This is an automated proctoring service, but no decisions are automated recordingsĪre only viewed by our staff with the purpose of making sure it is you taking the exam and verifying any questions about exam integrity. We will be recording you, your screen, and the audio in your room during the exam. We are partnering with SmarterProctoring to help make the proctoring fee more affordable. With a 14-day waiting period between each attempt.
If you do not pass the exam on your first try, you can take it again a maximum of 3 times, Your grade for this exam will be calculated as soon as you complete it. You will need to earn a grade of 70% or higher on the Saylor Direct Credit Final Exam. To pass this course and earn a Proctor-Verified Course Certificate and official transcript, The Saylor Direct Credit Final Exam requires a proctoring fee of $5. This course is eligible for college credit through Saylor Academy's Saylor Direct Credit Program. Take this exam if you want to earn college credit for this course. Liability can also be considered a promise to pay.Ĭompleting this unit should take you approximately 3 hours. These transactions are considered payables and create liabilities for the organization. In these situations, the business should have lines of credit, where the business has promised to pay someone else as a result of being extended a particular line of credit or goods on credit. This unit discusses accounts receivables and highlights specific information on what to do when a business extends credit to its customers.ĭuring the regular course of business, there will also be times where the business entity needs to make specific purchases to support the regular business activity when they do not have enough cash on hand from a current asset perspective. In accounting, we identify these promises someone makes to a business entity as accounts receivable. It is also common that the business will not be able to collect some of these credit extensions. As part of this agreement, the business entity will charge interest at varying rates, which are typically imposed based on the customer's creditworthiness. Once a business provides an extension of credit, it now owns a promise that it will be paid back.
#Intro to financial accounting notes pdf how to#
You will then see the learning materials and instructions on how to use them.ĭuring the course of regular business, it is common to provide credit to some customers. Click Unit 1 to read its introduction and learning outcomes. Then, enroll in the course by clicking "Enroll me in this course". You will learn how to compile and analyze these financial statements, determine the value of a firm, and compare the firm to its competitors.įirst, read the course syllabus. This course will introduce you to financial accounting in preparation for more advanced business topics. Recording financial information in a standard format allows managers, investors, lenders, stakeholders, and regulators to make appropriate decisions. In this course, we will look at the Income Statement, Balance Sheet, Statement of Cash Flows, and Statement of Shareholders' Equity. Information is the communicated results data as it has happened in a business within a period of time. This information is used by decision-makers determine specific courses of action for the business. Taking data and transforming it into useful information is what happens when a business uses accounting. Now that you have this data, what are you going to do with it? Of course, the answer is accounting! In accounting, data is the raw transactions or business activity that happens within any business entity. For example, if someone uses $30,000 of their savings to start a business, that is a point of data. Data should not be confused with information. Accounting as a business discipline can be viewed as a system of compiled data. There are a number of sub-disciplines that fall under the umbrella of accounting, but this course will focus on financial accounting.
Mastery of accounting primarily rests in your ability to critically think through and synthesize the information as it applies to a given situation. You should approach the learning of accounting the same way you would approach learning a foreign language it will take time and practice to ensure you remember the concepts. Accounting is the language of business. If you are learning accounting for the first time, embracing its foundational concepts may be a challenging process.
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