1. Financial Accounting
Lecture 01
Introduction

2. Course Policy
Policy for the distribution of marks and examination is as follows:
Class performance & attendance 10 marks
Presentation marks
Assignment marks
Midterms marks
Final marks

3. Language of Business……
Accounting
Language of Business……
The business Manager cashier and salesmen use the term accounting to explain the business events.
The business Manager cashier and salesmen use the term accounting to explain the business events.

4. Accounting is the brain of business….
Without proper accounting all information and data provided will be incorrect.

5. Accounting Definition
Accounting is art of recording , classifying and summarizing in significant manner in terms of money, transaction and events which are in part at least of a financial character and interpreting the results thereof.

6. Why financial accounting needed?
The need for recording financial transactions arises because the individual or business wants to know the performance and to assist the person in making decisions related to the business.

7. Eyes and ears for Management……..
Accounting
Eyes and ears for Management……..

8. Business
Business is an activity undertaken with the objective of earning profit.
Servicing
Trading
Producing or Manufacturing

9. Classification Of Business Organizations
Sole ownership
Partnership
Corporation

10. Any exchange of value is called
Transaction
Any exchange of value is called
Transaction…..

11. Classification of transactions
Barter Transaction
Cash Transaction
Credit transactions