Basic Introduction to Financial Accounting Assignment

Basic Introduction to Financial Accounting Assignment Words: 336

Accounting Financial Accounting Financial Accounting Basic introduction to financial accounting. Defines financial accounting, compares with managerial accounting, lists underlying assumptions, provides an example of recording transactions, and introduces debits and credits. Underlying Assumptions and Principles A description of the basic financial accounting assumptions, principles, and modifying conventions. Debits and Credits An introduction to debits and credits and how to avoid confusing them. The Four Financial Statements An introduction to the balance sheet, income statement, statement of retained earnings, and cash flow statement.

Accounting Standards A short description of financial accounting standards groups and authoritative bodies, including FASB, its predecessors, and other accounting standards groups. Accounting and Bookkeeping – Small Business Association Free online course covering the basics of accounting from the perspective of a small business owner. Recommended Reading Mulford, Charles W. , Comiskey, Eugene E. The Financial Numbers Game: Detecting Creative Accounting Practices Schilit, Howard Financial Shenanigans How to Detect Accounting Gimmicks & Fraud in Financial Reports Introduction

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The purpose of accounting is to provide the information that is needed for sound economic decision making. The main purpose of financial accounting is to prepare financial reports that provide information about a firm’s performance to external parties such as investors, creditors, and tax authorities. Managerial accounting contrasts with financial accounting in that managerial accounting is for internal decision making and does not have to follow any rules issued by standard-setting bodies. Financial accounting, on the other hand, is performed according to Generally Accepted Accounting

Principles (GAAP) guidelines. CPA’s The primary accounting professional association in the U. S. is the American Institute of Certified Public Accountants (AICPA). The AICPA prepares the Uniform CPA Examination, which must be completed in order to become a certified public accountant. To be eligible to become a CPA, one needs an undergraduate degree in any major with 150 credit hours of course work. Of these 150 credit hours, a minimum of 36 credit hours must be in accounting. Only about 10% of those taking the CPA exam pass it the first time.

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