Basic Financial Accounting Syllabus Content Accounting systems – 20% Ledger accounts; double-entry bookkeeping.; D - Preparation of accounts – 45% Trading, profit and loss accounts and balance sheets from trial balance; accounting for the appropriations of profit. The Wharton School Project Finance Teaching Note - 2 I. Definition of project finance The term “project finance” is used loosely by academics, bankers and journalists to describe a range of financing arrangements. Often bandied about in trade journals and industry conferences as a new financing technique, project finance is actually a.
This article gives an overview of financial accounting basics for the non accountant. Its orientation is toward recording financial information about a business.
First, what do we mean by 'financial' accounting? This refers to the recordation of information about money. Thus, we will talk about issuing an invoice to someone, as well as their payment of that invoice, but we will not address any change in the value of a company's overall business, since the latter situation does not involve a specific transaction involving money.
A 'transaction' is a business event that has a monetary impact, such as selling goods to a customer or buying supplies from a supplier. In financial accounting, a transaction triggers the recording of information about the money involved in the event. For example, we would record in the accounting records such events (transactions) as:
We record this information in 'accounts.' An account is a separate, detailed record about a specific item, such as expenditures for office supplies, or accounts receivable, or accounts payable. There can be many accounts, of which the most common are:
How do we enter information about transactions into these accounts? There are two ways to do so:
The accounts are stored in the general ledger. This is the master set of all accounts, in which are stored all of the business transactions that have been entered into the accounts with journal entries or software module entries. Thus, the general ledger is your go-to document for all of the detailed financial accounting information about a business.
If you want to understand the detail for a particular account, such as the current amount of accounts receivable outstanding, you would access the general ledger for this information. In addition, most accounting software packages provide a number of reports that give you better insights into the business than just reading through the accounts. In particular, there are aged accounts receivable and aged accounts payable reports that are useful for determining the current list of uncollected accounts receivable and unpaid accounts payable, respectively.
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The general ledger is also the source document for the financial statements. There are several financial statements, which are:
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Other less-used elements of the financial statements are the statement of retained earnings and a large number of accompanying disclosures.
In summary, we have shown that financial accounting involves the recording of business transactions in accounts, which in turn are summarized in the general ledger, which in turn is used to create financial statements.
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PAMELA PETERSON DRAKE, PhD, CFA, is the J. Gray Ferguson Professor of Finance and Department Head of Finance and Business Law at James Madison University. She received her PhD in finance from the University of North Carolina at Chapel Hill and her BS in accountancy from Miami University. Professor Drake previously taught at Florida State University and Florida Atlantic University.
Frank J. Fabozzi, PhD, CFA, CPA, is Professor in the Practice of Finance and Becton Fellow at the Yale School of Management and Editor of the Journal of Portfolio Management. Fabozzi earned a doctorate in economics from the City University of New York. He is an Affiliated Professor at the University of Karlsruhe's Institute of Statistics, Econometrics, and Mathematical Finance and is on the Advisory Council for the Department of Operations Research and Financial Engineering at Princeton University.
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