Description

This course focuses on the preparation and understanding of the four basic financial statements - income statement, statement of retained earnings, balance sheet and statement of cash flow. Specific topics include basic double entry accrual accounting and the special requirements in accounting for managing cash, receivables, investments, inventory, fixed assets, liabilities and equity. The Great Plains computer software program is used to illustrate how computers facilitate the accounting process. Students are required to complete a transaction-based term project using both manual and computer techniques.

Program

IS -144 CRs

Objectives

• 1. Understand the underlying concepts of accounting including the accounting cycle, accrual accounting, accounting for current assets, fixed assets and current liabilities.
  2. Understand the accounting process and prepare the financial statements for a small business.
  3. Be knowledgeable users of financial statements.
  4. Have an introductory-level understanding of computerized accounting systems and how to use those systems