Introduction to financial accounting

(Explanations)

Learning objectives:

  • What are the different types or branches of accounting? What is the function of each branch?
  • Who are the users of accounting information?
  • Define and explanation accounting equation. What an accounting explanation tells use?
  • What is double entry system of accounting? What are advantages and disadvantages of double entry system?
  • What is chart of accounts? What is the purpose of preparing a chart of accounts?
  • How do you classify accounts? Explain modern and traditional classification of accounts.
  • What is a business transaction? What are different types of business transactions?
  • Explain the rules of debit and credit. How the rules of debit and credit are applied to the accounts in business transaction?
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