Financial accounting is one of the most important courses included in accounting module. It includes concepts like the double entry accounting concept, which can be quite confusing to learn initially. Accounting majorly revolves around two important words, debit and credit. Every transaction generates a debit in certain accounts, and also credit in some other accounts.
In order to further understand financial accounting, one also needs to understand the accounting equation. Accepted globally, this equation posits that the total value of any organization’s assets is same as the total of capital and liabilities of the same organization. The very next concepts usually taught in financial accounting is about assets, liability and capital.
The cash flow management is the next important concept which is included in the financial accounting course. The maintenance of the cash book and procedure followed while maintaining them forms the gist of this module. The last important concept included in financial accounting is about managing petty expenses which is done with the petty cash book.
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