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Financial Accounting and Reporting Classroom Materials

presentation

Financial Accounting and Reporting is an important part of the accounting curriculum. The skills students learn in your classroom will not only prepare them for more advanced courses, but to one day succeed in a career.  The below are supplemental curriculum resources that the AICPA Academics team have reviewed and think can be used in the classroom.

Award-Winning Curricula

The Academics team is proud to offer award-winning curricula designed to encourage faculty and expand the knowledge of accounting students. The curricula below is from the  Accounting Professors Curriculum Resource tool  and has been recognized for excellence with the  Bea Sanders/AICPA Innovation and Teaching Award , the  George Krull/Grant Thornton AAA Innovation in Junior and Senior-Level Teaching Award,  or the  Mark Chain/FSA Innovation in Graduate Teaching Award . 

  • A Better Way to Teach Effective Interest Method Related Problems in Accounting   This resource presents a simpler method of teach accounting problems involving the use of the effective interest method. The method stimulates student interest by focusing on the economics of the transaction and relating it to real-life examples.
  • Accounting in the Headlines: A News Blog for the Introductory Accounting Classroom   This resource shares Wendy Tietz's "Accounting in the Headlines" blog in which she writes stories about real-life companies and events that can be used in the accounting classroom to illustrate introductory financial and managerial accounting concepts.
  • Accounting Challenge (ACE): Mobile-Gaming App for Learning Accounting Accounting Challenge is the first mobile-gaming app for teaching financial accounting. ACE aims to enhance learning of accounting outside the classroom by engaging students to play and learn accounting on the go.  
  • A FASB Accounting Standards Codification Project for Introductory Financial Accounting   This exercise is designed as a team project in which introductory accounting students act as a consultants to a client seeking guidance on issues surrounding a start-up venture. Students must access and cite the Codification as the basis for the materials they submit in fulfillment of the project requirements.
  • Attracting the Best and Brightest to Accounting: Establishing an Honors Accounting Course   This resource presents one school's approach to attracting and recruiting the best and brightest students toward accounting by offering an honors accounting course.
  • Beyond Debits and Credits... Service Learning in Accounting   This resource presents a service learning project implemented in two accounting courses to enhance student skills in communication and teamwork.
  • Business From the Idea to the Seasoned Offering: Accounting and Financial Statements Reflecting Business Activities   This project takes accounting education from bookkeeping to holistic active business learning including how financial statements build to reflect the business.
  • Chocolate: Accounting as a First year Seminar   This resource provides a thematic approach at combining first year seminars and accounting programs using student activities that are simultaneously engaging and assessable.
  • Creative Strategies for Teaching MBA Level Accounting   This resource presents a new concept for teaching accounting to MBA level students. At its heart, accounting centers on measurement of historical transactions or the measurement of future opportunities. this course turns the focus from rules, to the tools leaders need to manage a complex organization.
  • Cultivating Deep Learning in the Principles of Accounting Classes through Philanthropy-Based Education   This philanthropy project goes beyond service learning or volunteerism. Students make real decisions that have immediate impacts on their community. Students award funding to not-for-profit agencies based on a competitive proposal process.
  • Digital Storytelling for Engaged Student Learning   This resource uses digital story telling, a movie, to enhance students' technical competence in accounting. The story uses 12 episodes to follow three young business graduates who started their own business and discover along the way the role of financial information in managing a business venture.
  • FASB Accounting Standards Codification: Student-Authored Research Exercises   This resource is based on the notion that the best way to learn something is to teach it. Students in a financial accounting graduate class demonstrate their master of GAAP research skills by creating research assignments using the FASB Accounting Standards Codification.
  • Forming Groups in the Age of YouTube   This resource uses a variation of speed dating as a means for forming groups in an introductory accounting class. By learning more about their classmates prior to self-selecting a group this method allows students to choose better groups.
  • Getting Started in the Throughbred Horse Business: A Review of Some Basic Accounting Principles   This resource provides reinforcement of common accrual accounting concepts centered on the breeding and racing operations of a small thoroughbred horse business. This curriculum is appropriate to use after students have been exposed to fixed assets, inventory, profit and loss and cash flow reporting.
  • IFRS Immersion   This resource provides instructions for teaching an IFRS course from the standpoint of foreign companies that have already dealt with the problems and issues associated with converting from local GAAP to international GAAP.
  • IFRS Projects Using Dual Reporting of IFRS and U.S. GAAP   This resource illustrates integrating IFRS learning into financial accounting curricula by incorporating valuable contrasting information from the dual reporting.
  • Integrated Accounting Principles: A New Approach to Traditional Accounting Principles Courses   This resource describes an integrated accounting principles course that combines traditional financial and managerial accounting courses into a single six hour course.
  • Introducing Freshmen Students in the Accounting/Finance Course to the Library   This resource describes a series of online, interactive tutorials and quizzes to help students learn fundamental concepts and skills of company and industry related research.
