This course covers the fundamentals of financial accounting as well as the identification, measurement, and reporting of the financial effects of economic events on an enterprise. Students will learn to examine financial information from the perspective of management. Other topics include decision-making, planning, and controlling from the perspective of a practicing manager.
Explain the effects of the Sarbanes-Oxley Act of 2002 on internal controls.
Recommend improvements to internal control systems.
Summarize strengths and weaknesses of an internal control system.
Calculate ending inventory using the LIFO, FIFO, LCM, and average cost methods.
Record the transactions that involve the purchase and sale of merchandise.
Analyze the impact of inventory methods on net income or loss.
Analyze the elements in the cost of goods sold calculation.
Completing the Accounting Cycle
Prepare a classified income statement, retained earnings statement, and balance sheet.
Prepare closing entries, reversing entries, and a post-closing trial balance.
Starting the Accounting Cycle
Prepare an adjusted trial balance.
Create adjusting entries.
Differentiate between accrual basis and cash basis accounting.
Basic Accounting Principles and Concepts
Post transactions from journals to ledgers.
Journalize basic transactions.
Classify transactions using the rules of debit and credit.
Identify the four basic financial statements.
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Transferability of credit is at the discretion of the receiving institution. It is the student’s responsibility to confirm whether or not credits earned at University of Phoenix will be accepted by another institution of the student’s choice.