Principles Of Accounting I (Financial Accounting)Back to Course Guide
The course presents an introduction to accounting fundamentals. It focuses on terms and processes used in accounting, the accounting cycle, posting of transactions unique to the corporate form of business as well as proprietorships and partnerships, and the preparation of financial reports.
UPON COMPLETION OF THE COURSE, THE STUDENT WILL BE COMPETENT IN:
- Defining the key terms and processes used in accounting.
- Relating the function of accounting to other facets of business, (i.e., marketing, finance, production, purchasing, and personnel).
- Identifying organizational influences on accounting principles and practices unique to the corporate form of business as well as proprietorships and partnerships.
- Demonstrating an understanding of the accounting cycle and of recording transactions including the preparation of adjusting and closing entries.
- Accounting for merchandising operations including purchases, discounts, and sales returns and allowances.
- Accounting for short-term investments.
- Analyzing cash and cash equivalents.
- Accounting for receivables and for determining uncollectable accounts.
- Accounting for inventory and cost of goods sold
- Evaluating plant assets including depreciation.
- Accounting for natural resources and intangibles including depletion and amortization.
- Identifying current liabilities and contingencies.
- Accounting for notes payable and bonds.
- Analyzing components of classified financial statements.
- Preparing a balance sheet, income statement, statement of owner’s equity, and statement of cash flows.
- Evaluating the legal, financial, and accounting structure of capital stock and contributed capital.
- Identifying corporate transactions including the reporting of income, retained earnings, EPS, and dividend distribution.
- Using accounting and business terminology and understanding the nature and purpose of generally accepted accounting principles (GAAP).
- Recognizing the information conveyed in each of the four financial statements and the way it is used by managers, investors, and creditors.