Principles of Accounting

Principles of Accounting

This course is designed to provide students with the general understanding of accounting. It introduces the fundamentals of computer-based accounting principles and illustrates its application to business. An examination of cash flow statement, recognition and measurement of sales revenue, accounting for bad debts, payroll calculation, accounts receivable, gross profit and the cost of goods sold, perpetual and periodic inventory systems and Lower Cost of Market (LCM) using direct and allowance methods. It examines the present value method in evaluating items, acquisition cost of tangible assets, amortization methods, depreciation accounting change, gains and losses on sales of fixed assets, depletion of natural resources and notes to the financial statements. This course broadens the knowledge acquired in bookkeeping, and includes an understanding of GAAP and the time value of money. Focus is on the asset side of the balance sheet, including various methods of recording inventory and acquisition, depreciation and disposal of assets. Additional topics include cash flow statement and the use of notes to the financial statements.

The targeted skills are:
�Acquiring the fundamental concepts of accounting, commercial mathematics and the reporting of payroll.
�Drawing up a balance sheet.
�Recording transactions in the appropriate subsidiary journals.
�Distinguishing a commercial enterprise from a service company.

This course covers corporations, analysis and interpretation of financial statements, and statements of cash flows, as well as examines accounting for operations of departments and manufacturing. Other topics include cost accounting systems and variable costing, budgeting as an aid to planning and control, authorization and issuance of capital stock, reporting the results of operations, bonds payable, income taxes, and business decisions.

Introduces students to the fundamental of accounting practice, including the double-entry systems. The focus is on the managerial aspects of accounting. Topics: Basic understanding and interpretation of financial accounting and management accounting. Accounting aspects of systems development, project management and installation management; Effects of systems changes on business and finance and the systems justification that follow such as costs-benefit analysis and returns on investment.

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