Introduction to Financial Accounting

What is Accounting?

The Accounting Equation

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 The Accounting Cycle

Basic Journal Entries

Revenue Recognition

The Trial Balance

Adjusting Journal Entries

Creating Financial Statements

The Statement of Cash Flow

Closing Entries Using Income Summary

Assets

Cash: Bank Reconciliation

Accounts Receivable and Bad Debt

Introduction to Inventory

Inventory: Returns and Allowances

Inventory: Discounts

Calculating Inventory Cost

First-In, First-Out (FIFO) Inventory Calculations

Last-In, First-Out (LIFO) Inventory Calculations

Weighted Average Inventory Calculations

Long-term Assets

Depreciation Methods

Liabilities

Introduction to Current Liabilities

Sales Tax and Sales Tax Payable

Payroll and Payroll Taxes

Recording Payroll and Payroll Liabilities

Recording Warranty Expenses and Liabilities

Introduction to Bonds

Simple Interest Calculations

Present Value and Bond Issue Prices

Equity

 Introduction to Stockholders’ Equity

Stock Terminology

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