ACC120 Accounting Basics I
This course introduces the student to how accounting information is used by, and meets the needs of both internal and external users through effective and efficient communication as well as what accounting information is required by a business concern to reflect clearly the operating results of the enterprise over its operating life. Throughout the course, students will be introduced to generally accepted accounting principles,the interpretation and preparation of financial statements and how this information is recorded in the various business records.
Upon successful completion of this subject the student will be able to:
1. Discuss the language of accounting and identify the uses and the application of accounting information for various users. (Ex. investors and creditors).
2. Demonstrate an understanding for each of the components of GAAP and financial statement concepts. Recognize and explain the correct application of these concepts.
3. Explain the nature, the general purpose, and interrelationships of the Balance Sheet and the Statements of Income, Retained Earnings and Cash Flow. Discuss how transactions that an enterprise enters into affect these statements and affect decisions of the users.
4. Demonstrate an understanding of the recording process for accounting information:
- record the more common adjustments necessary at the end of an accounting period;
- produce the financial statements that are required for both service and merchandise organizations;- understand the procedures required in closing the books to complete the "accounting cycle".
5. Explain the broad principles of cash management and the specific internal control and accounting procedures relating to cash and temporary investment transactions. Explain the purpose of and prepare the bank reconciliation.
6. Account for and explain the treatment of Receivables in general purpose financial accounting.
7. Describe and analyze Merchandising activities and Cost of Goods Sold. Explain the Perpetual and Periodic systems of recording inventory. Discuss the advantages and disadvantages of each system.
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