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ACCT 290 Principles of Accounting I



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ACCT 290 Principles of Accounting I

University of Phoenix

Description:

It deals with the fundamental of the accounting as well as identification, measurement and reporting of the financial statement of the company.The course also focuses on decision making, planning and controlling from the view point of the practising manager.


Duration of the course

The course is of the duration of 5 weeks. The course can be taken as individually or it can also be taken as the part of a degree or a certificate program.

Objective of the Course

The main objective of this course is to provide the student of under graduate level with the knowledge of financial statement and information which will be helpful to them in their coming future and will also help them in decision making and planning process.

Content of the course

Concept and basics of accounting principles

  • Identification of the four basic financial statements

  • Knowing about the rules of debit and credit and thus classifying the transactions

  • Journalizing of the basic transactions

  • Posting of the basic transactions from journal to ledger.

Starting the accounting cycle

  • Knowing about accrual and cash basis of accounting and differentiating between the two

  • Creation of the adjusting entries

  • Preparing of the adjusted trial balance

Completing the accounting cycle

  • Preparing closing entries, reversing entries, and post-closing trial balance

  • Classifying the entries into income statement, retained earning statement, and finally balance sheet.

Inventory

  • Knowing about the internal control system

  • Knowing about strengths and weakness of internal control system

  • Recommend improvement to internal control system if required

  • Explain the effects of the Sarbanes- Oxley Act of 2002 on internal controls

Internal control

  • Calculating the cost of goods sold by analysing the items included in it

  • Analysing how the net income or loss will be impacted by inventory methods.

  • Recording of the transaction that involves the purchase and sale of the merchandise

  • Using LIFO, FIFO, LCM, and average cost method to calculate the ending inventory

 

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