greetings class I am Al tone as hopefully you know by now and uh your instructor for financial accounting this semester this term whenever you're taking a financial accounting class with me it's great to be back with you hopefully by now you've gotten off to a great start with the class and you're ready to get started learning all about financial accounting and we'll start from the beginning of course with chapter one role of accounting in society um just as a reminder and what you should have learned from the orientation materials provided for the class to get us started each uh chapter will have a lecture video This is the first one accompanied by the lecture notes that are also included in each of the chapter modules in canvas so let's get started with chapter one you should use this video lecture and of course the accompanying um lecture notes to ensure that you are not only mastering financial accounting for each of the chapters that we cover but also and of course to assist you with accomplishing your weekly activities and graded assignments what we do get started with taking a look at the objectives or outcomes for this particular chapter so by the end of studying chapter one you should be able to explain the importance of accounting and distinguish between financial and managerial accounting secondly you should be able to identify users of of accounting information and how they apply that information third you should be able to describe typical accounting activities and the role of accountants play the role of the role that accountants play in identifying recording and Reporting Financial activities you should also be able to explain why accounting is important to business stakeholders and finally as a result of studying this first chapter you should be able to dis the varied career paths open to individuals with an accounting education now since this is our first chapter together and hence the first lecture video that you're watching and lecture notes that you'll be using to learn all about um our first chapter here in financial accounting and to complete your assignments I'll remind you that these lecture videos are about an uh an hour or less in length this first chapter is likely to be less than that um they might run up an hour but hopefully that works for you because you can scroll back and forth in the YouTube video these are all in YouTube format Andor use the um PowerPoint lecture notes that accompany my lecture videos in each of the chapter modules in canvas so let's start off with our first objective or outcome that you should have Ma you should Master by the end of studying this chapter and that's explaining the importance of accounting and distinguishing between financial and managerial accounting of course this course is financial accounting the course that you will be taking after this for preparation for your major and either accounting or business is managerial accounting and this is the prerequisite course for that besides a course in mastering Financial Accounting so by definition as you can see here accounting is the process of organizing analyzing and communicating financial information that is used for decisionmaking accounting is also known as the language of business and the language of life not only is accounting or can accounting be used to successfully manage and operate and make decisions related to a business but also to do the same in your personal lives so understanding financial and managerial accounting is valuable and necessary for practically any career that you will pursue and of course that I as I just mentioned especially in the case of financial accounting can also help you to manage your own personal lives and personal finances let's take a look at now the difference between financial and managerial accounting and remembering that this is a course in financial accounting that measures the financial performance of organization using standard conventions or rules is more The Familiar term than conventions to prepare and distribute Financial reports and the purpose is to communicate this information to what we call external user users for the purpose of them making decisions both internally and externally so for the most part Financial uh information is prepared for use by external users however we use the information as well from Financial CA uh management or excuse me for financial accounting to help us make decisions about our own business but just to give you an example of external users I have some listed here um the owners or stock or what are known as stockholders of a business when we're working with corporations in our particular course here we will start off with a little bit um of financial accounting for what are called sole proprietorship service businesses then we quickly move on um to corporate accounting or Corporation accounting for businesses that sell products or what we call um either retail operations or operations that um sell inventory also lenders and govern governmental entities such as the Securities and Exchange Commission who regulates corporate operations the Internal Revenue Service also you know we have to pay taxes and the IRS will want to see our financial information that helps them and helps us to determine how much taxes are due and of course helps us to manage how we operate our business to ensure those taxes are paid and to be honest with you to minimize the amount of taxes that we pay so that's what our course is going to be All About Now managerial accounting on the other hand uses both financial and non-financial information as a basis for making decisions within an organization so from a managerial accounting standpoint the purpose is going to be to equip decision makers meaning the internal users of the organization such as management with that information to assist in setting and evaluating business goals by determining what information is needed and how to analyze and communicate this information secondly managerial accounting information tends to be used internally for the purposes for purposes such as budgeting pricing and determining production costs management managerial accounting mostly relates to it does uh relate mostly to corporate forms of businesses but mostly related to U manufacturing types of businesses whereas when we take a look at financial accounting it's mostly going to be the decision- making that's done and uses financial accounting is done by internal users again for corporation uh accounting but for companies that sell merchandising or what we call merchandising operations so there are the differences between financial accounting and managerial accounting as noted