This free course, Financial accounting and reporting, discusses how accountants act as processors and purveyors of information for decision making and the needs of those who use accounting information. It also looks at the role performed by accountants and notes the need to be aware of relevant regulatory and conceptual frameworks.

After studying this course, you should be able to:

• define bookkeeping and accounting
• explain the general purposes and functions of accounting
• explain the differences between management and financial accounting
• describe the main elements of financial accounting information – assets, liabilities, revenue and expenses
• identify the main financial statements and their purposes.