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Financial Accounting

Financial accounting is the branch of accounting that analyzes, records, posts, and summarizes financial transactions during a financial period to provide financial statements including the balance sheet, income statement, cash flow statement, and comprehensive income statement. It involves calculating items like net sales, cost of goods purchased and sold, gross profit, and profit/loss to report the financial position and performance of a company. Key accounting equations include assets equal to liabilities plus owners' equity and revenues minus expenses equal to net income.

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38 views

Financial Accounting

Financial accounting is the branch of accounting that analyzes, records, posts, and summarizes financial transactions during a financial period to provide financial statements including the balance sheet, income statement, cash flow statement, and comprehensive income statement. It involves calculating items like net sales, cost of goods purchased and sold, gross profit, and profit/loss to report the financial position and performance of a company. Key accounting equations include assets equal to liabilities plus owners' equity and revenues minus expenses equal to net income.

Uploaded by

MUSTAFA
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Financial accounting : is the branch of accounting, which

is interested in analyzing, recording, posting and


summarizing the financial transactions that occur during
the financial period in a company. This will provide
financial statements ( balance sheet, Income statement,
cash flow statement, comprehensive income statement)

B/S --- Assets = Liabilities + Owners Equity


I/S ---- Revenues – Expenses = Net income

Financial accounting
1. Net sales = sales – sales discount – sales return and
allowance

2. Cost of good purchased = purchases – purchases


discount - purchases return and allowance –
purchases expenses

3. Cost of goods sold = begging inventory + cost of


good purchased – ending inventory
4. Gross profit = net sales – cost of goods sold

5. Profit / loss = net income = gross profit – total


expanses

6. Assets = Liabilities + owners’ equity

Functions
1. AND
2. Average
3. DDB
4. IF
5. MAX
6. MIN
7. OR
8. SLN
9. SUM
10. SUMIF
11. SYD

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