Fundamentals of Accounting Part One

Part I - PRELIMINARIES
Introduction to Accounting
4 Topics | 1 Quiz
Definition of Accounting
Nature, Activities and Functions of Accounting
History of Accounting
Lesson Summary and Quiz
Branches of Accounting
4 Topics | 1 Quiz
Main Branches of Accounting
Other Fields of Accounting
Certifications and Career Opportunities
Lesson Summary and Quiz
Users of Financial Information
2 Topics | 1 Quiz
Users of Financial Information
Lesson Summary and Quiz
Forms of Business Organizations
2 Topics | 1 Quiz
Business Organizations
Lesson Summary and Quiz
Business Activities and Transactions
3 Topics | 1 Quiz
Business Activities
Business Transactions
Lesson Summary and Quiz
PART II - ACCOUNTING PRINCIPLES AND ASSUMPTIONS
Overview of the Conceptual Framework for Financial Reporting
2 Topics
Frameworks
Lesson Summary and Quiz
Assumptions, Concepts, and Principles
2 Topics
Assumptions and Principles
Lesson Summary and Quiz
Financial Statements
3 Topics | 1 Quiz
Information Consideration and Needs
General Purpose Reports
Lesson Summary and Quiz
Standard Setting
3 Topics | 1 Quiz
Nature and Importance of Standards
Evolution and Standard Setting Organizations
Lesson Summary and Quiz
Qualitative Characteristics of Useful Financial Information
Elements of Financial Statements
6 Topics
Nature and Importance
Elements of Financial Position
Elements of Performance
Information About Cash Flows
Knowledge Check
Lesson Summary and Quiz
PART III - ACCOUNTING PROCESS
Accounting Equation
Accounts
Analysis of Transactions
Rules of Debit and Credit
Accounting Cycle
Adjusting Entries
Preparation of Financial Statements
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Business Transactions

Fundamentals of Accounting Part One Business Activities and Transactions Business Transactions

Transactions occur daily, some more frequent than others and in varying amounts. Four types of transactions that are usually recurring are sales, purchase, cash receipts, and cash disbursements. Other transactions, usually of substantial amounts, like long-term loans, purchases of major assets, and investments, do not occur as frequently.

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