xacc290 | undergraduate
Principles Of Accounting I
This undergraduate-level course is 9 To enroll, speak with an Enrollment Representative.
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Merchandising Operations and the Multiple-Step Income Statement
- Differentiate between a single-step and a multiple-step income statement
- Calculate cost of goods sold under a periodic system
- Describe the recording of sales revenues under a perpetual inventory system
- Clarify the financial statement and tax effects of each of the inventory cost flow assumptions
- Explain the lower-of-cost-or-market basis of accounting for inventories
- Calculate and interpret the inventory turnover
- Describe the LIFO reserve and explain its importance for comparing results of different companies
- Classify the principles of internal control activities
- Prepare a bank reconciliation
- Categorize the primary elements of a cash budget
- Explain the methods used to account for bad debts
- Identify ratios to analyze a companyâs receivables
- Describe the principles of sound accounts receivable management
- Describe how the historical cost principle applies to plant assets
- Explain the concept of depreciation
- Compute periodic depreciation using the straight-line method
- Contrast the straight-line methodâs expense pattern with those of other methods
- Classify the users and uses of accounting information
- Define the content and purpose of each of the financial statements
- Use the basic accounting equation
- Describe the components that supplement the financial statements in an annual report
Further Look at Financial Statements
- Classify the sections of a classified balance sheet
- Identify and compute ratios for analyzing a companyâs liquidity profitability
- Use the statement of cash flows to evaluate solvency
Accounting Information System
- Examine the effect of business transactions on the basic accounting equation
- Describe what an account is and how it helps in the recording process
- Define debits and credits and explain how they are used to record business transactions
- Categorize the basic steps in the recording process
Accrual Accounting Concepts
- Distinguish between the cash basis and the accrual basis of accounting
- Prepare adjusting entries for deferrals
- Prepare adjusting entries for accruals
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