Financial
Accounting
Fundamentals
Marco J. Malandra, CPA
Learning Objectives
1.
2.
3.
4.
5.
Language of Business: GAAP FS & CPA
Audit
The Format, Differences & Relationships
of the FS
The Logic of the Debit | Credit Chart
The 3 Types of Entries & 2 Types of
“Books�...
Financial
Accounting
Fundamentals
Marco J. Malandra, CPA
,Learning Objectives
1. Language of Business: GAAP FS & CPA
Audit
2. The Format, Differences & Relationships
of the FS
3. The Logic of the Debit | Credit Chart
4. The 3 Types of Entries & 2 Types of
“Books”
5. Chart of Accounts – 4 Characteristics for
Each
6. 3 Maxims of Financial Accounting
7. The Order of the Steps of the
Accounting Cycle
8. FASB’s Conceptual Framework & Other
Concepts
, What is the “Language of
Business”?
Identifying, measuring & communicating financial
info about entities
to interested parties. Types of accounting &
main purposes include:
Managerial – For Managers to better run their
own Company
Tax – For Taxpayers to prepare tax returns to fund
Governments
Forensic – For Litigants to use in Litigation (court
cases)
Financial – For Investors to make informed
decisions based on Financial Statements (FS: BS,
IS, SE, CF & Notes), audited by a CPA to insure
they are in accordance with generally accepted
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