Financial Accounting Fundamentals - BAF3M-B

In summary, the speaker is looking for help with questions from their Financial Accounting fundamentals course and asks if physicsforum answers questions related to this subject. They also mention being a homeschooler and not receiving help from teachers or tutors. Another person responds that physicsforum is a great place to get help by starting a new thread in the Homework Help, Pre-Calculus Math forum and filling out a provided template.
  • #1
alexandria
169
2
I'm having trouble with a few questions from this course called Financial Accounting fundamentals gr.11. Does anyone know if physicsforum answers qts related to this subject??
I'm a homeschooler, so I don't receive any help from teachers, tutors, etc...

Thanks.
 
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  • #2
alexandria said:
I'm having trouble with a few questions from this course called Financial Accounting fundamentals gr.11. Does anyone know if physicsforum answers qts related to this subject??
I'm a homeschooler, so I don't receive any help from teachers, tutors, etc...

Thanks.
Yes, this is a great place to get help. Just start a new thread in the Homework Help, Pre-Calculus Math forum, and fill out the Template that you are provided there when starting a new thread. As long as you fill out the Template, you should get great help. :smile:
 

1. What is financial accounting?

Financial accounting is the process of recording, summarizing, and reporting a company's financial transactions and results to external parties, such as investors, creditors, and regulators. It involves the preparation of financial statements, including the balance sheet, income statement, and cash flow statement.

2. What are the fundamental principles of financial accounting?

The fundamental principles of financial accounting include the accrual principle, which states that transactions should be recorded when they occur, not when the cash is received or paid; the matching principle, which requires expenses to be matched with the revenues they generate; and the cost principle, which states that assets should be recorded at their original cost.

3. What is the purpose of financial accounting?

The purpose of financial accounting is to provide relevant and reliable information about a company's financial performance and position to external users, such as investors, creditors, and regulators. This information is used to make informed decisions about the company, assess its financial health, and evaluate its potential for future growth and profitability.

4. How is financial accounting different from managerial accounting?

Financial accounting focuses on providing information to external parties, while managerial accounting is concerned with providing information to internal users, such as managers and employees. Financial accounting follows generally accepted accounting principles (GAAP), while managerial accounting has more flexibility in its reporting methods. Financial accounting is also more historical in nature, while managerial accounting is forward-looking and helps with decision-making and planning.

5. What are the basic financial statements in financial accounting?

The basic financial statements in financial accounting are the balance sheet, income statement, and cash flow statement. The balance sheet shows a company's assets, liabilities, and equity at a specific point in time. The income statement shows a company's revenues, expenses, and net income over a period of time. The cash flow statement shows the inflow and outflow of cash from a company's operating, investing, and financing activities.

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