Survey of financial accounting for nonaccounting majors. Accounting concepts, financial statements, internal control, cash, receivables, inventories, plant and equipment, liabilities, and payroll. Course does not substitute for ACC 1100.
Fundamental accounting concepts, terms, and procedures. Emphasis on analyzing, classifying, and recording accounting data.
Theories, standards, and practices related to the analysis of accounting data as part of the managerial process of planning, decision making, and control.
Practical application of payroll tax laws and requirements. Use of manual and computerized systems; payroll registers, tax returns, and deposit coupons.
Integrated accounting systems applications. Creation of accounting records and financial statements using QuickBooks Online. Study of both service and merchandising businesses.
Accounting applications applied using Microsoft Excel. Financial statement preparation, aging of accounts receivable, loan amortization, ratio analysis, payroll, depreciation, fixed assets covered. Emphasis on sorting, filtering, and formatting.
Conceptual framework, standard-setting concepts and principles of both US Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS), balance sheet, income statement, statement of shareholders’ equity, statement of cash flows, and disclosures.
Theory of individual taxes and their application under the Internal Revenue Code. Preparation of individual tax returns. Introduction to federal business tax law.