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Financial Accounting - Coggle Diagram
Financial Accounting
Important methods of Accounting
Income Statement, SFP
Trial Balance
Double Entry
Ledgers
Receipts
Who uses Accounting
Financial Advisors
Households
Registered Accountants
Various Company departments
Gov. Bodies
Expectations coming into the module
All Accounts
New Terms
Monotonous
Boring, unrelatable
Realisation of Accounting
Relatable Applications
Universal Nature of Book keeping
E.g. It is even involved in Football Clubs
Necessary in all businesses/Charities
Plenty on Interesting Theory
What Is Accounting Used for?
Business Uses
Comply with statutory laws
Managing Income Vs Expenditure
Information for investors & public
Help make business decisions
Everyday Household Uses
Household Accounts
Budgeting for future expenses
Taxes
Control of expenses
Important Information for studies during Y1
Understand Everyday Applications*
Key Terms
Asset/Liability
Tangible fixed assets
Current/Non
Debtors/ creditors
Debit/Credit
Where Accounting applies to me
ATM uses
Payslips at work
Online banking
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