This course covers the fundamentals of financial accounting as well as the identification, measurement, and reporting of the financial effects of economic events on an enterprise. Students will learn to examine financial information from the perspective of management. Other topics include decision-making, planning, and controlling from the perspective of a practicing manager.
Differentiate between accrual basis and cash basis accounting.
Completing the Accounting Cycle
Prepare a classified income statement, retained earnings statement, and balance sheet.
Prepare closing entries, reversing entries, and a post-closing trial balance.
Analyze the elements in the cost of goods sold calculation.
Calculate ending inventory using the LIFO, FIFO, LCM, and average cost methods.
Record the transactions that involve the purchase and sale of merchandise.
Analyze the impact of inventory methods on net income or loss.
Summarize strengths and weaknesses of an internal control system.
Recommend improvements to internal control systems.
Explain the effects of the Sarbanes-Oxley Act of 2002 on internal controls.
Basic Accounting Principles and Concepts
Classify transactions using the rules of debit and credit.
Journalize basic transactions.
Identify the four basic financial statements.
Post transactions from journals to ledgers.
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Transferability of credit is at the discretion of the receiving institution. It is the student’s responsibility to confirm whether or not credits earned at University of Phoenix will be accepted by another institution of the student’s choice.