Financial Accounting: Introductory Section
Welcome to the pre-assessment test for the Financial Accounting Online Course: Introductory Section. This test will allow you to assess your knowledge of basic and advanced financial accounting.
All questions must be answered for your exam to be scored.
To advance from one question to the next, select one of the answer choices or, if applicable, complete with your own choice and click the “Submit” button. After submitting your answer, you will not be able to change it, so make sure you are satisfied with your selection before you submit each answer. You may also skip a question by pressing the forward advance arrow. Please note that you can return to “skipped” …show more content…
Hence, the financial reporting system is an information feedback loop between users of financial statements and the decision makers within the organization.
In each chapter of this tutorial, you will learn new financial accounting terms and concepts and how to use this knowledge within the context of the Global Grocer setting. You will also be given exercises to practice and test what you have learned at several points in each chapter.
The "Terms and Concepts" chapter introduces key financial accounting terms and five fundamental financial accounting concepts. It provides a brief overview of the three most important financial statements.
The chapters labeled "The Balance Sheet," "The Income Statement," and "The Statement of Cash Flows" explain relevant new financial accounting concepts and use the concepts to construct a financial statement. You will see how Global Grocer's financial statements are affected by its business transactions during the first month of operations.
In the "Accounting Records" chapter you will learn how to formally record Global Grocer's business transactions into its journal and ledger and how to use these records to prepare its financial statements. In doing so, you will revisit and record all the events that occurred at Global Grocer during the first month; only, this time, you will use the formal bookkeeping structures used in financial accounting systems.
Module Overview (continued)