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:
- describe content and purposes of balance sheet and income statement;
- compare the basic characteristics of the accrual basis with the cash basis of accounting;
- explain the full accounting cycle and prepare all required journals, entries, and adjustments;
- outline the necessity for and features of internal control;
- identify the basic assumptions, principles, and modifying conventions of accounting;
- describe how inflation affects information presented in conventional financial statements;
- define partnerships and their characteristics.
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
Textbook chapter topics include:
- Accounting
- Basic Financial Statements
- The Accounting Cycle: Capturing Economic Events
- The Accounting Cycle: Accruals and Deferrals
- The Accounting Cycle: Reporting Financial Results
- Merchandising Activities
- Financial Assets
- Inventories and the Cost of Goods Sold