Financial Accounting I

Course Description

This course covers the fundamentals of financial accounting as well as the identification, measurement, and reporting of the financial effects of economic events on the enterprise. Financial information is examined from the perspective of effective management decision making with special emphasis on the planning and controlling responsibilities of practicing managers.

Topics and Objectives

Basic Accounting Principles and Concepts

  • Identify the four basic accounting reports.
  • Analyze transactions using the rules of debit and credit.
  • Post journal entries to the general ledger.

Starting the Accounting Cycle

  • Differentiate between accrual basis and cash basis accounting.
  • Calculate adjusting entries.
  • Prepare an adjusted trial balance.

Completing the Accounting Cycle

  • Prepare a financial statement worksheet.
  • Prepare classified income statements and balance sheets, and the statement of retained earnings.
  • Prepare closing entries, reversing entries, and a post-closing trial balance.

Inventory

  • Analyze the impact of elements in the cost of goods sold calculation.
  • Record the transactions that involve the purchase and sale of merchandise.
  • Calculate ending inventory value using the LIFO, FIFO, and average cost methods.
  • Examine the impact of inventory valuation methods on net income or net loss.

Internal Controls

  • Summarize strengths and weaknesses of an internal control system.
  • Recommend improvements to internal control systems.
  • Prepare a bank reconciliation.

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