Financial Accounting Part 1

Anyone who needs to interpret financial statements or communicate financial results needs a solid understanding of financial accounting. This comprehensive, self-contained training course is designed to give business professionals—including managers, analysts, and entrepreneurs—the confidence they need to use financial data to drive strategic decision-making. Professors Jim Stice and Earl Kay Stice use actual reports from real-world companies like Microsoft and Walmart to drive home ideas such as the difference between net income and cash flow and why the credits and debits system is so important to everyday accounting. They help you understand assets and liabilities; interpret balance sheets, income statements, and statement of cash flows; evaluate and adjust journal entries; and prepare your own financial statements. This is an MBA-level course, layered with case studies and insights that will help you bridge the gap between the academics of accounting and its real-world application.

Learning objectives
Explain the equality required in the basic accounting equation.
Recall why accounts payable are considered Current Liabilities.
Identify which financial statement can be described as a “snapshot” of a company’s final position.
Name the term used to refer to a company where the Operating Cash exceeds the investing and Financing activities.
Identify the result of entering a debit in an expense account.
Name the account that is closed at the end of the year.