Financial Accounting
ACCT212 – Week 1 Live Lecture

Goals of this Week’s Lecture
• Present you with the information you need to begin succeeding in Financial Accounting • Provide a forum for question and answer regarding this week’s material • Begin satisfying our weekly TCO and key concepts
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How to be Successful?
• All the information you need to be successful in this course comes from four primary sources:
1. 2. 3. 4. Your textbook eCollege This lecture, and Your instructor

ACCT212 Week 1 Lecture

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Financial Accounting – Week 1
• • • • • • • • • • Terminal Course Objective for the Week Key Concepts of the Week Business Decisions Accounting is the Language of Business Accounting Principles and Concepts The Accounting Equation The Financial Statements Relationships Among Financial Statements Account Types Getting Started on Project 1A
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TCO of the Week
• TCO 1:

“Given financial statements, explain the financial statements’ purpose and components relative to accounting history, assumptions, concepts, principles, and standards.”

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Key Concepts of the Week
• Use accounting vocabulary • Learn accounting concepts and principles • Apply the accounting equation to business organizations • Evaluate business operations • Use financial statements

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Business Decisions
• Suppose you are an investor with $10,000 to invest in any company you choose • How would you determine which company to invest in? • What information would you need to make an educated decision?
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Business Decisions, cont.
• To learn accounting, focus on decisions! • Decisions require information • Business decisions are often made based on accounting information • Why? Because accounting is the “language of business”
ACCT212 Week 1