Accounting
An introduction to principles of double-entry accounting is stressed. Emphasis is placed on understanding accounting and exercising fundamental principles. Computerized accounting methods will also be practiced.
Prerequisites: Sophomore, Junior, Senior Status
½ credit
Units
Unit 1 - Starting a Proprietorship
-Understand the accounting equation and how business activities affect it
-How to create/report a balance sheet
Unit 2 - Starting a Proprietorship - Changes that Affect Owners Equity
-How transactions affect owners equity in accounting equation
-Reporting a changed accounting equation on a balance sheet
Unit 3 Analyzing Transactions into Debit and Credit Parts
-Using T Accounts
-Analyzing how transactions affect normal and owners equity accounts
Unit 4 Journalizing Transactions
-Recording journal entries on business activities
Unit 5 Posting to a General Ledger
-Preparing a chart of accounts
-Posting amounts and totals to general ledger
Unit 6 - Cash Control Systems
-Balancing checkbooks
-Completing bank reconciliations
-Understand the importance of petty cash in business
Unit 7 - Worksheet for a Service Business
-Creating a worksheet
-Adjusting entries on a worksheet
-Correcting worksheet errors
Unit 8 Financial Statements for Proprietorship
-Preparing an income statement
-Preparing a balance sheet
Unit 9 Recording Adjusting and Closing Entries
-Recording adjusting and closing entries
-Preparing a post closing trial balance
Standards
Standard: BIT.AF1: Students will apply generally accepted accounting principles while performing the functions of the accounting cycle.
Standard: BIT.AF3: Students will apply payroll and tax theories and procedures
Standard: BIT.AF2: Students will develop and analyze working knowledge of financial reports.