ACG 4970 Lecture Notes - Lecture 5: Financial Accounting Foundation, Accounting Principles Board, The Starting Line

• School: University of Florida
• Department: Accounting
• Course: ACG 4970
• Professor: Madsen Paul

Document Summary

Defines financial accounting, compares with managerial accounting, lists underlying assumptions, provides an example of recording transactions, and introduces debits and credits. A description of the basic financial accounting assumptions, principles, and modifying conventions. An introduction to debits and credits and how to avoid confusing them. An introduction to the balance sheet, income statement, statement of retained earnings, and cash flow statement. A short description of financial accounting standards groups and authoritative bodies, including. Fasb, its predecessors, and other accounting standards groups. Free online course covering the basics of accounting from the perspective of a small business owner. Schilit, howard financial shenanigans how to detect accounting gimmicks & fraud in financial. 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.