Sep 26, 2020
ACCT 1010 - Introduction to Accounting Credits: 3
Hours/Week: Lecture 3Lab None
Course Description: This course introduces the practice of accounting. Topics include transaction analysis, double-entry accounting, cash, petty cash, purchases/payables, sales/receivables, and specialized journals. Year-end procedures and financial statement preparation for service and merchandise companies, payroll, inventory valuation, and corporate structure and equity accounting are also covered.
- Introduction to the discipline
- Analyzing financial transactions
- Examining financial impact of transactions on the accounting equation
- Journalizing and posting to ledger accounts
- The trial balance
- End of period adjustments
- The 10-column worksheet
- Preparing basic financial statements - income statement a.owners equity statement b.balance sheet c.statement of cash flows
- Closing the books
- Cash Controls
- Bank reconciliations
- Petty cash
- Cash short/over
- Calculating and recording payroll data
- Calculating and recording payroll tax expense and deposits
- Cash, credit card and credit sales
- Specialized journals–cash payments, cash receipts, sales and purchases
- Cash and trade discounts
- Cost of goods sold and gross profit
- Preparing expanded financial statements
- Basic financial analysis
- Bad debts/allowance for bad debts
- Merchandise inventory valuation methods
- Methods of determining depreciation
- Disposal of fixed assets
- Corporate structure
- Stock transactions
- Corporate earnings and distributions (dividends)
At the end of this course students will be able to:
- classify account types.
- apply inventory valuation methods.
- analyze financial transactions.
- record financial transactions.
- account for cash/petty cash.
- account for service companies.
- account for merchandise companies.
- prepare year-end accrual accounting activities.
- prepare expanded financial statements.
- Account for payroll activity.
- calculate and record interest on cost of goods sold.
- perform basic financial statement analysis.
- account for corporate equity.
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