Free online courseFinancial Accounting
Duration of the online course: 24 hours and 30 minutes
New course
Enhance your accounting skills with Farhat Lectures' comprehensive Financial Accounting course. Learn key principles, financial statements, and GAAP for free online.
Course Description
The course "Financial Accounting" offers an extensive and comprehensive exploration into the field of accounting. Spanning 27 hours and 2 minutes, this in-depth course falls under the broader category of Business Administration and specifically delves into Accounting.
Beginning with the foundational question, "What is Accounting?", the course provides an introduction to the discipline and sets the stage for a deeper understanding. The curriculum quickly transitions to an exploration of Generally Accepted Accounting Principles (GAAP), followed by the FASB's Conceptual Framework, helping learners to grasp the essential guidelines and standards that govern accounting practices.
From understanding the Accounting Principles and Assumptions, the journey deepens into core concepts such as the Accounting Equation, expressed as Assets = Liabilities + Equity. This fundamental equation is dissected further with practical applications and real-world scenarios.
Business transactions lie at the heart of financial accounting, and this course meticulously covers how to analyze them. Learners are guided through the preparation of financial statements, which is a critical skill for anyone entering the accounting profession. Different business structures, such as Partnerships, Corporations, and Proprietorships, are compared to elucidate their unique accounting implications.
Delving into basic yet crucial concepts, the course elucidates the role and structure of Accounts, the General Ledger, and the Chart of Accounts. The mechanics of T Accounts, debits, and credits are simplified, making these foundational concepts accessible even to novices.
The practical application of journal entries is another focal point. From preparing journal entries and posting to the General Ledger to dealing with Adjusting Journal Entries, learners are equipped to handle real-world accounting tasks with confidence.
The essential process of creating a Trial Balance is explained before moving into the intricacies of Adjusting Entries. This includes topics such as Prepaid Expenses, Depreciation, and Unearned Revenues, ensuring a robust understanding of these complex yet essential areas.
Revenue recognition, Cash Equivalents, Bank Reconciliation, and Account Receivables are some of the advanced topics that are tackled next. Learners are introduced to various methods of handling receivables, from Direct Write-off to Allowance methods.
The course also covers the comprehensive management of Fixed Assets, including Depreciation, Capitalization vs. Expensing, and the Disposal of Fixed Assets. Additionally, it delves into Partial Year Depreciation and Depletion Expense for Natural Resources.
Intangible Assets are given due attention, with explanations on Amortization and Asset Turnover. The exchange of Nonmonetary Assets is another critical topic, emphasizing its commercial substance.
Focus then shifts to Current and Payroll Liabilities, including detailed discussions on Unearned Revenues, Sales Taxes Payable, and Payroll accounting with comprehensive examples. Handling Contingent Liabilities and Corporate Bonds is covered extensively.
Long-term financial commitments, such as Notes Payable and various types of bonds, are explained. The methodology of Bond Amortization using the Effective Interest Method is also included.
The course offers insights into Corporate finance, explaining the intricacies of issuing Common and Preferred Stocks, Cash and Stock Dividends, and the statement of Retained Earnings. Comprehensive examples make these complex concepts clearer.
Investing and Financing activities within the Statement of Cash Flows, the intricacies of the Closing Process, and the preparation of a Classified Balance Sheet are explored. Accounting specific to Merchandising operations, including Inventory Management and Internal Control, wrap up this exhaustive course.
Conteúdo do Curso
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Video class: What is Accounting ? An Introduction to Accounting.
0h17m
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Exercise: Why is accounting often referred to as the 'language of business'?
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Video class: What is GAAP? Generally Accepted Accounting Principles.
0h17m
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Video class: FASB's Conceptual Framework.
0h13m
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Video class: Accounting Principles and Accounting Assumptions.
0h13m
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Exercise: Which accounting principle or assumption states that financial transactions should be recorded at their original cost, rather than current market value or estimated worth?
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Video class: Accounting Equation: Assets = Liabilities Equity
0h22m
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Video class: Accounting Equation: Assets = liabilities Equity.
0h22m
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Video class: Analyzing Business Transactions. Financial Accounting Course
0h28m
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Exercise: When analyzing a business transaction where equipment is purchased using a credit from a supplier, what is the effect on the components of the accounting equation?
