Financial Accounting for Business

This course Financial Accounting for Business is created with the goal of simplifying the concept of financial accounting for those who have never heard of them before. Our innovative, simple, and easy-to-understand instructional strategy helps us achieve this. These topics will provide you with the expertise and tools you’ll need to put them into practice in your field and practical areas. We’ve aimed to simplify a quantitative, and often complicated, subject like Financial Accounting using innovative instructional and presentational methodologies. These topics not only save you a lot of time, but they also give you a productive and efficient learning experience thanks to the use of excellent audio-visual presentation strategies. The goal is to make the concepts simple, accessible, and enjoyable; concepts that you can use as quick reference learning material and that will easily fill in any knowledge gaps you may have on the subject of accounting, allowing you to apply what you learn to your unique needs. The various financial terms required to create a profit and loss statement and a balance sheet are discussed and defined. We go over the definitions of assets, liabilities, and owner’s equity, as well as how to balance a balance sheet. In addition, the accounting equation is discussed, explained, and illustrated. A profit and loss statement, as well as a balance sheet, are illustrated and explained in detail.

Skills You Will Master:

• Operating Income – In this section, we will discuss operating income which is an accounting figure that measures the amount of profit realized from a business’s operations, after deducting operating expenses such as wages, depreciation, and cost of goods sold.
• Cost Drivers – In this topic, we will see a cost driver that derives the expenses and sets a basis on which a particular cost is to be allocated.
• Strategies of Cost Drivers – Here we will see the strategies of cost drivers which is based on the belief that activities cause costs and therefore a link should be established between activities and product.
• Absorption Costing – In this section let us see the method of calculating the cost of a product or enterprise by taking into account indirect expenses as well as direct costs.
• Variable Costing – In this topic, we will see Variable costing which is a term used in management and cost accounting in which the fixed overhead of production is removed from the cost of production of the product.
• CVP Concepts – Here we will learn that Cost Volume Profit analysis is a cost accounting approach that explores the effect of different levels of costs and volume on operating profit. Several assumptions are made in the cost-volume-profit study, including that the purchase price, fixed costs, and variable cost per unit are all constant.
• Cost Behavior – In this section, we will see the applicable range is the range of production or sales over which cost behavior trends do not alter.