xacc290 | undergraduate

Principles Of Accounting I

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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.

This undergraduate-level course is 9 weeks To enroll, speak with an Enrollment Representative.

Course details:

Credits: 3
Continuing education units: XX
Professional development units: XX
Duration: 9 weeks

topic title goes here

    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

    Inventory

    • 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

    Internal Control

    • Classify the principles of internal control activities
    • Prepare a bank reconciliation
    • Categorize the primary elements of a cash budget

    Receivables

    • Explain the methods used to account for bad debts
    • Identify ratios to analyze a company’s receivables
    • Describe the principles of sound accounts receivable management

    Long-Lived Assets

    • 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 method’s expense pattern with those of other methods

    Financial Statements

    • 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 company’s 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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    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.