Accounting

Teacher
Nancy S.
Category:
Accounting

This course introduces accounting in general, then covers the basics of financial accounting through the accounting cycle for service and merchandising business.

The objective of this course is to introduce the theoretical foundation of financial accounting and the financial statements of a profit:

➡️concepts

➡️assumptions

➡️principles

➡️seeking enterprise

The course prepares the student to be capable of performing the different steps of the accounting cycle for service and merchandising businesses.

 

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Accounting in Action

1
What is Accounting?
2
Who Uses Accounting Data?
3
What is an Accounting Information System?
4
The Building Blocks of Accounting
5
Generally Accepted Accounting Principles (GAAP)
6
The Legal Forms of Business Enterprises.
7
Three Types of Businesses
8
Basic Accounting Equation.
9
Classifications of Assets, Liabilities and Owner’s Equity.
10
Transaction Analysis Using the Accounting Equation.
11
What are the Kinds of Financial Statements?

The Recording Process

1
Business Transaction
2
What Is the Double Entry System?
3
What Is an Account?
4
What Is a Simple Entry and a Compound Entry?
5
What Do We Mean by Debit and Credit?
6
Where Does Each Account Increase and Decrease?
7
The Basic Steps of the Accounting Cycle
8
The Journal
9
The Ledger
10
The Trial Balance
11
Use of the Dollar Sign

Adjusting the Accounts

1
Timing Issues. Fiscal and Calendar Years
2
Accrual versus Cash Basis Accounting.
3
Recognizing Revenues and Expenses.
4
Why Are Adjusting Entries Needed?
5
Types of Adjusting Entries
6
The Adjusted Trial Balance and Financial Statement.

Completing the Account Cycle

1
Using a Worksheet
2
Steps in Preparation
3
Closing the Books
4
Record the Closing Entries
5
Summary for the Closing Entries
6
Post-Closing Trial Balance
7
Correcting Entries
8
The Classified Balance Sheet

Accounting for Merchandising Operations

1
Merchandising Operations
2
Merchandising Transactions
3
Periodic Inventory System
4
Perpetual Inventory System
5
Recording Sales of Merchandise Under Both Inventory Systems
6
Completing the Accounting Cycle
7
Forms of Income Statements
8
Classified Balance Sheet

Inventories

1
Inventory Basics
2
Classifying Inventory
3
Determining Ownership of Goods
4
Inventory Accounting System
5
Cost Flow Assumptions
6
Classified Balance Sheet

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Lectures: 50