Description
The Financial Accounting course covers accounting terminology; the recording and classifying of financial transactions, including analyzing, journalizing, and posting; the preparation of the trial balance, worksheet, and financial statements; familiarization with the handling of adjustments, bad debts, inventory, and depreciation; and matters concerning sole proprietorship and partnership.
Course objectives:
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describe content and purposes of balance sheet and income statement;
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compare the basic characteristics of the accrual basis with the cash basis of accounting;
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explain the full accounting cycle and prepare all required journals, entries, and adjustments;
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outline the necessity for and features of internal control;
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identify the basic assumptions, principles, and modifying conventions of accounting;
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describe how inflation affects information presented in conventional financial statements;
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define partnerships and their characteristics.
Course Content
- Introduction to Accounting and Business
- Analyzing Transactions
- The Adjusting Process
- Completing the Accounting Cycle
- Accounting Systems
- Accounting for Merchandising Businesses
- Inventories
- Internal Control and Cash
- Receivables
- Long-Term Assets: Fixed and Intangible
- Current Liabilities and Payroll
- Accounting for Partnerships and LLCs
- Corporations: Organizations, Stock Transactions, and Dividends
- Long-Term Liabilities: Bonds and Notes
- Investments and Fair Value Accounting
- Statements of Cash Flow
- Financial Statement Analysis
Award Application and Career Pathing
This course applies to the following CFTEA awards:
- Accounting Certificate
- Advanced Financial Services Diploma
- Bank Operations Diploma
- Business and Commercial Lending Diploma
- Consumer Lending Diploma
- Credit Analyst Diploma
- Deposit Operations Diploma
- General Banking Certificate
- General Banking Diploma
- Introduction to Lending Diploma
- Loan Servicing Diploma