories and presentations that will give you a better sense of Lean Accounting, what it is, and how it can benefit your organization." Brian Maskell.
Peter John Baskerville's insight:
Resources provided by BMA Inc. who serves the needs of companies striving to become world class organizations. In particular they provide training and consulting services that intertwine lean acounting with lean manufacturing to meet the challenges of the 21st century.
This is the first video of the 10 video tutorial series on financial accounting. This simple video presents the overview of the subject - what is accounting,...
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