財務會計概論

This is an introductory Financial Accounting course. This course will be adapted from a college level and adjustments to course materials will be made to adapt to the need of students. This course is intended for students currently enrolled in a Financial Accounting course, would like a basic understanding in Financial Accounting, or would like to discover an interest in Financial Accounting. The course is broken down into chapters and will build upon each other. It will be required to study outside of the session as accounting is similar to a math course where we need a study foundation to continue building upon. 

Chapter 1 will cover a basic understanding accounting including principals, assumptions, the financial statements, accounts, and the accounting equation. We will cover definitions and the mechanics of the financial statements. 

Chapter 2 will expand on the material covered in Chapter 1. We will begin using the accounts we used to write journal entries, adjusting journal entries, and closing journal entries. After learning about all the different types of journal entries in the accounting cycle, we will begin balancing journal entries. Students will not only better understand their accounts but as well as how they connect to debits and credits. 

Chapter 3 will cover accrual and cash basis accounting. Students will be able to distinguish between the two methods and be able to write journal entries accordingly. 

Chapter 4 will define cash and cash equivalents. Students will be able to calculate how much cash in on hand as well as discuss methods to circumvent fraud or mismanagements of assets. Lastly, students will learn how to reconcile a bank statement to balance cash balances at the end of the year. 

Chapter 5  will delve into Revenue Recognition, a key principal in accounting. We will learn from the sellers point of view. How a buyer may record inventory purchases based on if a cash purchase or credit purchase. We will also discover how a buyer would write off accounts they cannot collect as bad debt expenses. Lastly, we will calculate inventory at lower cost of market.

Chapter 6 will be explored from the buyers point of view and will explore the Matching Principal. We will looking into the journal entries and adjusting journal entries. We will also calculate warranty expense and allowance. Additionally we will cover gross profit margin in case inventory was lost to a natural disaster as well as the FIFO, LIFO, and Weighted-Average Methods of costing inventory.