Financial Accounting I (ACCA105) Course Overview
Learn the fundamentals of GAAP, the accounting cycle, and financial statement preparation for sole proprietorships and merchandising operations.
School of Business | Department of Accounting | 3 Credits
Financial Accounting I
ACCA105 | AB Paper No. 14-22
Fall and Spring Semester
Course Overview
Course Title
Financial Accounting I
Credits
3 Credits
Prerequisites
None
Schedule
Fall and Spring Semester
Students are introduced to generally accepted accounting principles (GAAP) as they relate to the preparation of the Income Statement, Statement of Owner's Equity, and the Balance Sheet of a sole proprietorship, service or merchandising operation.
Financial Accounting I (ACCA105)
Learning Objectives
Apply GAAP to the accounting cycle
Record transactions of a sole proprietor in a service or merchandising enterprise
Post transactions to general and/or special journals and reconcile control accounts
Post to ledger accounts, make adjusting entries, prepare a worksheet and trial balance
Prepare financial statements
Account for inventories, cash and receivables, current liabilities and long-term assets
Course Content Overview
Financial Accounting I (ACCA105)
I
Accounting Information & Financial Statements
II
Accounting Cycle
III
Merchandising Operations
IV
Special-Purpose Journals
V
Financial Reporting
VI
Inventories
VII
Current Assets & Liabilities
VIII
Long-Term Assets
Financial Accounting I (ACCA105)
Unit I & II: Accounting Information & The Accounting Cycle
Unit I: Accounting Information
Purpose, characteristics and uses of accounting
Measurement
Forms of business organisations
Accounting equation
GAAP (Generally Accepted Accounting Principles)
Unit II: The Accounting Cycle
Recording transactions
Source documents, double-entry, T-accounts, and journalising
Measuring revenues and expenses
Adjusting entries, deferred and accrued items
Worksheet preparation
Financial Accounting I (ACCA105)
Unit III, IV & V: Merchandising, Journals & Financial Reporting
Merchandising Operations
Inventory systems (periodic/perpetual)
Purchases
Sales
Special-Purpose Journals
Sales journal
Purchases journal
Cash receipts
Cash payments
Financial Reporting
Accounting conventions
Income Statements (multi-step & single-step)
Statement of Owner's Equity
Classified Balance Sheet
- financial-accounting
- accounting-cycle
- gaap
- business-education
- financial-statements
- bookkeeping
- merchandising-operations