  • Introduction to Financial Accounting Case Project: Arctic Blast Ice Cream Store   This case provides an opportunity for students to apply accounting concepts to a simple business venture. The project lasts 4-6 weeks and covers three distinct phases of the management process: business decision making, performance and evaluation.
  • Let's Go to the Movies: Using Movies as an Ethics Assignment   This project involves students watching a series of predetermined movies and noting the ethical dilemma. At the end of the semester each student must defend one of the movies as a nominee for "A Must See Ethics Movie" for accounting/business students.
  • Mini-responsibility Centers: A Strategy for Learning by Leading   This resource explains the concept of using mini-responsibility centers (MRCs) to decentralize large financial, managerial and cost accounting courses. In return the students are more focused and engaged.
  • Modeling Uncertainty in C-V-P Assignments: Going Beyond the Basics!   This resource provides an outline for using the Monte Carlo Simulation to offer graduate students an opportunity to rapidly come to insights about probabilistic model building and interpretation. The simulation combines quantitative skills and qualitative skills along with reports and presentations.
  • Northwind Data Query Exercise   This project encourages students to consider the evolution of data sources for financial reporting and evaluate how to acquire and manipulate information in this emerging business reality; by actually practicing queries and exporting information to worksheets.
  • Reinventing Student Engagement and Collaboration within Introductory Accounting Courses   This resource provides ideas for increasing engagement and collaboration in the introductory accounting class. Examples include student projects, flipped classroom applications and in-class problems.
  • Responsibilities and Choices: An Active Engagement Exercise for Introductory Accounting Courses   This exercise provides students with an opportunity to perform a basic due diligence task, complete a relatively simple working paper to document their work and make a decision. The exercise has embedded moral temptation and ethical issues and examines ethical choices that students make in the presence of time pressure and reward structures that encourage aggressive performance.
  • TeachingIFRS.com   This document provides information on TeachingIFRS.com which was created  in response to the rapid growth of IFRS and lack of high quality and effective teaching resources. The site consolidates and provides links to numerous freely available IFRS pedagogical materials.
  • Testing Critical Thinking Skills in Accounting Principles   This resource describes a method for testing critical thinking skills in an accounting principles course. Using this method, each testing period is divided into two parts. First, students complete an individual traditional test. The second part is a critical thinking exercise called "the challenge problem".
  • The Accounting Profession Post Sarbanes-Oxley: An Approach to Impart Knowledge About the Conceptual Framework and Attract Students to the Accounting Major   This document provides the description of a program entitled "The Accounting Profession Post Sarbanes-Oxley". The program provides students with an opportunity to better understand important elements of the conceptual framework. It also provides an overview of the career opportunities in accounting.
  • The Accounting Tournament - March Madness in Financial Accounting   This resource describes implementation of an end of year comprehensive review using brackets as a model. Students are randomly placed in the bracket and compete against each other for extra credit points.
  • The Amazing Accounting Race: An Introductory Accounting Semester Project   This project engages students with an exciting internet race around the professional world of accounting. Students obtain clues to complete tasks, encounter detours, road blocks and fast forwards. The assignments utilize students' synthesis skills and computer application skills as they collect facts about accounting careers from the internet and assemble data in an organized format.
  • The College to Professional Experience   This resource outlines a program that serves to better prepare students for the "real world" by changing the perception of education from "learning by doing" to "doing and making to learn with technology". The project aims to move beyond traditional models of education to leverage technology to facilitate new methods of delivery and understanding.
  • The Farming Game and the Introductory Financial Accounting Course: An Accounting Simulation   The Farming Game enables students to develop many of the skill-based competencies needed by students entering the accounting profession, regardless of career path. The Game provides experiential learning of various accounting principles. It is a learning opportunity that offers students a degree of reality and a larger view of the system.
  • Understand FX Risk by Playing Monopoly   This resource uses a short version of Monopoly to understand the FX risk impact on net income.
  • Back to the Future: Using Accounting History to Explore Professional Opportunities   In this project students read an article about a period of time in accounting history and present their findings to the class in a video format. Students then tie what they have learned in the presentations to the field of accounting today as well as the future.
  • From Pacioli to Picasso: Using Art to Enhance Critical Thinking in Accounting Capstone Courses   This resource outlines using name cards, picture drawings and classic artwork to help students enhance their critical thinking skills. The exercise sets the tone for a course that requires them to think about more than rules and regulations and instead delve into the "why" and "what could be."
  • Digging Deep: Using Forensic Analytics as a Context to Teach Microsoft Excel and Access   This resource describes a graduate level case that focuses on the development of technology skills through the lens of forensic analysis.
  • Who Moved My Classroom? Community Linked Learning and Assessment   This resource describes three exercises that expand learning beyond the classroom. The first exercise allows students to discover the linkage between classroom studies and what practitioners do in the "real world". The second allows students to apply the COSO model to internal controls. The third requires students to interpret financial statements for a friend.

Additional Materials

Here are additional materials we reviewed and think are useful to incorporate into the classroom.

  • IIRC Database of Research on Integrated Reporting The International Integrated Reporting Council (IIRC) launched the <IR> Academic Database, a searchable collection of more than 200 articles, books, chapters, dissertations, and other pieces of scholarly research on the advancement, adoption, and practice of integrated reporting. 
  • A destination is only as good as its compass. The new  My 360  is here to help you create a free plan personalized to your financial needs by helping guide you through all the resources 360 Degrees of Financial Literacy has to offer.

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Library Home

  • Introduction to Financial Accounting

(4 reviews)

financial accounting and reporting assignment

David Annand, Athabasca University

Henry Dauderis

Copyright Year: 2017

Last Update: 2021

Publisher: Lyryx

Language: English

Formats Available

Conditions of use.

Attribution-NonCommercial-ShareAlike

Learn more about reviews.

Reviewed by Katheryn Zielinski, Assistant Professor, Minnesota State University Mankato on 6/14/23

The text reading follows typical financial accounting flow. Beginning with the foundational introduction to what accounting is through the full accounting cycle, while including financial statement analysis towards the end of the book. Students... read more

Comprehensiveness rating: 5 see less

The text reading follows typical financial accounting flow. Beginning with the foundational introduction to what accounting is through the full accounting cycle, while including financial statement analysis towards the end of the book. Students will find the format helpful; the voice is student-friendly. There is online homework help for students. Instructors will find the text format friendly to semester-long class as concepts broken down into 13 chapters. The chapters explain the learning outcomes, use examples to express concepts, with chapter summary at end. The topics included are consistent with intro accounting courses.

Content Accuracy rating: 5

No issues noticed with accuracy. The text includes accurate financial accounting information.

Relevance/Longevity rating: 5

For an introductory accounting class with focus on US the concepts covered are typical.

Clarity rating: 5

The content is presented in a student friendly manner. Answers are provided. The extra information is helpful for students wanting extra practice.

Consistency rating: 5

The format and layout of the book chapters are consistent. All users will quickly understand the format as it is applied the same to each chapter. This helps provide consistency for students learning introductory accounting.

Modularity rating: 5

The content within the chapters can be broken-down and assigned as instructor plans for the course length. The manner is which the material is presented flows easily as reading.

Organization/Structure/Flow rating: 5

The text organization is consistent and coherent. Each chapter is presented in same manner.

Interface rating: 5

No observed tech issues. PDF downloaded and used with ease.

Grammatical Errors rating: 5

No grammar or language issues.

Cultural Relevance rating: 5

No cultural insensitive or offensive context noted.

This is a student friendly text. However, students might find a glossary helpful, as well as an index.

Reviewed by Lawrence Overlan, Part-time Professor, Bunker Hill Community College on 6/4/20

I appreciate how the Statement of Cash Flows has a separate chapter towards the end of the book. Might be better to wait until that chapter instead of also discussing it in Chapter One.....lots of material for opening week.... read more

Comprehensiveness rating: 4 see less

I appreciate how the Statement of Cash Flows has a separate chapter towards the end of the book. Might be better to wait until that chapter instead of also discussing it in Chapter One.....lots of material for opening week....

I sampled several problems...all correct.

Hard to make accounting obsolete. All the required material is present.

Problems are presented clearly and with good font size. Excellent color schemes and graphics.

Yes....no problems detected in this area. Very straightforward.

Chapters contain the right amount of content. Not too long with out breakup diagrams or examples etc.

Standard flow of chapters with excellent subdivisions.

To the contrary, the graphics and flow charts break up the material very nicely.

No issues noticed in this area.

Nice work! I will definitely consider adopting.

Reviewed by Patty Goedl, Associate Professor, University of Cincinnati Clermont College on 3/27/18

The text covers all of the topics normally found in an introductory financial accounting (principles of accounting I) text. The table of contents essentially mirrors the table of contents found in the leading texts in this field. I like that... read more

The text covers all of the topics normally found in an introductory financial accounting (principles of accounting I) text. The table of contents essentially mirrors the table of contents found in the leading texts in this field. I like that this text also covers the classified balance sheet, financial disclosures and partnerships.

Content is error-free, accurate, and unbiased.

Relevance/Longevity rating: 4

The content is up-to-date. Introductory accounting does not change often so future updates should be minimal. The authors used the year 2015 in most of the problem and examples. This might make the text "seem" out-of-date in a few years.

The book is clear and concise. The topics are clearly explained and the technical terminology is appropriate for an introductory level.

The writing, style, and formatting are consistent throughout this text.

The text is divided into topical chapters, which is appropriate considering that the concepts build on each other. The chapters are further subdivided into sub-topics. This makes it easy for an instructor to pick which sub-topics to cover.

Excellent organization and flow. The concepts logically build upon each other and the material is presented in a clear fashion.

The HTML interface is excellent. The book has good graphics, end of chapter content, and even video examples.

I did not notice grammatical errors.

The text is not culturally insensitive or offensive in any way

Excellent book that is comparable to any of the leading financial accounting titles. The authors even provide end of chapter problems, videos, and interactive Excel problems for students. Overall, a great resource! I commend the authors for making something of this caliber freely available.

Reviewed by Margarita Maria Lenk, Associate Professor, Colorado State University on 1/7/16

The content of this textbook matches the content and organization of most introductory financial accounting textbooks. It is written by Canadian authors, but is relevant to US students. The text begins by explaining the role of financial... read more

The content of this textbook matches the content and organization of most introductory financial accounting textbooks. It is written by Canadian authors, but is relevant to US students. The text begins by explaining the role of financial accounting in society, and then describes the underlying structure of double entry accounting systems and the process of recording economic events that impact the value of the organization through the journals and the ledger. The records of these events are then summarized into the primary financial statements. The numeric subtotals and totals on these statements are used to calculate standard financial measures and ratios used to evaluate the organization's performance. The text's organization then proceeds sequentially through the balance sheet accounts, explaining in more detail how the accounting for each category of economic value is recorded and reported. The author's decision to move the most complex content to the end of the book matches how most faculty choose to organize their coverage of these topics.

