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Financial Accounting: A Comprehensive Guide with E-book

4.528409

(3647 Rating)

English
182544 Students

What You’ll 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.