Introduction to financial accounting

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 equation tells us?
• 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?