Course

Course Summary

Credit Type:

Course

ACE ID:

ICCM-0006

Organization's ID:

ACC 101

Organization:

InstantCert.com, LLC

Location:

Online

Length:

Self-paced (180 days)

Dates Offered:

Credit Recommendation & Competencies

Level	Credits (SH)	Subject
Lower-Division Baccalaureate	3	introduction to financial accounting

Description

Objective:

The course objective is to serve as an introduction to financial accounting, starting with the basics about assets, liability, and equity and moving on to fundamental concepts like the accounting equation, debits and credits, the accounting cycle, and financial statements.

Learning Outcomes:

describe the types and purposes of the different types of financial statements
record adjusting entries
prepare financial statements and close the general ledger accounts
measure, value and re-value assets, liabilities and equity
record merchandising operations and calculate cost of goods sold
apply financial accounting principles to business settings
prepare a cash flow statement
develop a basic understanding of GAAP and IFRS accounting policies
understand the accounting equation and the debit/credit system
identify the seven stages of the accounting cycle
analyze and journalize transactions
prepare t-accounts to determine account balances and use these final balances to create the trial balance

General Topics:

Assets, liabilities, and equity
The double-entry system and debits and credits
The accounting cycle: t-accounts, general ledger, trial balance, adjusting entries, adjusted trial balance, and closing entries
Merchandise inventory: perpetual and periodic systems
Inventory costing systems: FIFO, weighted-average, LIFO
Receivables and bad debts
Revenue recognition
Depreciation and amortization
Intangible assets
The cash flow statement