Course description
A field of accounting that treats money as a means of measuring economic performance instead of as a factor of production. It encompasses the entire system of monitoring and control of money as it flows in and out of an organization as assets and liabilities, and revenues and expenses are affected.
Financial accounting gathers and summarizes financial data to preparefinancial reports such as balance sheet and income statement for the organization'smanagement, investors, lenders, suppliers, taxauthorities, and other stakeholders. The information provided and gathered should comply with Generally Accepted Accounting Standards.
Course objectives/standards
- To provide insights into the general understanding of the basic principles of accounting.
- To provide insights into usage of information provided for exclusively external stakeholders.
- Be able to advise and make financial decisions based on accounting information.