Foundations and Financial Accounting: Advanced Topics and introduces you to formal foundations of financial accounting. The main purpose of the course is to familiarize you with technical terms in financial accounting, such as debit, credit and T-account.
While knowledge on technical aspects of financial accounting is not necessary to understand and interpret financial statements, this knowledge is critical to be able to understand advanced topics in accounting.
Try an open course or two, then apply for admission into the credit-bearing version, as you may be eligible to take credit-bearing courses during the application process.
Absolutely loved this course! It was a great compliment to the two other accounting classes I have taken. Accounting is the language of business. Managers communicate results of operations within a firm through accounting to various financial information users including investors and creditors. The main purpose of this module is to familiarize you with technical terms in financial accounting such as debit, credit, and T-account.
Lesson 1. Formal Financial Accounting. Участвовать бесплатно. Из урока. Module 1: Introduction to Financial Accounting Terminology. Journal Entry, Ledger, Trial Balance 6: Oktay Urcan Associate Professor of Accountancy. A journal is the list of transactions in chronological order. Each transaction in the journal is called a journal entry.
Here is an example about what a journal entry looks like. If we step back and think. We acquire land, so land account is debited.
And this transaction happens on January 2nd, And after a journal entry, we write a very simple explanation about this transaction. Please, notice two things about this journal entry. First of all, debit accounts are written on the left. Credit accounts are written on the right.
If you see the cash account, it is written on the right.
And similarly, if it is debited it is written on the left. And the second thing is that. So land account is mentioned before cash account.
The ledger is the group of all T-accounts with their balances, and. Journal entries need to be copied to account in the ledger. This process is called posting. So, if we go back a slide, we are going to first come up with these journal entries. And finally, we are going to calculate their final ending balances. So if we summarize how formal financial accounting works? First, transaction occurs. В зависимости от выбранного уровня симуляции, результаты будут существенно отличаться.
Вы, например, можете подготовить баланс в зависимости от различных методов амортизации:. More generally, it enables you to make analyses using other simulation levels that you could expect.
This report allows you to print or generate a PDF of your trial balance, allowing you to quickly check the balance of each of your accounts in a single report. These three balance sheet segments give investors an idea as to what the company owns and owes, as well as the amount invested by the shareholders. The balance sheet must follow the following formula:.
Such a report provides information that shows the ability of a company to generate profit by increasing revenue and reducing costs. The result shown in this report, is a the net profit or loss of a business. In general, the Profit and Loss report will be used to determine profit ratios, to examine sales prices and costs, and to set marketing budgets, for instance. OpenERP provides three main reports regarding the journals:.
Information required for a tax declaration is automatically generated by OpenERP from invoices. In the section on invoicing, you will have seen that you can get details of tax information from the area at the bottom left of an invoice. Также вы можете получить информацию из бухгалтерских проводок в столбцах справа.
The structure of the chart is for calculating the tax declaration, but all the other taxes can be calculated also such as the French DEEE.
The tax chart represents the amount of each area of the tax declaration for your country. It is presented in a hierarchical structure which lets you see the detail only of what interests you and hides the less interesting subtotals. This structure can be altered as you wish to fit your needs.
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Вы можете создать несколько планов налогов, если ваша компания использует различные типы налоговых счетов или счетов, подобных налогам, таких, как:. Каждая проводка по счету может затем быть связана с одним из налоговых счетов.
Такая ассоциация автоматически производится налогами, которые были ранее настроены в позициях выставляемых счетов. Some accounting software manages the tax declaration in a dedicated general account. The declaration is then limited to the balance in the specified period.
In OpenERP, you can create an independent chart of taxes, which has several advantages:.