Financial Accounting
Ivan Vazquez
Mid-Term Accounting I
Introduction of Accounting Term
Financial Accounting
Objective of Financial Accounting
Accounting Cycle
Financial Reporting
Education
Salary Range
Web Citation
Table Of Contents
The systematic recording, reporting,
and analysis of financial transactions of
a business.
The person in charge of accounting is known as
an accountant, and this individual is typically
required to follow a set of rules and regulations,
such as the Generally Accepted Accounting
Principles.
Introduction Of Accounting Term
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.
Financial accounting
• Systematic recording of transactions: basic
objective of accounting is to systematically record
the financial aspects of business transactions.
• Ascertainment of the financial position of
business: businessman is not only interested in
knowing the result of the business in terms of profits or
loss for a particular period but is also anxious to know
that what he owes (liability) to the outsiders and what
he owns (assets) on a certain date.
Objectives of Financial Accounting
Financial reporting is a broader concept than
financial statements.
In addition to the financial statements, financial
reporting includes the company's annual
report to stockholders, its annual report to
the Securities and Exchange Commission
(Form 10-K), its proxy statement, and other
financial information reported by the
company.
Financial Reporting
PostClosing Trial
Balance
Journal
Entries
Closing
Entries
Ledger
Accounts
Financial
Statement
Unadjusted
Trial
Balance
Adjusted
Trial
Balance
Adjusting
Entries
Accounting Cycle
75th Percentile...