Basic Financial Accounting

Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet.

The purpose of accounting is to provide the information that is needed for sound economic decision making. The main purpose of financial accounting is to prepare financial reports that provide information about a firm's performance to external parties such as investors, creditors, and tax authorities.

Basic Financial Accounting covers all the essential aspects of Financial accounting such as

Capital, Profit & Loss.

Drawings Debtors Creditors Owned/Loaned Capital.

Income, Expenditure, Receipts, Payments.

The Need for Accounting.

Money Measurement Concept.

Basic Purpose of Accounting.

Objective of Accounting, Elements/Aspects in Accounting, Separate Entity Concept.

Basic Accounting Equation :: Capital + Liabilities = Assets.

Effect of Transactions on the Accounting Equation.

Dual Entity Concept.

Account Types or Kinds of Accounts - Personal, Real, Nominal.

Kinds of Accounts Illustration.

Rules of Debit and Credit - Accounting.

Rules of Debit and Credit Illustration.

Journal - Book of Prime Entry, Journalising.

Recording a Transaction in the Journal.

Preparing the Ledger : Posting.

Ledger Account Balancing.

Trial Balance Preparation and Purpose.

Organisational Accounting System Design.

Simple Compound/Combined Journal Entry.

Complex Compound/Combined Journal Entry.

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