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- What is accounting? Accounting is the foundation of the business world, tracking money and providing information for every major decision a company takes. Accountants are always in demand and the old phrase that someone with an accounting degree will “never be out of a job” holds true today.
- Generally Accepted Accounting Principles (“GAAP”) give accountants a guide so everyone is working from the same rulebook.
- GAAP specifically details how accountants should report financial statements. It helps to create consistency and transparency across industries.
Chapter 1: Introduction to Accounting & Business -
Students should be able to:
1. Describe the nature of a business and the role of ethics and accounting in business.
2. Summarize the development of accounting principles and relate them to practice.
3. State the accounting equation and define each element of the equation.
4. Describe and illustrate how business transactions can be recorded in terms of the resulting changes in the basic elements of the accounting equation.
5. Describe the financial statements of a proprietorship form of business and explain how the statements interrelate.
Chapter 2: Analyzing Transactions:
- Describe the characteristics of an account and record transactions using a chart of accounts and journal.
- Describe and illustrate the posting of journal entries to accounts
- Prepare an unadjusted trial balance and explain how it can be used to discover errors
- Discover and correct errors in recording transactions
Chapter 3: The Adjusting Process
- Describe the nature of the adjusting process.
- Journalize entries for accounts requiring adjustment.
- Summarize the adjustment process.
- Prepare an adjusted trial balance.
Chapter 4: Completing the Accounting Cycle
1. Describe the flow of accounting information from the unadjusted trial balance into the adjusted trial balance and financial statements.
2. Prepare financial statements from adjusted account balances.
3. Prepare closing entries.
4. Describe the accounting cycle.
5. Illustrate the accounting cycle for one period.
6. Explain what is meant by the fiscal year and the natural business year.
Chapter 5: Accounting Systems
1. Define and describe an accounting system.
2. Journalize and post transactions in a manual accounting system that uses subsidiary ledgers and special journals.
3. Describe and illustrate the use of a computerized accounting system.
4. Describe the basic features of e-commerce.
5. Use segment analysis in evaluating the operating performance of a company.
Chapter 6: Accounting for Merchandising Businesses
1. Distinguish between the activities and financial statements of service and merchandising businesses.
2. Describe and illustrate the accounting for merchandise transactions.
3. Describe and illustrate the financial statements of a merchandising business.
4. Describe the adjusting and closing process for a merchandising business.
5. Describe and illustrate the use of the ratio of sales to assets in evaluating a company’s operating performance.
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