Course Catalog

Description

This course introduces the student to the area of accounting and clarifies the significant impact that accounting data and information has on the business world today and the role that accountants play in providing this information. The course explains the principles of accounting and gives an integrated picture of accounting transactions including recording, posting, summarizing and reporting financial data in the form of financial statements for a sole proprietorship. The objective is to understand the basic procedures, practices and techniques of financial accounting. Specifically, students should acquire the knowledge and skills necessary to:

1. Explain basic accounting terms and principals.
2. Understand the basic accounting equation and the system of double-entry bookkeeping.
3. Complete all the steps of the accounting cycle in a manual system for service enterprises and Merchandising firms.
4. Generate an income statement, a balance sheet, and an owners’ equity statement for service enterprises and merchandisers.