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Video class: How to Prepare Financial Statements | Financial Accounting Course
0h12m
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Video class: Business structure: Partnership Versus Corporation Versus Proprietorship
0h11m
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Video class: Accounting Basics: Accounts, General Ledger and Chart of Accounts.
0h29m
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Exercise: A company receives an advanced payment from a customer for services to be provided in the future. Which account should change upon receiving the payment?
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Video class: T Accounts: Debit and Credit Simplified.
0h17m
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Video class: How to Prepare Journal Entries and Post to General Ledger.
0h34m
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Video class: Adjusting Journal Entries: Example. FAR CPA Exam.
0h14m
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Exercise: In accounting, if a company pays for a 4-year insurance policy in advance, how should the initial journal entry be recorded?
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Video class: Trial Balance Explained. Basic Accounting Course
0h06m
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Video class: Introduction to Adjusting Entries | Financial Accounting
0h20m
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Video class: Prepaid Expenses | Deferral of Expense | Financial Accounting
0h16m
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Exercise: When a company pays for a service in advance and records it as a prepaid expense, what happens over time as the benefit from this prepaid expense is used?
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Video class: Depreciation expense and Accumulated Depreciation. Financial Accounting
0h17m
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Video class: Unearned Revenues or Deferred Revenues. Financial Accounting.
0h10m
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Video class: Accrued expenses
0h14m
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Exercise: Which of the following best describes accrued expenses and their treatment in financial accounting?
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Video class: Accrued Revenues. Financial Accounting
0h11m
Financial Accounting
Free Financial Accounting Courses
Unlock the secrets of financial accounting with our comprehensive list of free courses. Whether you are a beginner looking to understand the basics or an experienced professional seeking to hone your skills, our curated selection of financial accounting courses will help you master the essentials. Financial accounting is a crucial subcategory of accounting that focuses on recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time. Dive into our free courses to gain a solid foundation in financial accounting principles and practices.
Our selection of free financial accounting courses covers a wide range of topics, including:
- Introduction to Financial Accounting: Get started with the basics of financial accounting, including understanding financial statements, the accounting cycle, and the principles of double-entry bookkeeping.
- Financial Statements Analysis: Learn how to analyze financial statements to assess a company's financial health and make informed business decisions.
- Accounting for Assets and Liabilities: Dive deep into the accounting treatment of various assets and liabilities, including cash, receivables, inventories, property, plant, equipment, and more.
- Revenue Recognition: Understand the principles and guidelines for recognizing revenue in financial statements, including the latest standards and practices.
- Cost Accounting: Explore the methods and techniques used to allocate costs to products and services, and understand how cost accounting supports financial decision-making.
- Ethics in Financial Accounting: Study the ethical considerations and professional standards that govern the practice of financial accounting.
- Advanced Financial Accounting: For those looking to deepen their knowledge, advanced courses cover complex topics such as consolidations, foreign currency transactions, and financial instruments.
Each course is designed to provide you with practical insights and hands-on experience, ensuring you can apply what you learn in real-world scenarios. These courses are perfect for students, small business owners, financial professionals, and anyone interested in understanding the financial workings of a business.
Benefits of taking our free financial accounting courses include:
- Cost-Effective Learning: Access high-quality educational content without spending a dime.
- Flexible Schedule: Learn at your own pace, on your own schedule, from the comfort of your home.
- Expert Instructors: Gain insights from experienced financial accounting professionals and educators.
- Comprehensive Curriculum: Cover all essential topics in financial accounting, from basic principles to advanced practices.
- Practical Application: Engage in exercises and case studies that allow you to apply your knowledge in real-world situations.
Don't miss out on this opportunity to enhance your financial accounting skills. Browse our list of free financial accounting courses today and take the first step towards mastering the art of financial accounting. Whether you aim to advance your career, manage your own business finances, or simply gain a better understanding of financial accounting, our free courses are the perfect starting point.
Start learning now and unlock your potential with our free financial accounting courses!
This free course includes:
24 hours and 30 minutes of online video course
Exercises to train your knowledge
Certificate of course completion
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