Course Objectives:

This course is an introduction to the basic concepts and standards underlying financial accounting systems. Several important concepts will be studied in detail, including: Measuring and Recording Business Transactions, Business Income and Adjusting Entries, Completion of the Accounting Cycle, Accounting for service and Merchandising companies, Inventories, Cash, Receivables, and Accounting assumptions, principles & constraints.

Course Outcomes:

In this course, students will learn fundamental accounting processes. At the end of the course student will be able to:

• Explain the role and principles of financial accounting and reporting;
• Record, handle, and summarize accounting data;
• Prepare adjustments of accounts;
• Prepare accounting treatment of inventories;
• Prepare financial statements for service and merchandising companies;
• Complete the accounting cycle.

Course Contents:

• Accounting basics and activities of accounting
• Users of accounting
• Principles and assumptions
• Effects of Accounting Equation
• Journal, Ledger, Trial Balance
• Adjustments the accounts
• Adjusted Trial Balance
• Worksheet
• Financial Statements for service companies
• Closing the books
• Accounting for Inventory
• Perpetual and Periodic Inventory systems
• Financial statements for merchandising business