My reviewed resulted in highest marks regarding accuracy. The only possible concern I would mention here is that the authors use a commonly used technique in chapter two which sometimes leads to students misunderstanding that revenues and expenses are not part of owners' equity until the revenues and expenses are closed at year end to retained earnings. It is my preference to teach introductory students that revenues and expenses are distinct and separate from equity, and then explain that revenues and expenses ultimately get closed to equity. So, this is not an inaccuracy by the authors, just a point that some instructors may want to know before adopting the textbook.

It is my opinion that the content of this textbook will be relevant and current for at least a decade. Any changes made to accounting principles, Canadian or International, will be very easy and straightforward to update.

It is my opinion that the clarity of this text is very high. The authors are succinct and use visuals often to highlight the theoretical structures.

This test is very consistent with the framework that is set up by the authors in the beginning of the text.

The textbook is very clearly divided into separable modules, making it easy for both students to read and for instructors to choose which modules to include in their course.

The content of this textbook matches the content and organization of most introductory financial accounting textbooks. It begins by explaining the role of financial accounting in society, and then describes the underlying structure of double entry accounting systems and the process of recording economic events that impact the value of the organization through the journals and the ledger. The records of these events are then summarized into the primary financial statements. The numeric subtotals and totals on these statements are used to calculate standard financial measures and ratios used to evaluate the organization's performance. The text's organization then proceeds sequentially through the balance sheet accounts, explaining in more detail how the accounting for each category of economic value is recorded and reported. The author's decision to move the most complex content to the end of the book matches how most faculty choose to organize their coverage of these topics.

The online text worked perfectly in my Chrome browser. The end of chapter exercises and problems are perfectly formatted on the screen. All assessment materials (quizzes, exams, etc.) are located on a different site that requires registration to have access.

I found the grammar to be very clear, concise and very effective. Because the book is written by Canadians, expenses are sometimes referred to as revenue expenditures, which does not match how US textbooks refer to expenses, but is perhaps a better learning tool, as the expenses are always recorded in the period in which they match the revenue generation, so I support the authors' choices regarding how they refer to the difference between assets (capital expenditures) and expenses (revenue expenditures).

The textbook adequately refers to the international accounting standards. That is the only cultural relevance which is relevant to introductory financial accounting.

I found this textbook and its exercises to be a useful teaching and learning tool. Instructors and students have access to pre-made PowerPoint slides, exercises and problems, and there is the option to enrol in an online service for online assessments, which seem to have student feedback capabilities in addition to assessment gathering capabilities.

Table of Contents

  • The Accounting Process
  • Financial Accounting and Adjusting Entries
  • The Classified Balance Sheet and Related Disclosures
  • Accounting for the Sale of Goods
  • Assigning Costs to Merchandise
  • Cash and Receivables
  • Long-lived Assets
  • Debt Financing: Current and Long-term Liabilities
  • Equity Financing
  • The Statement of Cash Flows
  • Financial Statement Analysis
  • Proprietorships and Partnerships

Ancillary Material

About the book.

This textbook is an adaptation by Athabasca University of the original text written by D. Annand and H. Dauderis. It is intended for use in entry-level college and university courses in financial accounting. A corporate approach is utilized consistently throughout the book.

The adapted textbook includes multiple ancillary student and instructor resources. Student aids include solutions to all end-of-chapter questions and problems, and randomly-generated spreadsheet problems that cover key concepts of each chapter. These provide unlimited practice and feedback for students. Instructor aids include an exam bank, lecture slides, and a comprehensive end-of-term case assignment. This requires students to prepare 18 different year-end adjusting entries and all four types of financial statements, and to calculate and analyze 16 different financial statement ratios. Unique versions can be created for any number of individual students or groups. Tailored solutions are provided for instructors.

The original Annand/Dauderis version of the textbook including .docx files and ancillary material remains available upon request to D. Annand ([email protected]).

About the Contributors

David Annand, EdD, MBA, CA, is a Professor of Accounting in the Faculty of Business at Athabasca University. His research interests include the educational applications of computer-based instruction and computer mediated communications to distance learning, the effects of online learning on the organization of distance-based universities, and the experiences of instructors in graduate-level computer conferences.

David completed his Doctorate in Education in 1998. His thesis deals with the experiences of instructors in graduate-level computer conferences.

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Module 4: Completing the Accounting Cycle

Practice: preparing financial statements, learning outcomes.

  • Prepare an income statement
  • Prepare a statement of owner’s equity
  • Prepare a balance sheet
  • Identify the three main components of the statement of cash flows
  • Practice: Preparing Financial Statements. Authored by : Mike Zerrahn. Provided by : Lumen Learning. License : CC BY: Attribution

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Course info, instructors.

  • Prof. George Plesko
  • Prof. Kin Lo
  • Prof. Richard Frankel

Departments

  • Sloan School of Management

As Taught In

Learning resource types, financial accounting, assignments, graded assignments.

Your solutions to these graded questions must be submitted by the date specified below. Assignments 1-6 are to be completed individually. Assignments 7-9 involve case analysis and are to be done in half-groups.

Optional Questions

The optional questions are end-of-chapter problems that were chosen to provide particular reinforcement of the class topic. They are all from the course textbook, Pratt J., Financial Accounting in an Economic Context , 5th ed. John Wiley & Sons, Inc.

These optional problems generally deal with record keeping and reporting and computations. They are designed to reinforce concepts learned through reading assignments, homework problems, case discussions, and T.A. sessions.

