Overview

Most of us think the subject of accounting is a black and white process where all answers can be calculated. In truth, accounting can be quite subjective which is why the financial scandals of Enron and WorldCom a couple of years ago were able to occur. These scandals have given a black eye to the accounting profession as the publics trust has wavered in the integrity of the profession and in the financial information prepared by those in the profession.

From this first topic, I hope that you (the user of financial information) will understand what basic information should be provided for review and what the quality of that information should be. In the following topics we will explore the basic parts and processes of financial accounting in more detail. Remember, as we go through the detail, to keep in mind that without integrity this information has no value. It is merely an expensive exercise in futility.

Module Content

Module 1.1 What is Accounting

• What is accounting
• Why accounting information is so valuable
• Influential organizations
• Accounting standards

Lecture Material

What is Accounting?
     Transcript | PDF Slides

 

Module 1.2 Forms of Business Organizations

• Learn about the different types of business organizations
• Understand the advantages and disadvantages of each form

Lecture Material

Forms of Business Organizations
     Transcript | PDF Slides

 

Module 1.3 Types of Business Activities

• Financing activities
• Investing activities
• Operating activities

Lecture Material

Types of Business Activities
     Transcript | PDF slides

 

Module 1.4 Financial Information

• Internal users
• External users
• How accounting information is communicated
• Hierarchy of Qualitative Characteristics of Accounting information
• Assumptions & Principles of Accounting information

Lecture Material

Basic Financial Information Stakeholders need to make decisions
     Transcripts | PDF Slides