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fundamentals of financial accounting syllabus

Money and its societal effects

Money is the main element that the members of the global community depend on for their daily needs and the operations of buying and selling, in addition to companies and institutions that operate within the framework of trade and retail because of their financial transactions, and financial systems depend on a set of calculations that determine expenses and costs, so Accounting is the main ingredient for completing financial transactions, whether they are individual transactions, or companies and institutions. Accounting sciences are divided into several types, the most important of which is financial accounting, which is concerned with matters related to financial transactions and the foundations they contain. In this article, we will talk about the basics of financial accounting.

Definition of financial accounting

It is a set of scientific rules, foundations and principles that are concerned with recording and controlling financial operations related to a particular institution, where financial accounting is considered a means of measuring economic performance in terms of revenues and expenses, and preparing financial reports that are concerned with determining the results of a company or institution during a certain period of time, such as the balance sheet, a statement Income and tax returns are among the most important functions of financial accounting, and they are the most important element in making administrative decisions in the company, which is one of the most important foundations of financial accounting.

fundamentals of financial accounting syllabus

Financial accounting is one of the most important elements of economic performance because of its comprehensive financial foundations and principles. Financial accounting relies in its formation on a set of principles and fundamentals that would increase its importance and expand the scope of its use. The following is a mention of the most important basics of financial accounting:

fundamentals of financial accounting syllabus
 fundamentals of financial accounting syllabus


Paying wages and salaries to employees, where financial accounting is concerned with the payment of financial dues and monthly salaries to employees within the company.
  • Maintain organized records that include all information related to the operations and financial events of the company or organization.
  • Receiving reports related to expenses from the employee, as it is one of the basics of financial accounting that the employee prepares a list of expenses and submits it to the administrative body.
  • Determining the result of the company's business from profit and loss and preparing the financial statements at the end of the specified financial period.
  • Preparing the company's balance sheet reports, which include the assets, liabilities, and equity of the company as of the date of creating the report.
  • Preparing the income tax statement, which is a set of taxes to be paid to government agencies in exchange for any income obtained by the company.
  • Determine administrative expenses, which include a set of expenses needed to operate the company such as employee salaries, rent and office supplies.
  • Receiving financial invoices from suppliers and checking them.
  • Assist the administrative body in the performance of its function.
  • Preserving the company's assets from loss or theft.

Financial Accounting Standards Board

as an independent, non-profit organization responsible for setting accounting standards and financial reports for companies and institutions within the United States of America, where the Securities and Exchange Commission (SEC) established the Financial Accounting Standards Board as a responsible organization On setting accounting standards for companies in the United States of America, where this organization took the place of the American Institute of American Accountants, which is called in English AICPA, and was founded in mid 1973.
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