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Accounting for Companies' Stock Transactions and Dividends

Overview/Description A publicly or privately held company, also known as a corporation, is an entity separate and distinct from its stockholders. When an investor puts money in a company in return for part ownership, the company issues stocks to the investor. Stock is the evidence of the ownership interest of the stockholder. Sometimes a company also reacquires some of its outstanding stocks from its stockholders for retiring, holding, or reselling purposes. Stocks reacquired and held with the company are called treasury stocks. Companies often decide to share part of their net income, called...

Accounting for Sales Returns

Overview/Description Returns are an expected part of conducting business, and proper accounting requires that balance be maintained between affected accounts. This Business Impact demonstrates which accounts will be impacted by a sales return transaction. Expected Duration (hours) 0.1 Lesson ObjectivesAccounting for Sales Returns

Accounting Transactions and Books of Account

Overview/Description Bookkeeping is a critical accounting activity that provides the solid foundation on which an organization stands. The correctness and integrity of the financial statements that an organization produces largely depend on the correctness and integrity of its bookkeeping activities. Journalization and posting to ledgers are the two core bookkeeping activities. The journals are where all transactions are first recorded on a daily basis. Information from a journal is then posted to the ledgers to update each account. Various accounts in the ledgers are then summarized, tested...

Basic Accounting Principles and Framework

Overview/Description Accounting and finance are the universal languages of business, and their functions form the core of most organizations. The accounting function sets up the bookkeeping system, monitors it, prepares and presents the financial statements to management, and interprets them as needed. Bookkeeping is a part of the accounting function and involves the mechanical aspect of recording, classifying, and summarizing transactions in account books and posting them to respective financial statements. Apart from the statutory importance, accounting data is very critical to any...

Deconstructing the Balance Sheet

Overview/Description Balance sheets provide an overview of a business's financial standing. This impact explores the primary elements of a balance sheet. Target Audience Any individuals interested in gaining essential business finance knowledge. Expected Duration (hours) 0.1 Lesson ObjectivesDeconstructing the Balance Sheet

Final Exam: Accounting Fundamentals

Overview/Description Generally taken near the end of a program, Final Exam: Accounting Fundamentals enables the learner to test their knowledge in a testing environment. Target Audience Individuals seeking practice in a testing environment, covering the skills and competencies being measured by the courseware. Expected Duration (hours) 1.8 Lesson ObjectivesFinal Exam: Accounting Fundamentals

Outsourcing Financial Activities

Overview/Description Businesses are increasingly outsourcing portions of their accounting. This Business Impact explores the pros and cons of outsourcing financial activities to third party service providers. Expected Duration (hours) 0.1 Lesson ObjectivesOutsourcing Financial Activities

The Accounting Cycle and Accrual Accounting

Overview/Description Accounting involves recording, summarizing, and presenting financial transactions. You need to analyze transactions before recording them in daily journals. Organizations use a variety of accounts, called general ledgers collectively, to record transactions in a number of business areas. A chart of accounts lists all these accounts in the general ledger. All individual accounts are then compiled, totaled and verified for correctness, and then presented as financial statements to the organization's internal and external users. As in most other things, timing is of prime...

The Accounting Equation and Financial Statements

Overview/Description Business owners and managers, regardless of form and size of their organizations, put their best efforts in generating enough assets to pay for business's liabilities and build adequate stockholders' equity. The basic accounting equation offers us a simple way to understand how these three elements – assets, liabilities, and stockholders' equity – relate to each other. Every economic activity, or transaction, in an organization affects two or more of these elements. It is therefore important to understand how these elements, and the underlying transactions, appear in...

The Balance Sheet

Overview/Description The Balance Sheet is arguably the most important of all financial statements. It is a financial snapshot of a company's health at a specific point in time as measured in terms of assets, liabilities, and owners' or shareholders' equity. It allows you to see what a company owns as well as what it owes to other parties. People who might be interested in the Balance Sheet include creditors, investors, company management, suppliers, customers, competitors, government agencies, and analysts. The Balance Sheet is closely connected to the other key financial statements – the...

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