and sounds like I might have had a delivery there commen sorry about that but we uh will be using or studying Financial Accounting this semester together and of course if you proceed with your accounting studies you will be moving on to managerial accounting now let's just take a little bit closer look at what the differences are between internal and external users of accounting information those are the two general categories of who's going to use accounting information that we accountants will be providing through our communication aspects internal users again those are individuals Within an organization they use financial information to make day-to-day decisions they include management and other employees who may use financial information to confirm past results and to help make adjustments for future activities you're going to learn as we progress through our studies here in financial accounting uh accounting that operating a business is really all about making a profit and um the operations related to making that profit can be enhanced by using Financial Accounting information external users are those outside of the organization who will use that same financial information to make decisions or to evaluate an entities entity fancy word for business performance uh groups like investors Financial analysts loan officers uh governmental Auditors such as the IRS and IRS agents who do that work and an assortment of other stakehold holders just to give you an example I use the IRS example a few minutes ago but investors for example will want to see our financial information because they are making decisions as to whether or not they want to invest in our business and that could be any uh any entity from a bank to other types of lending institutions to individuals who may want to buy a stake in our Corporation by becoming partial owners in a corporation we call those individuals shareholders because they buy shares of stock in the corporation well as a shareholder you want to buy shares of stock or invest in a business that's financially sound and actually financially probably Beyond sound and has the potential to be successful over time those are external users so those are the differences between internal and external users of accounting information and particularly uh in relation to Financial accounting information and just one other reminder since this our first this is our first um lecture video together that I'm giving you an overview pretty much of all the chapters with examples again you should always be using your textbook which is your open education resource textbook and any other materials that I provide in each module including a study guide that I provide with examples in each module uh before you go ahead and Tackle your assignments and uh I'm sure that that you'll find over time that that's going to help you immensely in being successful in mastering financial accounting and doing well in the course let's take a look at the five general characteristics of financial accounting information I'm not going to read all of these to you I'll paraphrase because as I said you can read them here or you can also read these um all uh from the lecture notes that I provide remember the lecture notes that I provide to accompany my lecture videos in each of the chapter modules are actually the pdf version of the PowerPoint slides um that I'm using uh to present in my lecture videos so first off financial information is primarily communicated through financial statements one of the first things we're going to learn about in the course are the four major financial statements that are always prepared in this order and we're going to learn about those in upcoming chapters income statement statement of owner Equity or what we'll call stockholders equity for a corporation the balance sheet and the statement of cash flows and disclosures for short we usually just refer to that as the statement of cash flows or cash flows statement remember Financial Accounting information is mostly historical in nature although we'll use a lot of estimates in a company to come up uh with decisions or to make decisions we are really basing that on historical information so when we prepare financial statements it those are based upon what has already transpired and we use that to try to project the future and make solid business decisions to keep our business successful third financial information is prepared using this is very important a comprehensive uh prescribed by set of conventions that are generally called not generally called but that are called generally accepted accounting principles or Gap gaap the Acron they are set forth by the Financial Accounting Standards Board or fby I want you to read a little bit more about that but you don't have to dwell on it in chapter one but generally accepted accounting principles are the foundation for all that we do as accountants whether it be Financial Accounting or managerial accounting or regardless of the type of the work that we're doing we prepare all of our information using these comprehensive generally accept accounting principles that are set forth by the Financial Accounting Standards Board fourth part of the accountants responsibility is to quantify activities and events then after we quantify those activities and events we summarize them and we report them that reporting is ultimately done through the financial statements I just described so just about every activity and event that occurs in a business has an associate iated cost or value that Associated cost or value to a business activity is called a transaction so most of what we study in financial accounting once we have the understanding and basic premise and understanding of financial statements is to analyze and record business transactions those are how we summarize all of the activities that have taken place with the business organization and the way that we communicate those activities after they've been summarized is in the form of those four financial statements and then finally common computerized accounting systems such as ones you may have heard of or may even have used such as QuickBooks they're designed for small business organizations or small businesses and sap they're also design but that are those are designed for large and maybe even multinational organiz ations so QuickBooks is probably the most popular one you've heard of some companies might even create something themselves out of excel believe it or not some companies still may be using paper and pencil versions of journalizing and creating ledgers and Reporting by way of using a paper and pen or pencil system uh not