Outcomes
In order to successfully complete this course, the student will:
1. Apply generally accepted accounting principles (GAAP) to business transactions.
2. Create financial statements for sole proprietor, partnership, and corporate entities i.e. Income Statement, Statement of Owner's Equity, Statement of Retained Earnings, Classified Balance Sheet.
3. Perform the end-of-cycle procedures for a business.
4. Calculate ending inventory and cost of goods sold under a perpetual merchandise inventory system using various methods i.e. First-In First-Out (FIFO), Last-In First-Out (LIFO), Average Cost.
5. Identify effective fraud and control systems for a business.
6. Journalize transactions relating to receivables and the allowance method for bad debts.
7. Journalize transactions relating to the purchase, depreciation, and disposal/selling of assets.
8. Journalize transactions relating to short-term liabilities and payables i.e. notes payable, sales tax, unearned revenues, and payroll.
9. Journalize transactions relating to long-term liabilities i.e. bonds.
10. Analyze the financials statements of a business to make decisions.
11. Complete the entire accounting cycle for a business under the accrual basis of accounting.