Principles Of Accounting I – acc290 (3 credits)
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.
- Summarize strengths and weaknesses of an internal control system.
- Recommend improvements to internal control systems.
Basic Accounting Principles and Concepts
- Journalize basic transactions.
- Identify the four basic financial statements.
- Post transactions from journals to ledgers.
- Classify transactions using the rules of debit and credit.
Starting the Accounting Cycle
- Differentiate between accrual basis and cash basis accounting.
- Prepare an adjusted trial balance.
- Create adjusting entries.
Completing the Accounting Cycle
- Prepare closing entries, reversing entries, and a post-closing trial balance.
- Prepare a classified income statement, retained earnings statement, and balance sheet.
- Analyze the elements in the cost of goods sold calculation.
- 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.
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