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New York University Stern School of Business Undergraduate College Principles of Financial Accounting (ACC TUB.0001.05) Fall 2012 M/W, 3:304:45 p.m., UC25Table of Contents Instructor information .2
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Understand the basic concepts and principles of financial accounting.
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Gather all relevant financial information and documents.
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Organize the financial information into appropriate categories such as assets, liabilities, equity, revenue, and expenses.
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Record the financial transactions in the appropriate accounts using double-entry accounting.
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Prepare financial statements such as the balance sheet, income statement, and cash flow statement.
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Business owners who want to track and monitor the financial health of their company.
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Principles of financial accounting refer to the guidelines and rules that companies use to prepare and report their financial statements.
All companies, including publicly traded and private companies, are required to file principles of financial accounting.
Principles of financial accounting are filled out by following the Generally Accepted Accounting Principles (GAAP) which include recording transactions, preparing financial statements, and disclosing relevant information.
The purpose of principles of financial accounting is to provide accurate and reliable information about a company's financial performance to investors, creditors, and other stakeholders.
Information such as assets, liabilities, equity, revenue, expenses, and cash flows must be reported on principles of financial accounting.
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