Basic Accounting Course Outline

Basic accounting concepts and terms; accounting career opportunities; Generally Accepted Accounting Principles; ethics.

Recording the financial effects of a business's transactions; Assets, liabilities, and owner equity accounts; Evaluating the relationship between accounts in equation form.

Setting up T-accounts for assets, liabilities, and owner's equity; Trial Balance; Preparing income statements, statement of owner's equity, and balance sheets; Developing a chart of accounts.

General Journal; Journalizing; Deferred revenues and expenses; Role of the income statement; General Ledger.

Preparing worksheets; Adjustments for unrecorded business transactions; Utilizing the completed worksheet to prepare an income statement, statement of owner's equity, and a balance sheet for a business.

The closing process; Preparing the post-closing trial balance; Interpreting financial statements.

The recording and reporting for sales transactions; the reporting of accounts receivable based on collectability.

The recording of purchase transactions; Net delivered cost of purchases; Understanding credit terms; Analyzing and recording transactions for returns and allowances.

Accounting for cash; Identifying various types of cash transactions; Guidelines/internal measures for controlling cash receipts and disbursements.

Computing, recording, and processing of employee compensation and employers' payroll taxes; Payroll computations; Laws/regulations; Reporting.

End-of-period adjustments; Preparing financial statements; Closing the books.

Fundamental concepts of U.S. GAAP; The Financial Accounting Standards Board; The International Accounting Standards Board; Accounting for notes.

Accounting for inventory; Inventory costing; The Lower of Cost or Market method.

Accounting issues involved in recording and reporting the "life cycle" of non-current operational assets; Depreciation; Procedures for acquiring and accounting for natural resources.

Accounting issues for partnerships and corporations; Common stock, preferred stock, and treasury stock; Recording stock transactions; Reporting earnings and equity.

Accounting for bonds from issuance through redemption; Bond issuance procedures; Bond retirement process; Use of notes payable as a financing option for corporations.

Basic tools of financial statement analysis; Vertical analysis procedures; Calculating financial statement ratios.

Understanding and preparing the statement of cash flows; Distinguishing cash flows from operations, investments, and financing.

Purpose and nature of managerial accounting; Use of profit and cost centers; Preparing departmental financial statements.

Job order costing and process costing; Reports and documents relating to job order cost systems; Process inventory in process cost accounting.

Planning for, measuring, and controlling costs through budgets, standard costs, and cost variance; Preparing a fixed budget.

Compiling data to give managers relevant decision-making information; Measuring cost behaviors; Using a break-even analysis; Cost-volume-profit analysis; Cost-revenue analysis.