Formerly ACCT105

Formerly "Bookkeeping, Accounting & Inventory for Retail"

COURSE DESCRIPTION:
This course introduces you to the basic concepts of accounting that are necessary to run any
business and help you better understand the concepts of finance, economics, management and
marketing

COURSE OBJECTIVES:
After this course, you should be able to:
• Understand why accounting is important
• Understand the recoding process
• Adjust accounts
• Complete the Accounting Cycle

EXPECTED LEARNING OUTCOMES:
Upon completion of this course students should be able to:

Chapter 1:
• Identify the activities and users associated with accounting.
• Explain the building blocks of accounting: ethics, principles, and assumptions.
• State the accounting equation, and define its components.
• Analyze the effects of business transactions on the accounting equation.
• Describe the four financial statements and how they are prepared.

Chapter 2:
• Describe how accounts, debits, and credits are used to record business transactions.
• Indicate how a journal is used in the recording process.
• Explain how a ledger and posting help in the recording process.
• Prepare a trial balance.

Chapter 3:
• Explain the accrual basis of accounting and the reasons for adjusting entries.
• Prepare adjusting entries for deferrals.
• Prepare adjusting entries for accruals.
• Describe the nature and purpose of an adjusted trial balance.

Chapter 4:
• Prepare a worksheet.
• Prepare closing entries and a post-closing trial balance.
• Explain the steps in the accounting cycle and how to prepare correcting entries.
• Identify the sections of a classified balance sheet.

*Course content subject to change