ACCOUNTING
COURSE DESCRIPTION
Accounting is the planning, recording, analyzing, and interpreting of financial information. This accounting class is designed to place emphasis on basic principles, concepts, and procedures of accounting. You will develop logical thinking, communication, problem solving, and decision-making skills. Accounting is many times referred to as the language of business. In order to be a successful business person you must speak and understand the language to make informed business decisions. In this accounting class we will explore three main areas of accounting – Part 1: Accounting for a Service Business Organized as a Proprietorship;
Part 2: Accounting for a Merchandising Business Organized as a Corporation; and Part 3: Accounting for a Merchandising Business Organized as a Corporation-Adjustments and Valuation (if time permits).
Some of the concepts that will be studied include the accounting equation, the accounting cycle, analyzing and entering transactions in journals, posting to ledgers, end-of-period financial statements, payroll systems, depreciation, and inventories. Concepts will be introduced using a modern business with owners that students can relate to in each unit. In Unit 1, students study TechKnow Consulting, a business that provides a service to its customers for setting up and troubleshooting network problems. This business is organized as a proprietorship. Unit 2 features Hobby Shack, Inc., a retail merchandising business that purchases and sells a wide variety of craft and hobby items such as silk flowers, ceramics, paints, and jewelry and is organized as a corporation. In Unit 3 features Restaurant Supply Co. which is retail merchandising business organized as a corporation. Unit 3 presents the accounting cycle one more time, focusing on accounting procedures that result in additional end-of-fiscal-period adjustments. Accounting procedures for managing selected asset and liability accounts are introduced. The chapters are divided into short, accessible lessons that cover one or two concepts.
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