Introduction to Financial Accounting (view)
Units included with this Open Author resource:
- Unit 1: Lesson Description
- Unit 2: Lesson
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- Learning goals:
- Define accounting, Identify and explain the uses of the four financial statements: the income statement, statement of changes in equity, balance sheet, and statement of cash flows., Given a list of assets, liabilities, and shareholders’ equity, analyze transactions by using the accounting equation
- Keywords:
- Designers for Learning, Financial Accounting, Accounting Equation
- Alignment:
- CCSS.Math.Content.HSA-REI.B.3
- Unit 3: Supplementary Resources & References
Summary
Accounting is the process of identifying, measuring, recording, and communicating an organization’s economic activities to users. Users need information for decision making. With an emphasis on the corporate form of business organization, this lesson will examine how financial transactions are analyzed and then reported using four financial statements: the income statement, statement of changes in equity, balance sheet, and statement of cash flows. This lesson introduces each statement using an example based on a fictitious corporate organization called Big Dog Carworks Corp.