Covers basic accounting procedures; closing the books; adjustments; working papers; merchandise operations; statement and ledger organization; special journals; forms of business organization; accounting principles; accounting for cash, accounts receivable, inventory and capital assets; and analysis of financial data and financial statements.
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Upon successful completion of the course, the student will be able to:
Describe the nature and purpose of accounting information including its limitations and basic concepts.
Apply generally accepted accounting principles in the analysis and recording of business transactions.
Prepare a trial balance.
Analyze and record adjusting journal entries.
Prepare financial statements (Income Statement, Statement of Owner's Equity and the Balance Sheet) for a service business and merchandising business.
Determine the value of ending inventories under alternative generally accepted accounting methods.
Explain the purpose and need for internal controls and prepare bank reconciliations.
Describe the nature and management of accounts and notes receivable and the aging of accounts receivables.
Explain the purpose and demonstrate the calculation of amortization on various types of property, plant and equipment using generally accepted accounting practices.
Describe and differentiate the advantages and disadvantages of a corporation, a partnership and a sole proprietorship as forms of business organization.
Demonstrate the accounting required for the shareholders' equity of a corporation including the issuance of shares, the declaration/payment of dividends, and the related effect on Retained Earnings.
Demonstrate the nature of accounting for a partnership including allocation of earnings.
Prepare a statement of cash flows.
Analyze financial statements using financial ratios and other common tools.
Effective as of Spring/Summer 2015
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