Principal Objectives of financial accounting
By the end of financial accounting syllabus students are required to have sound knowledge about:
- Why organizations and other users of financial information need such information and how it helps them in making many of economic decisions rationally.
- What are the different elements of financial information and how they are interconnected with each other and what is accounting equation
- Role of International Accounting Standards Board (IASB) and how it regulates the financial information of entities around the world and the need for international accounting standards
- The qualitative characteristics that every financial information must posses the role of IASB conceptual framework
- How bookkeeping is done and what are the different business transactions and how they are recorded in books of account
- The accounting cycle and the importance of primary book of entries, ledgers and how they are connected with each other
- Preparing trial balance and the challenges faced by accountants while preparing trial balance and the different ways to overcome such challenges
- Preparing financial statements for different forms of entities and how they are different
- Preparing complete set of financial statements from incomplete records