obviously recommended for efficiency at this point but it's still could be done so remember just to summarize this particular slide for characteristics of financial accounting information um we will communicate all about the finances related to our business through those four financial statements we will summarize in order to get to those financial statements by way of taking a look at all of the activities and events that have the associated costs or values with them or to them and record those as what are going to become known as transactions there's a lot more transaction recording um in financial accounting than there is in managerial accounting and you'll learn that as you progress through your studies on the other hand here are the five characteristics of managerial accounting information so that you can compare those to the characteristics I just shared with you uh regarding Financial Accounting um I'm not going to read through all of these to you because we are studying Financial Accounting in this course but I'm leaving the slide up here long enough in this lecture video for you to take a look at it but again hopefully not sounding too much like a broken record um all of these slides that I'm using in my lecture videos for every single chapter are included right below it's a link or I should say a page right below the lecture videos for each of the chapters uh related to the modules in canvas so there are the five characteristics of managerial accounting that again uh when we do or we are the preparers of information related to managerial accounting will be used for the most part by external users to make decisions related about our organization this particular slide which is figure 1.3 from your textbook actually does a nice little comparison between financial accounting and managerial accounting so you can see here on the left hand side of that wider leftand column is the communication through reporting in other words who uses the reports the types of reports that we generate how frequent those reports are generated the purpose of those reports the focus of those reports the nature of those reports and the verification of those reports so that's how we distinguish between financial accounting and managerial accounting what you see here in the right twoand columns are how that is accomplished through financial accounting versus managerial accounting since we are studying Financial Accounting in our course you will be focusing on that middle column because those six areas of communication through reporting will be done in those manners when we study financial accounting and again take a look at this uh again in your textbook and here on the slide in this video and in your lecture notes that I provide for you um chapter one is a very light chapter in terms of getting anywhere near deep into Financial accounting nonetheless an important one because it sort of sets the table for what you actually will be studying in financial accounting why it's important and how business decisions are made by way of financial accounting but everything you see here in this table we will be studying um throughout our term together or our time together now let's take a look at the typical accounting activities and the role accountants play in in identifying recording and Reporting Financial activities there are three categories of organizations the first one is the one that we will be focused on uh here in financial accounting as we study it and it will be the same when you study managerial accounting and that first one is for-profit businesses so we want to pay very close attention to this category the primary purpose of for-profit businesses is to earn a profit by selling goods and services so you're either selling Goods which is a product something that you buy for the purpose of reselling in managerial accounting you could also Manu if when we study that you'll see you can also manufacture Goods to sell but here in financial accounting the focus is is on buying and selling products for S uh products for sale and or Services because a business could do both so you're either selling a product or service or you're manufacturing a product to sell and again service could fit with both because you can manufacture and sell those products you can Service as sell a service as well as you can with uh purchasing products for resale so here there are three different categories that I sort of summarized a moment ago here they are more formally manufacturing this is what you'll study in managerial accounting us as raw materials or component parts meaning you could actually buy the component parts to produce a final product that is sold to another manufacturer or directly to the consumers who are going to use what you're manufacturing the second one is the greatest uh area of study in financial accounting and that's retail where we buy Goods that are already produced and sell them to other businesses or consumers we buy what's called inventory inventory is called inventory only because we are buying things Goods for the purpose of resale but there's also service businesses they do not sell tangible products like in retail or manufacturing tangible means you can touch it feel it move it Etc but rather they provide intangible benefits or services to Consumers like a dentist or a doctor um a hair salon they're all providing Services somebody who might paint your property or clean you might hire a maintenance company or a cleaning company to clean your facility or your home those are services and again you can do a combination or business can do a combination of all three of these it's just that here in financial accounting we'll study a little bit at the beginning about service businesses so we get a basic understanding of the accounting cycle but for the most part we will be studying this bullet point number two and that's retail we where we are buying goods for the purposes of reselling again all of them though are for the purp purpose of making a profit what we will not study in financial accounting or managerial accounting are governmental entities or not for profit entities the accounting would be a little bit different for agencies governmental agencies that exist at the federal state and local levels because they're funded through taxes people like us paying taxes whereas for-profit businesses are F quote unquote funded by individuals buying what it is that we are selling in as a business so we are generating Revenue that's what we're going to end up calling it the revenue for manufacturing retail and service businesses are through customers whereas governmental en entities revenues are generated