FAC1

This note provides the overall picture of what accounts are debited, credited, as well as how you would approach transactions (selling or buying) in a perpetual and periodic inventory system.

Provides in-depth summary of financial accounting (FAC). topics include Types of Accounts, Accounting Equation, GAAP, IFRS, Income Statement, Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows etc.

Time Value of Money, Present Value, Future Value, Annuity Due, Ordinary Annuity, Capital Budgeting (pay back period, NPV, IRR) and Cash Flows.