Accounting is a discipline of collecting, summarizing, analyzing, and reporting monetary terms of information about the business. It is the language of business in the form of financial statements. It must be communicated or understood by the concerned parties relating to business.

Accountants must follow some fundamental and universally accepted principles, concepts, and assumptions like GAAP to make it communicable. A basic assumption of accounting on which structure of accounting is built is known as the concept of accounting and they are as under:

Introduction of Financial Accounting – Financial Accounting I

In this “Introduction of Financial Accounting – Financial Accounting I” you will learn about the following topics:

  1. Concept of Accounting
  2. Forms of Business Organization
  3. Sole Proprietor, Corporation, Partnership, S-Corporation, Trust, Non-Profit Organization
  4. Nature of Business Activities
  5. Financing Activities, Investing Activities, Operating Activities
  6. USERS of Accounting Information
  7. Fields and Branches of Accounting
  8. Financial Accounting, Management Accounting, Cost Accounting, Social Responsibility Accounting, Human Resource Accounting, Forensic Accounting, Fiduciary Accounting, Auditing, Tax Accounting, Fund Accounting, Government Accounting, Accounting Information System, Public Accounting, Green Accounting
  9. Financial Statements
  10. The Balance Sheet, The Income Statement, The Statement of Cash Flows
  11. Advantages of Financial Statements, Disadvantages of Financial Statements
  12. Financial Statements - Tools for Communication
  13. Generally Accepted Accounting Principles (GAAP)
  14. Principles of GAAP
  15. Qualitative Characteristics of Accounting Information
  16. Relevance, Representational Faithfulness, Verifiability, Understandability, Comparability, Timeliness
  17. Objectives of Financial Statements
  18. Accounting Professions

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BCA 2nd Semester Financial Accounting I Notes Pdf: