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:
• Expressing an understanding of the accounting cycle.
• Identifying uses and users of accounting information.
• Understanding the differences between cash and accrual accounting.
• Identifying organizational influences on accounting principles and practices unique to the corporate form of business as well as proprietorships and partnerships.
• Applying the rules of debits and credits used in a double entry accounting system.
• Demonstrating the ability to record a journal entry for basic accounting transactions relating to cash, short term investments, accounts receivables, inventory, cost of goods sold, plant assets and intangibles, current liabilities, and contingencies.
• Describing the differences in accounting for merchandising and service businesses.
• 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.
• Identifying accounts from the chart of accounts and their appropriate financial statement.
• Preparing a simple balance sheet, income statement, statement of owner’s equity, and statement of cash flows.
• Preparing a balance sheet, income statement, statement of owner’s equity, and statement of cash flows.
• Illustrating the impact of the issuance of stock, declaration and payment of dividends, and net income or loss on the owner’s equity.