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Basics of Financial Accounting

T1. Accounting and its Importance: This topic demonstrates the importance of accounting and how accounting information is typically used. This topic also includes different methods of accounting.

T2. Double Entry Accounting: This topic will provide the learner with a brief history of double entry accounting, the advantages of the method, and an example of how a transaction would be calculated using double entry accounting.

T3. Key Financial Terms and Definitions: This topic will provide the learner with commonly used terms and organizations associated with financial accounting.

T4. Financial Statement Basics: This topic will provide the learner with fundamental information regarding financial statements, including an overview of the bookkeeping process, and the journalizing and posting process.

T5. The Balance Sheet: This topic will demonstrate how assets, liabilities, and equity are used in the accounting equation, and will provide an example of a balance sheet.

T6. The Income Statement: This topic will provide the learner with information regarding different elements that are contained in an income statement, and provides examples of a single-step income statement and a multi-step income statement.

T7. The Cash Flow Statement: This topic will familiarize the learner with sections included in a cash flow statement. This topic will also demonstrate how a cash flow statement is calculated using a hypothetical business scenario that covers three months of transactions.

T8. GAAP: This topic provides the learner with a brief history of the U.S. Generally Accepted Accounting Principles (GAAP), and demonstrates why the U.S GAAP is important. This topic also ensures that the learner understands the function of the IFRS and provides a list of countries that use it.

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