ACCT 101 - Financial Accounting

1. Recognize the meaning and function of accounting, its importance, and basic US accounting rules and the body most responsible for their development.
2. Use the accounting cycle, including analyzing and recording transactions and preparing basic financial statements in accordance with accrual accounting principles.
3. Account for buying and selling merchandise, including using LIFO, FIFO, and weighted average to assign values to cost of goods sold and ending inventory.
4. Recognize the purpose, advantages, disadvantages, and limitations of internal controls. Prepare a bank reconciliation.
5. Account for uncollectible accounts receivable using the allowance method.
6. Account for notes receivable, including interest accruals.
7. Account for notes payable, including interest accruals. Recognize acceptable accounting for basic payroll and other short-term liabilities.
8. Recognize the cost of a plant asset and use accepted method(s) to depreciate a plant asset. Account for the disposal of a plant asset. Recognize acceptable accounting for other non-current assets.
9. Calculate the present value of bonds at issuance and account for borrowing by issuing bonds.
10. Account for issuing common and preferred stock, treasury stock transactions, and for dividends.
11. Prepare a multi-step income statement and a classified balance sheet. Given cash pieces, prepare a statement of cash flows.
12. Analyze a set of financial statements for profitability and liquidity.
13. Communicate effectively both orally and in writing, using professional, business English.

• Accounting equation
• Financial statements and analysis
• Accrual accounting
• Cash reconciliation and control
• Accounting cycle
• Long-term asset acquisition, disposal, and depreciation
• Inventory methods
• Transaction analysis
• Equity transactions
• Long-term liabilities
• Investments