Principles of Financial Accounting

The principles of accounting course presents an overview of basic accounting concepts. Students will be introduced to the accounting cycle from transaction processing through financial statement preparation. The course will review foundational accounting principles and concepts that account for current assets, current liabilities, long-term liabilities, and owner’s’ equity. Students will also complete a basic financial analysis.

UPON COMPLETION OF THE COURSE, THE STUDENT WILL BE COMPETENT:

• Identifying uses and users of accounting information. 
• Demonstrating an understanding of the accounting cycle. 
• Using the rules of debits and credits to prepare journal entries. 
• Understanding the usage of journal entries and the general ledger. 
• Preparing financial statement from a trial balance. 
• Preparing a bank reconciliation. 
• Identifying the importance of internal controls. 
• Describing accounts receivable and the methods for writing off uncollectible accounts. 
• Computing the cost of fixed assets and depreciation expense utilizing multiple methods available. 
• Describing current and long-term liabilities and their characteristics. 
• Completing calculations for valuing bonds. 
• Describing the characteristics of stockholders’ equity account and transactions relating to dividends. 
• Understanding the form and function of the cash flow statement. 
• Performing basic financial statement analysis.
• Utilizing artificial intelligence to write a journal entry.

ACQUIRED SKILLS 

• Bank reconciliations
• Basic financial Ratios to Analyze Financial Statements Calculations
• Financial Statement Analysis