Unit 1: Accounting Environment, Decision-Making, and Theory
In this introductory unit, you will learn about a variety of the foundational elements of accounting that are crucial to the understanding of the material in this course. To understand financial accounting, you will need to know the purpose of each of the four basic financial statements, how data is captured and transformed into information, and how the accounting equation seeks to ensure that you are properly recording the data. Throughout this course, you will be introduced to various career opportunities related to the concepts of this course. Consider this information as an exploration of the viability of accounting as a career possibility and a way of reinforcing how significant these concepts are to the success of business operations.
Completing this unit should take you approximately 11 hours.
1.1: The Accounting Environment
1.1.1: Financial Accounting vs. Managerial Accounting
1.1.2: The Development of Financial Accounting Standards
1.2: Foundational Business and Accounting Concepts and Transaction Analysis
1.2.1: Basic Accounting Concepts
1.2.2: Introducing Financial Statements
1.3: Accounting and Its Use in Business Decisions
1.3.1: Financial Statements
1.3.2: Understanding the Accounting Equation
1.3.3: Principles of Accounting Transactions
1.3.4: Transactions Affecting the Income Statement and/or Balance Sheet
1.4: Accounting Theory
Unit 1 Assessment