through people paying taxes and then finally not for profit entities again one we will not be studying in financial or managerial accounting their primary purpose or mission is to serve a particular interest or need in the community their goal is not to make a profit their goal is to break even in other words you are going to be selling as much as you buy so if you're a nonprofit organization and you're providing a service to the community and let's say that service cost a that service um costs $100,000 per year that's how much service you're providing to the community so whatever it cost is what you are providing so that you don't make a profit with for-profit businesses on the other hand you always want the revenue to exceed the costs we're going to mostly call those revenues and expenses in this course so you want your revenues to exceed your expenses that way you're making a profit if the revenues equal the expenses you're not making a profit and that's not very exciting for the owner of a business and that includes anyone who's invested in our business which also includes shareholders or stockholders uh when we're involved with corporations now here's an example figure 1.5 on the screen and in your lecture notes of where automobiles can be a component of manufacturing they could be retail or be service organizations uh for example uh in terms of manufacturing retail and service and auto manufacturing plant sort of like what you see here in the picture is where the cars are manufactured or the vehicles whatever type they are are manufactured is manufacturing then those are transported or sold to some someone who's going to sell those Vehicles so the finished product known as the vehicle gets sold to another entity the example that you're seeing here on this slide is a taxi company who buys a taxi cab and what are they going to do they're going to generate revenue from providing a service driving individuals around to where they need to go and charging a fee of course there's hybrids of this like with Uber and Lyft and companies like that now which are providing strict a service but the individual who's doing the driving had to purchase that vehicle at some point it's just that they may be using that vehicle for personal use besides uh business use so here's a pretty good example of where you might see um a manufacturing retail and service type of product or business that is being sold based upon kind of the progression through manufacturing through retailing and through service um the other hand you know the greater part of for example a supermarket where they buy and sell strictly products and goods um is basically that they're not manufacturing necessarily in other words they're not growing the vegetables although there's probably some markets that do but your larger Supermarket chains for example are purchasing those items putting them on their shelves and reselling them so there's the differences between manufacturing retail and service organizations in our financial accounting class we will be studying mostly retail organizations uh a little bit about Service uh organizations at the beginning of the course now let's take a look at why accounting is important to business stakeholders stakeholders are those individuals or groups that rely on financial information to make decisions and I give you some examples of stakeholders here I mentioned uh many of these already throughout the first part of this lecture owners of stock in a business of a corporation they are called stockholders but they're also stakeholders because they've invested in our business and they have an interest in the business doing well they give cash for to somebody in exchange for a share of the business we're going to learn more about that a little bit later on in the course that ownership is called ownership interest and the word or the term used for that is stock you buy shares of stock the owners of any business whether it be stockholders or even if a so proprietor or Partners they're concerned with success and other factors of the companies uh that they own um if a company for example's Value increases then the stockholders stock or ownership value increases that's how the stock market works if a corporation is doing well every share of that Corporation stock increases in value therefore if they want to sell it at some point they'll be making money based upon or compared to what they paid for also creditors and lenders who are external users of our organization they rarely do businesses pay uh rarely rather do businesses pay for goods and services that they purchase at the time the goods of services and deliver what that means is that as a business when we buy Goods or we need to provide a service we need to find someone usually who's extending credit to us to purchase what we need to sell what credit means is that a entity which is called a creditor or lender is going to give us not give us lend us money so that we can go out and purchase the goods and services that we need to sell to the people who want to buy from us in the form of our retail outlets and of course we have to pay that back later on in the course you're going to learn that the cost of borrowing money is called interest so we don't just pay back what we borrow we pay that back plus interest so companies also borrow money from Banks when needed to finance certain aspects of their operation and we pay the bank back over time usually with interest that's that cost of borrowing money uh on those borrowed funds so it's not just that we might be borrowing money to buy the goods and services we sell we might be borrowing borrowing money like the taxi cab company example I showed you previously we're actually having to buy the taxi cabs to perform our service or we need to build a factory so we need to borrow money to build that factory or we need to borrow money to buy Machinery or other infrastructure costs to actually make our business operate in terms of selling what it ever it is that we're in the business of selling so there are our stakeholders you have your stock holders or anyone who owns a business as a stakeholder but also besides the stockholders are the creditors and lenders they have an interest in us doing well because when they lend us money they want their money back plus interest here are some more examples of uh stakeholders that are going to be less uh common for us to work with or report to in terms of accountants but there are the governmental and Regulatory Agencies that I mentioned um the C the Securities and Exchange Commission is interested in how we operate to make sure that we are indeed operating within the