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What Is Financial Accounting?

  • How It Works

Financial Statements

Accrual method vs. cash method.

  • Why It Matters
  • Users of Financial Accounting
  • Financial vs. Managerial Accounting
  • Professional Designations
  • Financial Accounting FAQs

The Bottom Line

  • Corporate Finance

Financial Accounting Meaning, Principles, and Why It Matters

financial accounting and reporting assignment

Financial accounting is a specific branch of accounting involving a process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time. These transactions are summarized in the preparation of financial statements—including the balance sheet, income statement, and cash flow statement—that record a company’s operating performance over a specified period.

Work opportunities for a financial accountant can be found in both the public and private sectors. A financial accountant’s duties may differ from those of a general accountant, who works for themself rather than directly for a company or an organization.

Key Takeaways

  • Financial accounting is the framework that dictates the rules, processes, and standards for financial recordkeeping.
  • Nonprofits, corporations, and small businesses use financial accountants to prepare their books and records and generate their financial reports.
  • Financial reporting occurs through the use of financial statements, such as the balance sheet, income statement, statement of cash flow, and statement of changes in shareholder equity.
  • Financial accounting differs from managerial accounting, as financial reporting is for reporting to external parties, while managerial accounting is for internal strategic planning.
  • Financial accounting may be performed under the accrual method (recording expenses for items that have not yet been paid) or the cash method (only cash transactions are recorded).

Investopedia / Laura Porter

How Financial Accounting Works

Financial accounting utilizes a series of established principles. Which accounting principles are used depends on the regulatory and reporting requirements of the business.

U.S. public companies are required to perform financial accounting in accordance with generally accepted accounting principles (GAAP) . Their purpose is to provide consistent information to investors, creditors, regulators, and tax authorities.

The statements used in financial accounting cover the five main classifications of financial data, which are:

  • Revenues – Included here is income from sales of products and services, plus other sources, including dividends and interest.
  • Expenses – These are the costs of producing goods and services, from research and development to marketing to payroll.
  • Assets – These consist of owned property, both tangible (buildings, computers) and intangible (patents, trademarks).
  • Liabilities – These are all outstanding debts, such as loans or rent.
  • Equity – If you paid off the company’s debts and liquidated its assets, you would get its equity, which is what a company is worth.

Revenues and expenses are accounted for and reported on the income statement, resulting in the determination of net income at the bottom of the statement. Assets, liabilities, and equity accounts are reported on the balance sheet, which utilizes financial accounting to report ownership of the company’s future economic benefits.

International public companies also frequently report financial statements in accordance with International Financial Reporting Standards (IFRS) .

Balance Sheet

A balance sheet reports a company’s financial position as of a specific date. It lists the company’s assets, liabilities, and equity, and the financial statement rolls over from one period to the next. Financial accounting guidance dictates how a company records cash, values assets, and reports debt.

A balance sheet is used by management, lenders, and investors to assess the liquidity and solvency of a company. Through financial ratio analysis, financial accounting allows these parties to compare one balance sheet account with another. For example, the current ratio compares the amount of current assets with current liabilities to determine how likely a company is going to be able to meet short-term debt obligations.

Income Statement

An income statement , also known as a “profit and loss statement,” reports a company’s operating activity during a specific period of time. Usually issued on a monthly, a quarterly, or an annual basis, the income statement lists revenue , expenses , and net income of a company for a given period. Financial accounting guidance dictates how a company recognizes revenue, records expenses, and classifies types of expenses.

An income statement can be useful to management, but managerial accounting gives a company better insight into production and pricing strategies compared with financial accounting. Financial accounting rules regarding an income statement are more useful for investors seeking to gauge a company’s profitability and external parties looking to assess the risk or consistency of operations.

Cash Flow Statement

A cash flow statement reports how a company used cash during a specific period. It is broken into three sections:

  • Operations – These are the costs of a company’s core business activities.
  • Financing – This is money the company receives from taking loans or issuing shares, as well as money paid in interest on loans and dividends to investors.
  • Investments – This is money that comes from buying and selling the company’s investments, such as securities or fixed assets.

Financial accounting guidance dictates when transactions are to be recorded, though there is often little to no flexibility in the amount of cash to be reported per transaction.

A cash flow statement is used by managed to better understand how cash is being spent and received. It extracts only items that impact cash, allowing for the clearest possible picture of how money is being used, which can be somewhat cloudy if the business is using accrual accounting.

Shareholders' Equity Statement

A shareholders' equity statement reports how a company’s equity changes from one period to another, as opposed to a balance sheet, which is a snapshot of equity at a single point in time. It shows how the residual value of a company increases or decreases and why it changed. It gives details about the following components of equity:

  • Share Capital – Money raised by selling stock in the company
  • Net Income – Any profit after expenses and deductions
  • Dividends – The part of profit that is paid to shareholders
  • Retained Earnings – Whatever is left after paying dividends

Nonprofit entities and government agencies use similar financial statements; however, their financial statements are more specific to their entity types and will vary from the statements listed above.

There are two primary types of financial accounting: the accrual method and the cash method. The main difference between them is the timing in which transactions are recorded.

Accrual Method

The accrual method of financial accounting records transactions independently of cash usage. Revenue is recorded when it is earned (when a bill is sent), not when it actually arrives (when the bill is paid). Expenses are recorded upon receiving an invoice, not when paying it. Accrual accounting recognizes the impact of a transaction over a period of time.  

