Accounting (7707) O Level

About Teacher:

I’m Arjumand Khalid, and I attend BBS University to pursue a bachelor’s degree in business administration. At a nearby school, I’ve previously worked as a primary mathematics instructor and a secondary assistant teacher. I was just hired by the Akhuwat Foundation to work in the e-learning department of the NJV Higher Government Secondary School as a primary mathematics instructor. I possess the technical abilities required to instruct students on how to use mathematics in the actual world by exploiting a variety of resources. I have access to tools and strategies that are typically necessary before kids’ abilities can be developed. I have expertise in management, curriculum development, Microsoft Word, Excel, and PowerPoint, as well as educational technologies. I also have experience using online resources for instruction and evaluation.

Course Info:

Accounting is the process of recording, summarizing, and reporting financial transactions and events.

• • Financial accounting is a specific branch of accounting that focuses on providing information to external users, such as investors, creditors, and government agencies.
  • The basic accounting equation is Assets = Liabilities + Owner’s Equity.
  • Transactions are recorded in a journal, and then posted to the general ledger.
  • Financial statements are prepared from the general ledger at the end of each accounting period.
• Examine the accounting cycle and show how accounting rules impact the financial reporting process:
  • The accounting cycle is a series of steps that are followed to record and report financial transactions.
  • The steps in the accounting cycle are:
    1. Identify and record transactions in a journal.
    2. Post transactions to the general ledger.
    3. Prepare a trial balance.
    4. Make adjusting entries.
    5. Prepare financial statements.
    6. Close the books.
  • Accounting rules are used to ensure that financial statements are prepared in a consistent and reliable manner.
  • Some of the most important accounting rules are:
    • The revenue recognition principle states that revenue should be recognized when it is earned and realized.
    • The expense recognition principle states that expenses should be recognized when they are incurred.
    • The matching principle states that expenses should be matched with the revenues that they help to generate.
• Acquire a high attention to detail, a crucial skill for accountants:
  • Accountants need to be able to pay close attention to detail in order to accurately record and report financial transactions.
• Consolidate data into financial statements that stakeholders use for decision-making:
  • Financial statements are used by stakeholders to make informed decisions about a business.
  • The three main financial statements are the balance sheet, income statement, and statement of cash flows.
  • The balance sheet shows a business’s assets, liabilities, and owner’s equity at a specific point in time.
  • The income statement shows a business’s revenues and expenses over a period of time.
  • The statement of cash flows shows a business’s inflows and outflows of cash over a period of time.