Financial accounting : is the branch of accounting, which

is interested in analyzing, recording, posting and

summarizing the financial transactions that occur during
the financial period in a company. This will provide
financial statements ( balance sheet, Income statement,
cash flow statement, comprehensive income statement)

B/S --- Assets = Liabilities + Owners Equity

I/S ---- Revenues – Expenses = Net income

Financial accounting
1. Net sales = sales – sales discount – sales return and
allowance

2. Cost of good purchased = purchases – purchases

discount - purchases return and allowance –
purchases expenses

3. Cost of goods sold = begging inventory + cost of

good purchased – ending inventory
 4. Gross profit = net sales – cost of goods sold

5. Profit / loss = net income = gross profit – total

expanses

6. Assets = Liabilities + owners’ equity

Functions
1. AND
2. Average
3. DDB
4. IF
5. MAX
6. MIN
7. OR
8. SLN
9. SUM
10. SUMIF
11. SYD