For example, imagine a company receives a $1,000 payment for a consulting job to be completed next month. Under accrual accounting, the company is not allowed to recognize the $1,000 as revenue, as it has technically not yet performed the work and earned the income. The transaction is recorded as a debit to cash and a credit to unearned revenue, a liability account. When the company earns the revenue next month, it clears the unearned revenue credit and records actual revenue, erasing the debt to cash.

Another example of the accrual method of accounting are expenses that have not yet been paid. Imagine a company received an invoice for $5,000 for July utility usage. Even though the company won’t pay the bill until August, accrual accounting calls for the company to record the transaction in July, debiting utility expense. The company records a credit to accounts payable. When the invoice is paid, the credit is cleared.

Cash Method

The cash method of financial accounting is an easier, less strict method of preparing financial statements: Transactions are recorded only when cash is involved. Revenue and expenses are only recorded when the transaction has been completed via the facilitation of money.

In the example above, the consulting firm would have recorded $1,000 of consulting revenue when it received the payment. Even though it won’t actually perform the work until the next month, the cash method calls for revenue to be recognized when cash is received. When the company does the work in the following month, no journal entry is recorded, because the transaction will have been recorded in full the prior month.

In the other example, the utility expense would have been recorded in August (the period when the invoice was paid). Even though the charges relate to services incurred in July, the cash method of financial accounting requires expenses to be recorded when they are paid, not when they occur. 

Financial Accounting

Records transactions when benefit is received or liability is incurred

A more accurate method of accounting that depicts more-realistic business operations

Required for larger, public companies as part of external reporting

Records transactions when cash is received or distributed

An easier method of accounting that simplifies a company down to what has already actually occurred

Primarily used by smaller, private companies with low to no reporting requirements

Principles of Financial Accounting

Financial accounting is dictated by five general, overarching principles that guide companies in how to prepare their financial statements . They are the basis of all financial accounting technical guidance. These five principles relate to the accrual method of accounting.

  • Revenue Recognition Principle – This states that revenue should be recognized when it has been earned. It dictates how much revenue should be recorded, the timing of when that revenue is reported, and circumstances in which revenue should not be reflected within a set of financial statements. 
  • Cost Principle – This states the basis for which costs are recorded. It dictates how much expenses should be recorded for (i.e. at transaction cost) in addition to properly recognizing expenses over time for appropriate situations (i.e. a depreciable asset is expensed over its useful life). 
  • Matching Principle – This states that revenue and expenses should be recorded in the same period in which both are incurred. It strives to prevent a company from recording revenue in one year with the associated cost of generating that revenue in a different year. The principle dictates the timing in which transactions are recorded.
  • Full Disclosure Principle – This states that the financial statements should be prepared using financial accounting guidance that includes footnotes , schedules, or commentary that transparently report the financial position of a company. It dictates the amount of information provided within financial statements.
  • Objectivity Principle – This states that while financial accounting has aspects of estimations and professional judgement, a set of financial statements should be prepared objectively. It dictates when technical accounting should be used as opposed to personal opinion.

Importance of Financial Accounting

Companies engage in financial accounting for a number of important reasons.

  • Creating a standard set of rules – By delineating a standard set of rules for preparing financial statements, financial accounting creates consistency across reporting periods and different companies.
  • Decreasing risk – Financial accounting does this by increasing accountability. Lenders, regulatory bodies , tax authorities, and other external parties rely on financial information; financial accounting ensures that reports are prepared using acceptable methods that hold companies accountable for their performance.
  • Providing insight to management – Though other methods such as managerial accounting may provide better insights, financial accounting can drive strategic concepts if a company analyzes its financial results and makes reactionary investment decisions. 
  • Promoting trust in financial reporting – Independent governing bodies oversee the rules of financial accounting, making the basis of reporting independent of management and a highly reliable source of accurate information
  • Encouraging transparency – By setting rules and requirements, financial accounting forces companies to disclose certain information on how operations are going, and what risks the company is facing, painting an accurate picture of financial performance regardless of how well or poorly the company is doing.

Careers in financial accounting can include preparing financial statements, analyzing financial statements, auditing financial statements, and supporting the technology/systems that produce financial statements.

Users of Financial Accounting/Financial Statements

The entire purpose of financial accounting is to prepare financial statements, which are used by a variety of groups and often required as part of agreements with the preparing company. In addition to management using financial accounting to gain information on operations, the following groups use financial accounting reporting. 

  • Investors – Before putting their money into a company, investors often seek reports prepared using financial accounting to understand how the company has been doing and set expectations about the company’s future. 
  • Auditors – Companies may be required to present their financial position to auditors , who analyze the financial statements and ensure that proper financial accounting guidance has been used and the reports are free from material misstatements.
  • Regulatory Agencies – Public companies are required to submit financial statements to governing bodies such as the Securities and Exchange Commission . These financial statements must be prepared in accordance with financial accounting rules, and companies face fines or exchange delisting if they do not comply with reporting requirements.
  • Suppliers – Vendors or suppliers may ask for financial statements as part of their credit application process. Suppliers may require a credit history or evidence of profitability, such as a Piotroski Score , before issuing or increasing credit to a requested amount.
  • Banks – Lenders and other similar financial institutions will almost always require financial statements as part of the business loan process. Lenders will need to see verifiable proof via financial accounting that a company is in good operational health prior to issuing a loan. The statements may also be used for determining the cost, covenants, or interest rate of the loan.