law um customers might have a vested interest in US those are the people who purchase products and services from our business they call besides customers they can also be called endusers such as anyone as simple as an individual who's gone shopping in a grocery store of course they want to know that we're doing well as a business because they want to know that whatever they're purchasing from us is reliable it's a good product it's a good service it's of the highest quality and they can depend on us and finally managers and other employees are also an example of stockholders employees have a strong interest in our business because they want to maintain their jobs and if the business weakens and we don't need them then of course uh they may not have their jobs also unions have a have a big interest in how well we do because that might be how uh not it might be it is how they negotiate their collective bargaining agreements to decide on or to agree with Management in terms of working conditions salaries and benefits managers of course need the information for as I mentioned way earlier in this lecture about making daytoday and long-term or strategic decisions on behalf of the organization so our job is to help management to understand financial information because it is so vital to making good organizational decisions that allow that business to sustain and Thrive and it usually is based on histo uh historical information as I mentioned earlier they are usually based on that but not all decisions are based on historical information just to give you an example borrowing money yes we might make a determination that it's a good idea for us to borrow money to build a factory because of some historical data we have have and we've analyzed but also other data such as current interest rates might have a role in that in other words how much we paid for the cost of borrowing money in the form of Interest a number of years ago or even months ago may not be the same as it is today so that factor definitely would have to come into play as a another piece of information that's current and is not historical other than seeing that the historical data shows interest rates Rising but a lot more on that as we progress through our financial accounting studies this term together now here are some ways in which an organization can raise funds Pro uh first profitable operations they can generate income from the day-to-day activities of the business meaning we're selling a lot of our products and uh products goods and services we're selling that's generating Revenue as long as it's greater than how much we're spending to help us to generate that Revenue in the form of expenses we're profitable borrowing is also known as debt funding that means we just as I explained we're borrowing money from a bank or some other financial and or lending institution and then finally for a corporation issuing or selling stock that's known as Equity funding so you want to keep this in mind there are three ways a company can generate funds one is by selling whatever it is they in the business of selling whether it be goods or services borrowing from Banks and other other lending institutions that's more commonly known as debt funding or debt financing and the third is when we sell parts of the business or a corporation sells pieces of the business that's called issuing or selling stock when we sell parts of our business or even if it's a so proprietorship and you bring in a partner let's say sort of like that show Shark Tank that's what happens on Shark Tank they're doing Equity usually they're doing Equity financing they are going to give one of the Sharks a piece of the business or a percent of the business in exchange for cash some of them do get involved in lending um but for the most part that shows all about Equity funding or Equity financing so very important those are the three ways businesses raise Capital however and again I make a note here I should have mentioned it can't be any combination of these three you're not stuck with one or the other um profitable operations can uh that generate through day-to-day activities can also borrow money issue and sell stock so you do debt financing and Equity finding funding as well it's going to be a matter of the information that you have available and after a thorough analysis what you as management believe is in the best interest of the organization in terms of funding in uh the middle part or so of chapter one is described the VAR career paths that are open to individuals with an accounting educ education actually this is more towards the end of the chapter uh correction there but um again this is a very I don't want to call it mild opening chapter but we get into just the basics of what accounting and Financial Accounting in particular is all about and hopefully I did that uh through the first part of this lecture here we wrap up to the latter part of the lecture and chapter one with some of the career paths that might be open to you should you decide to pursue an accounting education so remember though anytime you're going forth to get an education and you're thinking about a career there are certain characteristics that you should sort of test yourself on to see if that might be a career for you so here are some of the personal attributes that are very common to accounting professionals they tend to be goal oriented they tend to be problem solvers organized and analytical they have good interpersonal skills meaning they work well with people they pay attention to detail they have good time management skills and they're outgoing so there are seven personal attributes that you might want to take a look at within yourself to see if perhaps a career in accounting might be one that you want to pursue of course it's very early if this is your first accounting course and by the way this course is taught as if it is your very first accounting class no matter whether it is or isn't but if you think that that might be for you here's the education that you'll need for an entry-level accounting position usually requires a minimum of a bachelor's degree that's four years in the state of California at least now but they're trying to change it that's a five-year degree so let's say you got your two-year accounting degree um which maybe how you're studying now you would need three more years after that or if you're starting right off the bat at a four-year University that would be a four to five year bachelor's degree it would take you to earn and then Advanced positions may you may uh may consider factors such as in other words to get promoted or move on to different jobs your