COURSE CATALOG DESCRIPTION:
Accounting concepts, principles and practices are continued. This course includes specific inventory methods, receivables and payables, bad debt, and valuation of plant and equipment. An overview of basic partnership and corporate transactions, cash flows, and cost principles is provided.
ALL COURSE OUTCOMES for this course will be addressed. Upon completion of this course, students will be able to:
- Interpret and apply generally accepted accounting principles (GAAP) to analyze, record, and report financial information for a merchandising business. You will prepare the financial statements from business transaction and explain entries. Prepare work sheet and explain its usefulness.
- Maintain and assess inventory methods used for business decision-making. You will compute and record COGS, weighted average and retail inventory.
- Calculate and record receivable and payable transactions. You will prepare special journals and schedules for accounts receivable and payable.
- Compute and evaluate depreciation and depletion methods, acquisition, sale and disposal of assets and identify intangible assets. You will explain the methods of depreciation with acquisitions and capitalization. You will compute depreciation rates for disposal and exchange.
- Perform basic partnership and corporate accounting transactions. You will prepare the financial statements and prepare/review journal entries.