Financial Accounting vs. Managerial Accounting

The key difference between financial and managerial accounting is that financial accounting provides information to external parties, while managerial accounting helps managers within the organization make decisions. Managerial accounting assesses financial performance and hopes to drive smarter decision-making through internal reports that analyze operations. It is not an allowable basis for financial statements.  

Managerial accounting uses operational information in specific ways to glean information. For example, it may use cost accounting to track the variable costs, fixed costs, and overhead costs along a manufacturing process. Then, using this cost information, a company may decide to switch to a lower quality, less expensive type of raw materials.

Professional Designations for Financial Accounting

Members of financial accounting can carry several different professional designations.

  • Certified Public Accountant (CPA) – The most common accounting designation demonstrating an ability to perform financial accounting within the United States is the CPA license .
  • Chartered Accountant (CA) – Outside of the United States, holders of the CA license demonstrate the ability as well.
  • Certified Management Accountant (CMA) – The CMA designation is more demonstrative of an ability to perform internal management functions than financial accounting. However, this license does test on financial analysis.
  • Certified Internal Auditor (CIA) – Holding a CIA designation demonstrates creditability in maintaining the control environment within a company by overseeing processes and procedures related to financial accounting.
  • Certified Information Systems Auditor (CISA) – The CISA exam tests proficiency on maintaining the systems of an entity and may directly or indirectly influence the outcome of the financial accounting process.

What Is an Example of Financial Accounting?

A public company’s income statement is an example of financial accounting. The company must follow specific guidance on what transactions to record. In addition, the format of the report is stipulated by governing bodies. The end result is a financial report that communicates the amount of revenue recognized in a given period. 

What Is the Main Purpose of Financial Accounting?

Financial accounting is intended to provide financial information on a company’s operating performance . Though management can analyze reports generated using financial accounting, they often find it more useful to use managerial accounting, an internally geared method of calculating financial results that is not allowable for external reports. Financial accounting is the widely accepted method of preparing financial results for external use.

Who Uses Financial Accounting?

Public companies are required to perform financial accounting as part of the preparation of their financial statement reporting. Small or private companies may also use financial accounting, but they often operate with different reporting requirements. Financial statements generated through financial accounting are used by many parties outside of a company, including lenders, government agencies, auditors, insurance agencies, and investors.

Financial accounting is the framework that sets the rules on how financial statements are prepared. The U.S. follows different accounting rules than most other countries. These guidelines dictate how a company translates its operations into a series of widely accepted and standardized financial reports. Financial accounting plays a critical part in keeping companies responsible for their performance and transparent regarding their operations.

Financial Accounting Standards Board. " About the FASB ."

University of Nevada, Reno. " What Is Financial Accounting and Why Is It Important? "

  • Accounting Explained With Brief History and Modern Job Requirements 1 of 51
  • What Is the Accounting Equation, and How Do You Calculate It? 2 of 51
  • What Is an Asset? Definition, Types, and Examples 3 of 51
  • Liability: Definition, Types, Example, and Assets vs. Liabilities 4 of 51
  • Equity Definition: What it is, How It Works and How to Calculate It 5 of 51
  • Revenue Definition, Formula, Calculation, and Examples 6 of 51
  • Expense: Definition, Types, and How Expenses Are Recorded 7 of 51
  • Current Assets vs. Noncurrent Assets: What's the Difference? 8 of 51
  • What Is Accounting Theory in Financial Reporting? 9 of 51
  • Accounting Principles Explained: How They Work, GAAP, IFRS 10 of 51
  • Accounting Standard Definition: How It Works 11 of 51
  • Accounting Convention: Definition, Methods, and Applications 12 of 51
  • What Are Accounting Policies and How Are They Used? With Examples 13 of 51
  • How Are Principles-Based and Rules-Based Accounting Different? 14 of 51
  • What Are Accounting Methods? Definition, Types, and Example 15 of 51
  • What Is Accrual Accounting, and How Does It Work? 16 of 51
  • Cash Accounting Definition, Example & Limitations 17 of 51
  • Accrual Accounting vs. Cash Basis Accounting: What's the Difference? 18 of 51
  • Financial Accounting Standards Board (FASB): Definition and How It Works 19 of 51
  • Generally Accepted Accounting Principles (GAAP): Definition, Standards and Rules 20 of 51
  • What Are International Financial Reporting Standards (IFRS)? 21 of 51
  • IFRS vs. GAAP: What's the Difference? 22 of 51
  • How Does US Accounting Differ From International Accounting? 23 of 51
  • Cash Flow Statement: What It Is and Examples 24 of 51
  • Breaking Down The Balance Sheet 25 of 51
  • Income Statement: How to Read and Use It 26 of 51
  • What Does an Accountant Do? 27 of 51
  • Financial Accounting Meaning, Principles, and Why It Matters 28 of 51
  • How Does Financial Accounting Help Decision-Making? 29 of 51
  • Corporate Finance Definition and Activities 30 of 51
  • How Financial Accounting Differs From Managerial Accounting 31 of 51
  • Cost Accounting: Definition and Types With Examples 32 of 51
  • Certified Public Accountant: What the CPA Credential Means 33 of 51
  • What Is a Chartered Accountant (CA) and What Do They Do? 34 of 51
  • Accountant vs. Financial Planner: What's the Difference? 35 of 51
  • Auditor: What It Is, 4 Types, and Qualifications 36 of 51
  • Audit: What It Means in Finance and Accounting, and 3 Main Types 37 of 51
  • Tax Accounting: Definition, Types, vs. Financial Accounting 38 of 51
  • Forensic Accounting: What It Is, How It's Used 39 of 51
  • Chart of Accounts (COA) Definition, How It Works, and Example 40 of 51
  • What Is a Journal in Accounting, Investing, and Trading? 41 of 51
  • Double Entry: What It Means in Accounting and How It's Used 42 of 51
  • Debit: Definition and Relationship to Credit 43 of 51
  • Credit: What It Is and How It Works 44 of 51
  • Closing Entry 45 of 51
  • What Is an Invoice? It's Parts and Why They Are Important 46 of 51
  • 6 Components of an Accounting Information System (AIS) 47 of 51
  • Inventory Accounting: Definition, How It Works, Advantages 48 of 51
  • Last In, First Out (LIFO): The Inventory Cost Method Explained 49 of 51
  • The FIFO Method: First In, First Out 50 of 51
  • Average Cost Method: Definition and Formula with Example 51 of 51