years of experience your professional development any certifications you may have earned such as becoming a certified public accountant which does require a bachelor's degree and many other requirements any advanced degrees as well that you may have earned such as master's degrees or Doctorate Degrees will play a role in how far you advance in your career and then some of the related careers uh to accounting it's a valuable tool for other professions you don't have to be an accountant necessarily you can become a financial analyst do personal financial planning for individuals and become Executives within business organizations whether you become an accounting executive uh in that organization or some other form of um uh of management within that organization you don't have to be strictly quote unquote doing accounting if you earn an accounting degree that's the start though here in figure 1.8 is a summary of the major categories of accounting functions that we studied in this chapter and the career paths that are associated with them so the middle circle there you can see are the accounting career paths or the label accounting career paths and the offshoots or the arrows are showing you all of the different accounting career paths that are available to you and that I strongly encourage that you read about um here in chapter one so that you have a good sense of perhaps what skills and abilities you have and maybe what interpersonal skills uh you may possess that may encourage you to pursue any one or more of these accounting functions whether it be auditing taxation uh Financial Accounting Consulting Information Systems financial planning managerial accounting even entrepreneurship where you're starting your own business um and becoming your own small business or a business that you're an entrepreneur that starts small and becomes big or even starts big so those are the many career paths available to individuals with an accounting degree here are some employer types meaning once you get your accounting degree and as you get more and more experience in accounting you could work for a corporation you could work for a government entity all of which we've talked about in this chapter we've taken a look at what corporations are some examples of government entities such as the IRS nonprofit organizations that do good work for the community but are not or do not have the mission of generating a profit and public accounting firms which tend to be one of the most lucrative if you become a CPA a certified public accountant you could certainly work for one of the large public accounting firms like the ly I only picked that one because there's a building the Deo one of the deoe buildings is not too far from where I live but there are many but you have to really make sure that you do well in your accounting studies earn that minimum of a bachelor's degree and depending upon where you go to work or the employer type that you select uh the type of experience and or degree that you need um will be um uh will have an impact on the types of jobs you're eligible for so please read about those along with the potential certifications for accountants the certified public accountant or CPA is probably the one you're most familiar with that will require a bachelor's degree at minimum and then you go on to do hours of work with an already certified public accountant you put in your time sort of like an internship and then you can uh take a test a three-part test with the state whether it be the state of California or any other state um that you decide you want to pursue a CPA license in and you pass the exam you become a CPA but there's also other certifications you can read about and I strongly suggest that you do to learn more about your opportunities Certified Management accountants certified internal Auditors auditing is another whole area of accounting certified fraud examiner that's big in accounting forensics today some jobs might even be available to you within the government there like the FBI police um forces as well a chartered financial analyst or even a certified financial planner cfp please do read all about those and compare them to your interests and some of those interpersonal skills that I went over uh with you earlier to try to make maybe a determination as to whether you want to go into accounting as a field but remember both financial accounting and managerial accounting as courses are included and required and what we call the preparation for major whether you're uh for any business degree that you're pursuing whether it be a two-year or four-year degree or want to get a master's in some form uh in business or business administration and certainly um as accountants but these are only would be the first two classes you would take of many many many should you decide to pursue a four-year degree in accounting or pursue any one or more of these certific ifications well that is it for chapter one as I mentioned uh as I started this lecture this is an introductory chapter light in terms of its content but please go ahead and make sure you read the chapter remember in each of the chapters including this one moving forward I have a study guide um available for you in each of the chapters along with a link for the chapters that we are studying in each of the chapter modules in canvas and then you go ahead and you complete your assignments that are prescribed um for the particular chapter and week that we are in if you have any questions or comments or concerns at any time as you know you can post your questions to our Q&A discussion board or email me directly anytime for a response well within 24 hours your classmates may even respond if you post something to the Q&A discussion board but I will always respond to the Q&A discussion board and or your emails well within 24 hours your classmates and you are not required to participate in the Q&A discussion but it is there and a nice little location to build our community of Learners I hope you enjoyed getting off to our great start here with chapter one and learning a little bit about accounting in general and a little bit more specifically about the differences between financial accounting and managerial accounting and in particular the financial accounting that we'll be studying together this term once again my name is Al tone it's my privilege to be your financial accounting instructor this semester good luck and best wishes for a great first chapter of studying and get ready because the next time I'll see you virtually will be when we move into chapter two thank you and have a great week learning and studying more about financial accounting