Business Accounting I
Contact Hours / Week:
This course assumes students have no prior knowledge about accounting or finance, and delivers lessons and examples to build accounting skills. Specifically, this class addresses accounting terminology, revenue, expenses, net income, the accounting equation, debits, credits, and balancing the accounting formula, the accounting structure, the accounting cycle, journals, ledgers, the trial balance and more. It also guides students to learn how to read financial statements properly, and how to grab meaningful information from the balance sheet, income statements and cash flow statements.
After completing this course, you will have a solid understanding of accounting in today's world. By applying the concepts learned in this course, you will understand the processes behind Accounts Payable and Accounts Receivable, you will understand how and why financial transactions are documented, you will know what cash flow is and how to improve it and you will know what profit is, how it's interpreted, and what influences its growth. Moreover, you will know where the money in the company you work for, or own, goes. In addition to daily accounting procedures, students will be introduced to the automated accounting program.
Course Learning Outcomes:
Upon successful completion of this course, students will be able:
1-List and use the basic accounting equation and the rules of debits and credits;
2-Utilize the seven basic steps of the accounting cycle for a sole proprietorship and a merchandising business using subsidiary ledgers and special journals;
3-Describe and summarize internal control procedures for cash including bank reconciliations and petty cash;
4-Describe and compute the cost of inventory using three methods for both the perpetual and the periodic methods and compute valuation of inventory at other than cost;
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