Financial Accounting
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The Principles of Accounting Volume 1 – Financial Accounting course contains 95 self-grading microlearning lessons that work instantly inside your Learning Management System (LMS).

Principles of Accounting Volume 1 – Financial Accounting, together with Principles of Accounting Volume 2 – Managerial Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. Each course is specifically designed to appeal to both accounting and non-accounting majors, exposing students to the core concepts of accounting in familiar ways to build a strong foundation that can be applied across business fields. Each chapter opens with a relatable real-life scenario for today’s college student. Thoughtfully designed examples are presented throughout each chapter, allowing students to build on emerging accounting knowledge. Concepts are further reinforced through applicable connections to more detailed business processes. Students are immersed in the “why” as well as the “how” aspects of accounting in order to reinforce concepts and promote comprehension over rote memorization.

Our Principles of Accounting courses adhere to the scope and sequence requirements of accounting courses nationwide. We have endeavored to make the core concepts and practical applications of accounting engaging, relevant, and accessible to students.

Teachers can get a single, discounted license for this course hosted with us. Learn more.
Schools can get unlimited access to every lesson in this course for their entire institution with our Microlearning Library App. Learn more.

Role of Accounting in Society
  • The Importance of Accounting
  • The Users of Accounting
  • The Role of Accountants
  • The Importance of Accounting to Business Stakeholders
  • Careers in Accounting
  • Final Assessment


Introduction to Financial Statements
  • Financial Statements and Balance Sheets
  • Assets, Liabilities, Equity, Revenue and Expenses
  • Prepare Financial Statements and Balance Sheets
  • Final Assessment
Analyzing and Recording Transactions
  • Principles, Assumptions, and Concepts of Accounting
  • The Expanded Accounting Equation
  • Initial Steps in the Accounting Cycle
  • Using the Accounting Equation
  • Using Journal Entries
  • Prepare a Trial Balance
  • Final Assessment
The Adjustment Process
  • Adjusting Entries
  • The Adjustment Process
  • Common Types of Adjusting Entries
  • Adjusted Trial Balance and Ledger Entries
  • Adjusted Trial Balance and Financial Statements
  • Final Assessment
Completing the Accounting Cycle
  • Business Closing Entries
  • The Post-Closing Trial Balance
  • Computing Current Ratio and Working Capital Balance
  • Final Assessment
Merchandising Transactions
  • Merchandising, Service Activities and Transactions
  • Perpetual and Periodic Inventory Systems
  • Using the Perpetual Inventory System for Merchandise Purchases
  • Using the Perpetual Inventory System for Merchandise Sales
  • Applying Commonly Used Freight-In Methods
  • Income Statements for Merchandising Companies
  • Final Assessment
Accounting Information Systems
  • Components of an Accounting Information System
  • The Purpose of Special Journals
  • Using Special Journals
  • Subsidiary Ledgers
  • Career Paths
  • Final Assessment
Fraud, Internal Controls, and Cash
  • Analyzing Fraud
  • The Purpose of Internal Controls
  • Organizational Internal Controls
  • Petty Cash Funds
  • Maintaining Internal Controls
  • Bank Reconciliation
  • Financial Statement Fraud
  • Final Assessment
Accounting for Receivables
  • The Revenue Recognition Principle
  • Accounting for Uncollectable Accounts
  • Using Financial Ratios to Determine Efficiency
  • The Role of Accounting for Receivables in Earnings Management
  • Applying Revenue Recognition Principles to Long-Term Projects
  • Notes Receivable versus Accounts Receivable
  • Final Assessment
  • Basic Inventory Valuation Methods
  • Calculating Cost of Goods Sold Using the Periodic Method
  • Calculating Cost of Goods Sold Using the Perpetual Method
  • The Impact of Inventory Valuation Errors
  • Inventory Management
  • Final Assessment
Long-Term Assets
  • Tangible and Intangible Assets
  • Capitalized Costs and Expenses
  • Depreciation Methods
  • Intangible Assets and Record Related Transactions
  • Special Issues for Long-Term Assets
  • Final Assessment
Current Liabilities
  • Identifying Current Liabilities
  • Analyzing and Reporting Current Liabilities
  • Contingent Liabilities
  • Recording Short-Term Notes Payable
  • Preparing Payroll
  • Final Assessment
Long-Term Liabilities
  • Long-Term Liabilities Pricing
  • Amortization of Long-Term Liabilities
  • The Life Cycle of Bonds
  • Final Assessment
Corporation Accounting
  • Securing Equity Financing through Stock
  • Issuing and Repurchasing of Stock
  • Cash Dividends, Property Dividends, Stock Dividends, and Stock Splits
  • Owners’ Equity and Retained Earnings
  • Measuring Performance through Earnings Per Share
  • Final Assessment
Partnership Accounting
  • Partnership Advantages and Disadvantages
  • Creating a Partnership
  • Allocating Partners’ Share of Income and Loss
  • Recording Partner Admissions and Withdrawals
  • Partnership Dissolution
  • Final Assessment
Statement of Cash Flows
  • The Purpose of the Statement of Cash Flows
  • Operating, Investing, and Financing Activities
  • Statement of Cash Flows Using the Indirect Method
  • Completed Statement of Cash Flows Using the Indirect Method
  • Preparing Ratios to Assess Liquidity and Solvency
  • Final Assessment

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