Principles of Financial Accounting
Start Your Journey to Explore the Business World
What you'll learn
- Understand the general framework of accounting
- Apply the accounting equation
- Solve practical accounting cases
- Understand the accounting cycle
- Record transactions related to capital
- Record transactions related to merchandise
- Create adjusting entries
- Prepare financial statements and close the accounts
About this course
This course teaches the principles of financial accounting from the beginning, so you can understand the language of numbers in business and follow the accounts of your company or project. It starts with the general framework of accounting and the accounting equation, then practical cases where you apply what you learned, followed by the accounting cycle in two parts. Next you learn transactions related to capital, capital transactions, transactions related to merchandise, then the concept, importance and types of adjusting entries and how to create them, and finally financial statements and closing the accounts. The course suits accounting beginners, business owners who want to understand their books, employees who deal with accounts and anyone who wants to enter the accounting field. No previous experience is needed, because the lessons start from the first concepts and progress with examples. By the end, you will be able to record basic accounting transactions, prepare adjusting entries, close the accounts, and read and understand financial statements. You also practice with examples and practical cases throughout the lessons.
Expected outcomes
- Ability to apply basic accounting operations.
- Preparation of financial statements and closing accounts accurately.
- Understanding inventory adjustments and their importance in accounting.
- Handling operations related to capital and expenses.
Learner reviews
- ★★★★★محمد س.·منذ 2 شهرشاهد 100٪
جيدة جدا وتفي بالغرض
- ★★★★★Samah a.·منذ 5 شهرشاهد 56٪
رائع جدااا هذا الكور سغني وقيم بمعلومات مفيدة ساعدني جدا
- ★★★★★Nesreen H.·منذ 5 شهرشاهد 94٪
شكرا لحضرتك كورس رائع
- ★★★★★اسماعيل ا.·منذ 5 شهرشاهد 56٪
تم عرض كل التقييمات (4)
Course content
1Principles of Financial Accounting
16 lectures
- The General Framework of AccountingIntroduces the general framework of accounting: its concept and goals of measuring and recording economic transactions and communicating results, its functions, financial versus managerial accounting, and the users of accounting information.9:10
- The Accounting EquationExplains the legal forms of business, accounting assumptions and principles such as the entity, going concern, and historical cost, then the accounting equation and its elements: assets, liabilities, and owners' equity.7:24
- Practical Case 1A practical case on the accounting equation for a shop, tracking how each transaction affects assets, liabilities, and capital while the equation stays balanced, and how expenses and losses reduce owners' equity.11:33
- Practical Case 2A second practical case on the accounting equation for a trading business, recording transactions like buying machines on credit, a bank loan, settling debts, and owner withdrawals, checking assets equal liabilities plus equity after each one.12:46
- The Accounting Cycle (Part One)Explains the accounting cycle and its stages, rules for identifying debit and credit sides, recording transactions in the journal and posting them to the ledger, with examples of expense and loan entries.27:09
- The Accounting Cycle (Part Two)Continues the accounting cycle: the running-balance ledger format, closing accounts and finding balances, preparing the trial balance by totals or by balances, and accounting errors and how to correct them.27:37
- Capital-Related TransactionsExplains journal entries for capital-related transactions: increasing and reducing capital, contributing it in cash or in kind, personal withdrawals, and loans, with multiple-choice questions for practice.28:08
- Capital TransactionsExplains capital transactions on fixed assets: determining the cost of a purchased or self-produced asset, capital versus revenue expenditure, and selling an asset at, above, or below book value and recording the gain or loss.30:48
- Inventory-Related Transactions (Part One)Explains journal entries for buying and selling goods under the periodic inventory system: cash and credit purchases and sales, purchase returns and allowances, and types of discounts including trade and early payment discounts.20:51
- Inventory-Related Transactions (Part Two)Continues goods transactions: sales returns and allowances, quantity discounts, earned and allowed early-payment discounts, and payment and collection entries within and after the discount period for both buyer and seller.30:53
- Concept, Importance, and Types of Inventory Adjustments (Part One)Explains year-end adjusting entries, their purpose and types, with adjustments for revenues received in advance and accrued revenues, and closing entries into the income summary account.26:26
- Concept, Importance, and Types of Inventory Adjustments (Part Two)Continues adjusting entries: prepaid and accrued expenses, office supplies, and calculating fixed asset depreciation using the straight-line and declining-balance methods with salvage value.24:59
- Creating Inventory Adjustments (Part One)Explains adjusting entries for bad debts and the doubtful debts allowance and their effect on the income statement and balance sheet.21:28
- Creating Inventory Adjustments (Part Two)Explains adjusting entries for inventory and securities valuation and allowances, and their effect on the income statement and balance sheet.24:54
- Financial Statements and Closing Accounts (Part One)Explains what financial statements are and how to prepare a single-step income statement and the items of the balance sheet.26:52
- Financial Statements and Closing Accounts (Part Two)Explains the report format of the balance sheet, closing entries for temporary accounts, and how to calculate net purchases.27:28
Instructor
Dr. Mohamed Abu Bakr
This course is part of the diploma
