Anna Hanisyan (PhD)
Financial Accounting and Audit

Course Details

The Financial and Accounting course guides to learn the whole accounting cycle procedures, including the business transaction analysis and the preparation and interpretation of the financial statements, and audit.
The Role of Accounting The Types of Accounting Financial Reporting Transaction Analysis Audit Firms The Accounting Equation The Trial Balance Closing entries The Functions of Accounting Double-Entry Bookkeeping
This course is for:
  • Students: the course fits into the credit system for college/university accreditation;
  • Beginners, who are curious to learn about financial accounting and audit;
  • Anybody with zero previous experience, who is interested in learning about financial accounting and audit.
About the Course
  • This is a comprehensive course for any level (beginner, intermediate or advanced), which starts from the explanation of the basic accounting and audit concepts, the main terms and then moves step by step to advanced level. Each lesson is systematically divided as per specific related topics thereby making it easy for understanding.
  • The course consists of various topics of accounting and audit discussed and explained in details along with examples and exercises, which enables to understand the concepts and processes related to both financial accounting and audit.


  • To be ready to learn

The Benefits of Learning This Course

  • Financial accounting is considered to be the universal language of business, so it makes sense that all business professionals should be fluent.
  • While some people might think that non-accountants don’t need to study financial accounting and audit, the understanding of key accounting and audit concepts can be helpful for all professionals.

Why To Study this Course?

  • To understand the basic accounting and audit fundamentals, concepts, principles and techniques;
  • To identify various users of financial information and prepare financial statements according to their relevance;
  • To be able to interpret and prepare the financial statements: the Balance Sheet, the Income Statements, the Cash Flow Statement, the Capital Statement and Notes to the Financial Statements;
  • To understand the challenges of financial reporting;
  • To be able to use accounting information as a tool in making managerial decisions;
  • To understand the need and importance of auditing;
  • To have knowledge about audit planning and execution;
  • To understand and conduct the auditing procedures;
  • To identify the international standards, used by accountants and auditors worldwide;
  • To comprehend the linkage between accounting, financial reporting and auditing.

Course Certification

  • The participants, successfully completed the course, will be granted the Course Certificate.


The Overview of Accounting

In this lesson, the nature, history, role, and importance of accounting are presented and explained with details on the main groups and functions of accounting as well as on accounting transactions and accounting types.

The Accounting Cycle and Transaction Analysis

In this lesson, the function and importance of financial reporting are described and Bookkeeping is explained with comparisons between Bookkeeping and accounting with further details on the Accounting Cycle, Books of Prime Entry, transaction analysis, etc.

Accounts and Recording of Transactions

In this lesson, accounts such as T-accounts, Debits and Credits, and various accounts within business transactions are described to further student understanding of various account structures and functions.

Journalizing, Posting and the Trial Balance

In this lesson, the journalizing process, posting in ledger accounts, source documents and their main types, as well as the essence and preparation of Trial Balance are presented and explained in detail

Financial Statements: Balance Sheet

In this lesson, the objective and components of Financial Statements as well as their advantages and disadvantages in addition to the essence of the Balance Sheet and its similarities to the Trial Balance are explained with further exercises on this and past topics.

The Income Statement

In this lesson, the structures, elements, and types of the Income Statement alongside revenue, expense, and profits within a company are analyzed and explained alongside exercises to further student understanding.

The Main Principles of Accounting, The Chart of Accounts

In this lesson, the Accrual and Cash Basis of Accounting and their differences as well as the main types of business entities and their characteristics are explained alongside descriptions of the Chart of Accounts and synthetic and analytical accounts.

The Cash Flow and Equity Statements, Notes to the Financial Statements

In this lesson, the structure and preparation of the Cash Flow Statement are described and cash inflows, outflows, and cash flows from operating, investing, and financing are presented alongside explanations of the Equity Statement and more.

Accounting Worksheets, the Adjusting and Closing Entries

In this lesson, the preparation of accounting worksheets is outlined alongside a thorough explanation of the creation and adjustment of entries as well as explanations of the preparation of the Post-Closing Trail Balance.

The Inventory Valuation Methods

In this lesson, the process and value of inventory valuation are presented with descriptions of the main inventory valuation methods such as the FIFO, LIFO, and WAC methods with supporting examples.

The Methods of Depreciation and Amortization

In this lesson, the methods of depreciation and amortization are described with comparisons between SL, UOP, DB and SYD methods as well as a brief overview of intangible assets and their types.

International Accounting Standards

In this lesson, the Globally Comparable Accounting Standards are defined and characterized alongside descriptions of the main concepts of the IFRS and GAAP with a supporting list of principles as well as comparisons between IFRS and GAAP.

The Essence and Types of Audits, Audit Firms

In this lesson, the history, essence, and importance of audits and auditing are explained as well as an overview of the management of assertions and audit objectives as well as details on the types of audits, auditors, and audit firm operations.

The Audit Process Model and Audit Report

In this lesson, the main phases of an audit and audit process model are overviewed with explanations on how to plan and conduct audits as well as how to structure an Auditor's Report with further explanation on types of Auditor's Opinion.

Materiality and International Auditing Standards

In this lesson, examples and explanations of materiality in auditing are detailed, considerations of the relationship between materiality and audit risk are described, and details and comparisons of International Standards on Auditing are analyzed.