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Financial Accounting Study Guide

This study guide covers the key topics in financial accounting including the accounting equation, the balance sheet, income statement, and statement of cash flows. It discusses the accounting cycle including journal entries, posting to ledgers, and trial balances. It also covers adjusting entries, closing entries, merchandising operations, receivables and payables, cash, internal controls, and fraud and ethics. Additionally, it discusses financial statement analysis, managerial accounting, and careers in accounting.

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Gyermie Ross Carpeso
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421 views3 pages

Financial Accounting Study Guide

This study guide covers the key topics in financial accounting including the accounting equation, the balance sheet, income statement, and statement of cash flows. It discusses the accounting cycle including journal entries, posting to ledgers, and trial balances. It also covers adjusting entries, closing entries, merchandising operations, receivables and payables, cash, internal controls, and fraud and ethics. Additionally, it discusses financial statement analysis, managerial accounting, and careers in accounting.

Uploaded by

Gyermie Ross Carpeso
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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FINANCIAL ACCOUNTING

STUDY GUIDE

Introduction to financial accounting:

• Understand the definition of accounting and its role in providing information for decision-
making
• Know the components of the accounting equation (assets, liabilities, equity) and how
they relate to each other
• Be familiar with the purpose and content of the balance sheet, income statement, and
statement of cash flows
•

The accounting cycle:

Understand the steps in the accounting cycle, including journalizing transactions, posting to the
general ledger, and preparing trial balances

Know how to perform each step in the accounting cycle

Adjusting entries:

Understand the definition and purpose of adjusting entries

Know the three types of adjusting entries (accruals, deferrals, depreciation) and how to prepare
them

Be familiar with the process of preparing an adjusted trial balance

Completing the accounting cycle:


Understand the purpose and process of closing entries

Know how to prepare a post-closing trial balance

Merchandising operations:

Understand the purchase and sale of goods and how it impacts the financial statements
Know how to calculate and record cost of goods sold

Be familiar with different inventory valuation methods (FIFO, LIFO, average cost)
Receivables and payables:

Understand the difference between accounts receivable and notes receivable

Know how to record and account for accounts payable

Cash:

Understand the difference between cash disbursements and cash receipts


Know how to record and account for cash transactions

Be familiar with the importance of cash control and the methods used to achieve it

Internal controls:

Understand the definition and purpose of internal controls

Know the different types of internal controls (segregation of duties, physical controls,
documentation procedures)

Be familiar with the role of internal controls in preventing errors, fraud, and misuse of company
resources

Fraud and ethical issues in accounting:

Understand the definition of fraud and the red flags that may indicate its presence
Be familiar with the ethical issues that can arise in accounting (financial statement fraud,
misrepresentation of financial information, conflicts of interest)
Know how to prevent and address ethical issues in accounting

Financial statement analysis:

Understand the definition and purpose of financial statement analysis


Be familiar with the tools used in financial statement analysis (ratios, trend analysis,
comparative analysis)
Know how to interpret financial statements and use the information to make informed decisions
Managerial accounting:

Understand the definition and role of managerial accounting in decision-making

Be familiar with the decision-making tools used in managerial accounting (cost-volume-profit


analysis, budgeting, standard costing and variance analysis)
Know how to use these tools to make informed business decisions

Careers in accounting:

Understand the different types of accounting careers available


Know the educational requirements and skills needed for success in accounting

Be familiar with the role of professional organizations in the accounting profession.

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