This course covers the fundamental principles of double-entry accounting, use of the general journal and general ledger, simple financial statements, the accounting cycle, control of cash, and an introduction to payroll accounting, purchases and sales.
1. Demonstrate a basic understanding of the double-entry accounting system.
2. Manually complete the entire accounting cycle for a service- based sole proprietorship on the accrual basis.
3. Prepare basic financial statements for a service-based sole proprietorship.
4. Demonstrate an understanding of control of cash processes and bank reconciliations.
5. Calculate basic payroll and payroll tax activity.
6. Prepare simple federal quarterly and annual payroll tax forms.
This course is designed to teach, reinforce and supplement payroll skills in both manual and computerized formats.
1. Compute the income tax withholding from employee wages.
2. Calculate employee's withholding allowances for IRS Form W-4.
3. Determine employer's quarterly estimated payments.
4. Describe how the Federal Insurance Contributions Act (FICA) is applied by employers.
5. Describe the federal deposit system and how the Electronic Federal Tax Payment System is used by employers.
6. Describe the difference between employees and independent contractors.
Presents financial accounting concepts and the use of accounting information in decision making. Includes an overview of the accounting cycle.
1. Use the accounting cycle to develop financial statements from business transactions.
2. Analyze basic business economic events to determine their effect on accounts and financial statements.
3. Interpret and analyze financial statements to aid in decision making.
4. Demonstrate a basic understanding of the principles of internal control and apply them to relatively straight-forward situations to identify strengths and weaknesses.
5. Interpret and analyze accrual and cash flow information presented in accounts.
6. Analyze issues relating to inventory, receivables, long-lived assets, liabilities and stockholder’s equity and recommend appropriate accounting treatment.
7. Describe basic generally-accepted accounting principles.
This course introduces financial accounting techniques, measuring and recording transactions, preparing financial statements, managerial decision making, and planning and control devices, such as budgeting, cost accounting, variance analysis, and break-even analysis. Includes assessment of financial information from managers, lenders, and investors perspective to understand and evaluate business operations. Emphasizes ethical decision-making in the work environment.
1. Gain understanding of the accounting cycle and evaluate business transactions using the accounting equation.
2. Demonstrate the communication of accounting information by the use of commercially available spreadsheet software.
3. Describe the four basic financial statements: Balance Sheet, Income Statement, Statement of Cash Flows, and Statement of Retained Earnings.
4. Describe the need for internal control procedures in an organization, and demonstrate an understanding of ethics in accounting.
5. Use Cost-Profit-Volume analysis to calculate break-even points.
6. Describe the purpose of budgeting in an organization.
7. Calculate cost and efficiency variances using standard cost information.
This is the third course in the Practical Accounting series. This course covers entries requiring analysis and interpretation, unearned and accrued items, depreciation of assets, manufacturing accounting and other managerial accounting procedures.
1. Describe the characteristics of a corporation.
2. Demonstrate an understanding of the accounting processes specific to stock, dividends, treasury stock and retained earnings.
3. Prepare the accounting for basic bond transactions.
4. Demonstrate an understanding the cash flows statement preparation process for both the indirect and the direct method.
5. Interpret and analyze financial statements.
6. Explain how to handle transactions in a voucher system.
This course continues Practical Accounting I with more detailed explanations of the accounting cycle. Covers special journals, ledgers, business forms, including vouchers. Emphasizes accounting for partnerships.
1. Complete the entire accounting cycle for a merchandising company.
2. Demonstrate an understanding of accounting for bad debts.
3. Demonstrate an understanding of accounting for notes receivable and notes payable.
4. Compute the cost of fixed and intangible assets and natural resources.
5. Prepare basic depreciation, depletion and amortization calculations.
6. Describe the characteristics of partnerships and basic partnership accounting.
This course demonstrates the use of accounting information to meet organization goals. Methods of extracting accounting information for decision making, management of resources, planning, and product and service costing are covered.
1. Explain the interrelationship of the accounting systems to all areas of business and business decision making.
2. Understand cost behavior and predict break-even points.
3. Recognize the components and processes related to various cost accounting systems.
4. Analyze the performance of the organization and organizational sub-units.
5. Use the budgeting process to prepare budgets and pro forma financial statements.
6. Utilize the time-value-of-money concept to analyze capital investment projects.