Summary

Summary 1. Financial Accounting 2. Accounting Principles 3. BBA Financial Accounting 4. Financial Statements 5. Balance Sheets 6. Income Statements 7. Cash Flow Statements 8. Accounting Concepts 9. Financial Reporting 10. Assets and Liabilities 11. Revenue Recogn

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Course
MGT101

Institution
Lahore University Of Management Sciences

1. Financial Accounting 2. Accounting Principles 3. BBA Financial Accounting 4. Financial Statements 5. Balance Sheets 6. Income Statements 7. Cash Flow Statements 8. Accounting Concepts 9. Financial Reporting 10. Assets and Liabilities 11. Revenue Recognition 12. Expense Recognition 13...

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Uploaded on August 8, 2023
Number of pages 9
Written in 2023/2024
Type Summary

1 financial accounting 2 accounting principles 3

Institution
Lahore University Of Management Sciences
Course
MGT101

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, Financial Accounting

Book # 1:

The course on Financial Accounting typically covers the fundamental
principles and concepts of accounting that are used to record, analyze, and
report financial information. It provides a foundation for understanding and
interpreting financial statements and prepares students for careers in
finance, accounting, and related fields. Here is a breakdown of the topics
commonly covered in a course on Financial Accounting:

1. Financial Accounting Overview:
- Role and importance of financial accounting
- Users of financial statements
- Generally Accepted Accounting Principles (GAAP)
- Accounting equation and double-entry system

2. Keeping Track of Business Transactions:
- The financial cycle
- Journalizing transactions
- Posting to general ledger accounts
- Trial balance

3. Adjusting Entries:
- Accruals and deferrals
- Prepaid expenses and unearned revenue
- Accrued expenses and accrued revenue
- Adjusted trial balance

4. Accounting Cycle Completion:
- Preparation of financial statements (income statement, balance sheet,
statement of cash flows)

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