financial accounting and reporting assignment

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SEMESTER-2 ASSIGNMENT-FINANCIAL ACCOUNTING & ANALYSIS

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3.a) Ratio analysis is a method or a technique of analyzing an organisation's financial statement. The term financial statement gives investors or shareholders with full information and details about an organisation's expenses & income, capital, assets, liabilities. Ratio analysis is a management technique or we can say in other words management tool to assess the financial outcomes and trend to an organization over time, give some valuable signs of organizational performance of different organisations with an company or industry. Ratio analysis is used to understand and identify the strength and weak points to modify the current strategies and initiatives in upcoming time in the future. Simply if we try to understand ratio is a relationship between two or more values. A financial ratio shows the relationship between two or more accounting statement or data shown in mathematical forms using some formulas. Ratio analysis is tool for knowing or understanding and elaborating and...

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Blends of 50:50 g of jackfruit seed flour (Artocarpus heterophyllus) and ofor seed flour (Detarium microcarpum) were mixed together, sieved to pass 0.25 mm sieve and packaged in an airtight container. The proximate composition of the flour sample was determined to be 9.78%, 19.25%, 6.50%, 2.75%, 7.06%, and 54.66% for moisture content, crude protein content, fat and oil content, crude fiber content, ash content, and carbohydrate content, respectively. Furthermore, the mineral contents of the flour sample were Ca (34.00 mg/kg), K (303.00 mg/kg), Na (3.0 mg/kg), Mg (37.00 mg/kg), and Zn (0.42 mg/kg), respectively. Phytochemical values were also determined to be 0.42%, 1.00%, 2.80%, 1.60%, 0.82 mg/g, and 23.00 µg/100 g for flavonoid, tannin, alkaloid, saponin, phenol, and carotenoid, respectively. Furthermore, the functional properties of flour sample were determined to be 0.53 g/ml, 7.50%, 8.00%, 10.00%, 90.90%, 6.25%, 0.25%, and 95.00°C for bulk density, water adsorption capacity, oil absorption capacity, foam capacity, foam stability, emulsification capacity, gelation capacity, and gelation temperature, respectively. The flour sample and cocoyam flour were also used as thickener for soup and were sensory evaluated. The result shows that there were no significant differences (P ≥ 0.05) between them.

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  1. Financial Accounting and Reporting Classroom Materials

    A FASB Accounting Standards Codification Project for Introductory Financial Accounting. This exercise is designed as a team project in which introductory accounting students act as a consultants to a client seeking guidance on issues surrounding a start-up venture. Students must access and cite the Codification as the basis for the materials ...

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    Module 1: The Role of Accounting in Business— Assignment: Lopez Consulting Module 2: Accounting Principles— Assignment: Accounting Principles Module 3: Recording Business Transactions— Assignment: Recording Business Transactions Module 4: Completing the Accounting Cycle— Assignment: Completing the Accounting Cycle

  3. PDF Financial Accounting and Reporting

    Financial Accounting and Reporting Ilan Guttman In general terms, financial accounting is the measurement of economic activity for decision-making. Financial statements are a key product of this measurement process and an important component of firms' financial reporting activities.

  4. PDF Financial Accounting and Reporting

    Financial Accounting and Reporting Ilan Guttman In general terms, financial accounting is the measurement of economic activity for decision-making. Financial statements are a key product of this measurement process and an important component of firms' financial reporting activities.

  5. Introduction to Financial Accounting

    The text reading follows typical financial accounting flow. Beginning with the foundational introduction to what accounting is through the full accounting cycle, while including financial statement analysis towards the end of the book. Students will find the format helpful; the voice is student-friendly. There is online homework help for students.

  6. Introduction to Financial Accounting Course (UPenn)

    Week 1: Introduction and Balance Sheet. Module 1 • 4 hours to complete. To learn a foreign language like Accounting, you need quite a bit of practice in the basic foundations (grammar, syntax, idioms, etc.). This material is absolutely essential for being able to read and to understand books written in the language (in our case, financial ...

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  12. PDF Financial Accounting and Reporting

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