Course

Credit Type:
Course
ACE ID:
SOPH-0010
Version:
5
Organization's ID:
BUSI1010
Organization:
Location:
Online
Length:
The course is self-paced, and many learners complete it in 4-8 weeks.
Minimum Passing Score:
70
ACE Credit Recommendation Period:
Credit Recommendation & Competencies
Level Credits (SH) Subject
Lower-Division Baccalaureate 3 Financial Accounting
Description

Objective:

The course objective is to provide a comprehensive introduction to the essential principles and practices of modern accounting. Students gain practical experience with bookkeeping, recording transactions, and preparing key financial statements such as the income statement, balance sheet, and statement of cash flows. The course covers a wide range of topics, including the accounting cycle, merchandising operations, inventory management, and advanced accounting methods like depreciation. By the end of the course, students are equipped to manage the financial aspects of a sole proprietorship, ensuring accurate financial reporting.

Learning Outcomes:

  • Record and analyze transactions specific to merchandising businesses.
  • Understand and apply advanced accounting methods, including depreciation and inventory management.
  • Understand basic accounting principles and concepts.
  • Prepare and interpret key financial statements.

General Topics:

  • Origins and Ethics of Accounting
  • Governance
  • Accounting in Practice
  • Business and Organizations
  • Account Groups
  • Accounting Cycle Summary
  • Debit and Credit
  • Natural Balance
  • T-Accounts, Cash Entries
  • T-Accounts, Accrual Entries
  • General Journal
  • General Ledger
  • Journal Entries
  • End of Period Activities
  • Trial Balance
  • Adjusting Entries
  • Creating Adjusting Entries
  • Closing Entries
  • Closing Process
  • Income Statement
  • Preparing Income Statement
  • Statement of Changes in Owner's Equity
  • Preparing Statement of Changes in Owner's Equity
  • Balance Sheet
  • Merchandising: Purchases, Sales, Discounts, Return and Allowance
  • Expanded Income Statement
  • Sales & Purchases
  • Subsidiary Ledgers
  • Merchandising Adjusting & Closing
  • Preparing a Balance Sheet
  • Inventory Accounting Methods
  • FIFO
  • LIFO
  • Weighted Average Method
  • Inventory Cost Flow Assumptions
  • Merchandising Financial Statement Analysis
  • Long Term Assets
  • Depreciation
  • Straight Line Depreciation
  • Accelerated Depreciation
  • Financial Reporting of Long
  • Term Assets
  • Disposal of Plant/Fixed
  • Assets
  • Accounts Payable Subsidiary
  • Ledgers
  • Accounts Receivables
  • Subsidiary Ledgers
  • Uncollectible Accounts
  • Percentage of Credit Sales, Percentage of Receivables
  • Aging Receivables
  • Current Liabilities
  • Short Term Notes Payable
  • Vertical and Horizontal Analysis
  • Ratio Analysis
  • Statement of Cash Flows
  • Internal Controls and Reconciliations
Instruction & Assessment

Instructional Strategies:

  • Audio Visual Materials
  • Computer Based Training
  • Lectures
  • Practical Exercises

Methods of Assessment:

  • Examinations
  • Quizzes
Supplemental Materials
Equivalencies

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