Foundations of Accounting

What this subject covers

Lesson topics

1. What Is Accounting? Purpose and Scope
2. Users of Financial Information
3. Financial Accounting vs Managerial Accounting
4. The Accounting Equation: Assets, Liabilities, and Equity
5. Double-Entry Bookkeeping: Debits and Credits
6. The Chart of Accounts: Organising Financial Data
7. Recording Transactions: From Journal to Ledger
8. The Accrual Basis vs the Cash Basis of Accounting
9. The Income Statement: Measuring Performance
10. The Balance Sheet: A Snapshot of Financial Position
11. The Cash Flow Statement: Tracking Cash Movement
12. Revenue Recognition: When Is Income Actually Earned?
13. Expenses and the Matching Principle
14. Depreciation: Allocating the Cost of Long-Term Assets
15. Inventory: Valuation and Its Effect on Reported Profit
16. Accounts Receivable and Bad Debts
17. Accounts Payable and Managing Short-Term Obligations
18. Generally Accepted Accounting Principles (GAAP) and IFRS
19. Accounting for Different Types of Business Organisation
20. Internal Controls: Protecting Financial Integrity
21. Introduction to Financial Statement Analysis
22. Basic Liquidity and Profitability Ratios
23. Accounting Ethics and Professional Responsibility
24. Careers and Roles in Accounting
25. Bringing It Together: Accounting as the Foundation of Financial Understanding