Financial Accounting Summary
Financial Accounting – Summary Notes
Financial Accounting – Summary Notes 1
Financial Statement Basics 3
Understanding of the 3 financial statements – (balance sheet, income statement and statement of cash flows). What does each financial statement represent? 3
What is the structure of each statement? 3
What is the link between the three statements? 4
Understanding of the basic mechanics of financial accounting – (debits, credits, transaction journal entries, adjusting entries, closing entries, t-accounts, trial balances and financial statements) 4
Balance sheet 6
How are assets and liabilities valued on the balance sheet? 6
What are the components of stockholders’ equity section? 6
How is US GAAP different from other countries? 6
Income Statement 8
What is the difference between cash and accrual accounting? 8
When do I record revenues under accrual accounting? 8
When I record revenue should I record other things as well? 8......

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Title: Financial Accounting Summary
Approximate Word Count: 13480
Approximate Pages: 54 (250 words per double-spaced page)

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