Description

Financial Accounting I

Chapter 1
After you finish studying this chapter, you should be able to understand the below:
• Understanding the Definition of Accounting and types of accounting.
• Identifying the types of users (Internal or External)
• Understanding the elements of the accounting equation (Assets, liabilities, Owners equity)
• Understanding the Effect(+,-,NE) on Accounting Equation(Assets=Liabilities + owners’ Equity)
• Understanding the accounting principles( cost,matching,revenue recognition, full disclosure)
• Understanding the accounting assumptions(going concern,Monetary,periodicity,business entity)
• Understanding the effect of accounting transactions on the accounting equation
• Understanding the types of financial statements( income statement, owners’ equity statement & Balance sheet)

Chapter 2
After you finish studying this chapter, you should be able to understand the below:
• Understand the business cycle of accounting( journalizing,posting,preparing trail balance)
• Identify the normal balance of accounts(Debit or credit)
• Ability to know the journal entries of all accounting transactions
• How to make posts for each account
• How to prepare the trial balance

Chapter 3
After you finish studying this chapter, you should be able to understand the below:
• Differentiate between cash basis & Accrual Basis
• Understand the types of adjusting entries(accruals & Prepayment)
• Ability to prepare the adjusting entries for each type

Chapter 4
After you finish studying this chapter, you should be able to understand the below:

• Understanding the Definition of a Working sheet Statement & How to prepare
• Identifying the types of Nominal & Real Account
• Preparation of Closing Entries
• Preparation of post-closing trial balance

Chapter 5
After you finish studying this chapter, you should be able to understand the below:

• Understand the Merchandising cycle
• Preparation of journal entries of buyer & seller using a perpetual inventory system.
• Preparation of journal entries of buyer & seller using a Periodic inventory system.
• Understanding & ability to prepare multiple income statements.

Chapter 6
After you finish studying this chapter, you should be able to understand the below:
• How to calculate the cost of goods sold & Ending Inventory by using FIFO, LIFO, WEIGHTED AVERAGE, and Specific identification. “PROBLEM”
• How to calculate the Gross profit by using all valuation methods “PROBLEM”
• You have to know which method is better.”MCQ”

Chapter 7
After you finish studying this chapter, you should be able to understand the below:
• How to prepare the special journal(sales,purchase,cash receipt, cash disbursement)”PROBLEM”
• How to distinguish between subsidiary ledger & Control.”MCQ”
• Differentiate between AR Subsidiary Ledger & AP Subsidiary ledgers.”MCQ”

Chapter 8
After you finish studying this chapter, you should be able to understand the below:
• You have to know all the entries of petty cash(Establishment, increase/decrease petty cash, Reimbursement) “MCQ”
• How to prepare Bank Reconciliation and necessary journal entries. “PROBLEM”

Chapter 9
After you finish studying this chapter, you should be able to understand the below:
• You have to know journal entries of write-off and recovery. “PROBLEM”
• You have to know the journal entries of estimation bad debt of(sales, net sales, cash sales, credit sales)” PROBLEM”
• You have to know the journal entries of estimations of bad debts of Account receivables(when A/W is Debit or credit)” PROBLEM”
• You have to know the journal entries of estimations of bad debts of Account receivables-Aging (when A/W is Debit or credit)” PROBLEM”