Financial Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities.
When people hear the term accounting, there is an involuntary reaction whereby the comprehension centres (the medical term) of their brains tend to shut down, and sleep mode is activated. This is unfortunate, as accounting, especially to a small business owner, can actually be quite interesting. It is one of the primary tools by which business owners and other interested parties can gage the success of their business, as well as identify areas that require attention and need improvement. To understand accounting, business owners need to have a basic understanding of how it works (through the basic mechanism debits and credits) and it’s results (financial statements)
The word “Accounting” is seen as dreaded word likewise the profession for many students who do not have accounting background. At sound of the word accounting or debit and credit, they feel pissed off and disconnected.
Professor Akintola did not only make us (EMBA27) like the course but love it. Everyone in my class presently talks about financial accounting above every other course. The excitement could not be hidden that almost every student in the class today gave Prof. Akintola his/her feedback on the way and manner he delivers his course as a teacher. He takes the class like he is taking children. His patience for delivery is second to none. Prof Akintola makes his class very interactive. Please don’t get me wrong. I am not saying other lecturers are not also interactive in the class. Prof has a way of making sure you understand and enjoy the course.
One of his earlier classes in where he taught us Accounting Equation. Asset = Liabilities and Owners’ Equity. The delivery was awesome.
A lot of what Professor is teaching do not look strange to me as a chartered Accountant but the manner of delivery is something very admirable and worthy of emulation. I must confess, I have learnt a lot from him even as a chartered Accountant. You can imagine if as a chartered Accountant I am so much imparted, then what will you say about those who are managers in the class but without accounting background. Obviously, the impact would be highly commendable.
Presently, we are dealing with the ability to identify and create financial transactions, analyze financial transactions into the five elements of financial statements – Assets, Liabilities, Owners Equity, Revenue and Expenses and the use of “T” accounts to post transactions.
The journey to financial Accounting made easy is enroute LBS and I will strongly advise managers without accounting background can give a try to by contacting this fantastic and down-to-earth lecturer of mine. He has what is takes to make you fall in love with accounting and ability to analyze and interpret financial statements as managers. You will no longer be a novice nor sit at management meetings where financial statements and performances are being discussed without you being able to understand and contribute positively as a well-informed manager.