COURSE DESCRIPTION

Presents accounting principles and their application to various businesses. Covers income determination, asset valuation, and financial reporting. The course studies both service and merchandise operations including internal controls and analysis of financial statements. Lecture 3 hours per week.

GENERAL COURSE PURPOSE

This course is designed to give the beginning business student a general understanding of the purpose of accounting, the capacity to perform basic accounting functions, and a working knowledge in financial statement preparation. Computer instruction is included.

ENTRY LEVEL COMPETENCIES

The student should be eligible to take English 111.

COURSE OBJECTIVES

Upon completion of this course, the student will be able to:

A. Students will learn to analyze routine business transactions and events, record them in journals and ledgers, summarize recorded data, determine effects of internal value changes within the business enterprise, and prepare financial statements.

B. Students will learn both accounting theory and practice which will prepare them for continued study in accounting or to acquire the ability to manage personal and career finances.

A. Transaction analyzing, journalizing and posting to ledgers.
B. The cycle of actions required to identify, record, and summarize the financial transactions of simple business enterprises.
C. Special accounting techniques for merchandising businesses.
D. Managing and accounting for cash receipts, payments, and merchandise inventories.
E. Determining and recording the financial effects of internal value changes within the business.
F. Preparing financial statements for use by managers, owners, creditors, and potential owners and creditors.
G. Automated and electronic data processing.
H. Managing and accounting for receivables and payables.
I. Inventory valuation and cost of goods sold.
J. Fixed asset valuations and depreciation.
K. Payroll accounting.
L. Partnership accounting

None

Revised 1/96