FINANCIAL ACCOUNTING

This course is aimed to explore the basis structures and concepts of accounting. Accounting processes for a merchandising enterprise, including the entire accounting cycle, are studied in depth. Emphasis is placed on preparation of worksheets, adjusting and closing entries and financial statements. Some additional topics covered in detail are evaluation of inventories, deferrals and accruals, methods of depreciation, bank reconciliations, corporations and bonds payable.

 Upon completion of the course, the student will: 

1. Students will have a clear understanding of the accounting cycle for both a service business and a merchandising business: journalizing, posting, preparation of worksheets, financial statements, adjusting and closing entries.

2.  Students will be able to prepare bank reconciliations and payroll reports.

3. Students will calculate the value of inventory and the amount of depreciation using alternative methods.

4. Students will have an in depth knowledge of accounting for corporations: issuing stock, treasury stock transactions, dividends, stockholder's equity, corporate income taxes, earnings per share, investments in stocks.

5. Students will be able to compute the present value of bonds payable and the potential impact of long-term borrowing on earnings per share. They will also be able to journalize the entries for bonds and prepare a corporation balance sheet.

Learning Methodology:

The learning methodologies employed in this course are a combination of Lecture and Labs, combination of Lecture, Hands-on activities, and Group Discussions. In order to successfully complete this course, students must also possess basic computer skills, the ability to follow written directions, and be able to read for comprehension.