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About This Course
Course Contents at a Glance
Learning Outcomes
Faculty Resources Overview
Faculty & Technical Support
Course Resources Overview
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PowerPoints
Assignments
Case Studies
Interactives
OHM Assessments
Accessibility Guide
Why It Matters: Personal Accounting
Introduction to Financing Your Education
Financial Aid
Working While Studying
Other Sources of Income
Introduction to Financing the Present
Budgeting Personal Finances
Major Purchases
Taxes
Introduction to Financing the Future
Investing
Retirement Planning
Putting It Together: Personal Accounting
Discussion: Winning the Lottery
Assignment: Creating a Budget
Why It Matters: The Role of Accounting in Business
Introduction to Accounting Defined
What Is Accounting?
Why Accounting Matters
Introduction to Accounting Information
Users of Accounting Information
Financial vs Managerial Accounting
Government Reporting
Introduction to the Basic Accounting Equation
The Accounting Equation
Assets
Liabilities
Owner’s Equity
Introduction to Accounting in Business
Transactions and the Accounting Equation
Types of Business Activities
Financial Statements
Introduction to Challenges in Accounting
Ethics in Accounting
Significant Events in Accounting
Putting It Together: The Role of Accounting in Business
Discussion: The Crafty Coffee Crook
Assignment: Lopez Consulting
Why It Matters: Accounting Principles
Introduction to Financial Accounting Standards in the United States
The Role of the FASB
Generally Accepted Accounting Principles
Introduction to Fundamental Concepts of US Accounting Standards
Monetary and Cost Considerations
Economic Assumptions
Full Disclosure
Other Guiding Principles
Introduction to Accrual Basis Accounting
The Accrual Basis and Cash Basis of Accounting
Foundational Rules of Accrual Basis Accounting
Introduction to International Financial Reporting Standards
International Accounting Standards
Convergence
Putting It Together: Accounting Principles
Discussion: SoftSheets
Assignment: Accounting Principles
Why It Matters: Recording Business Transactions
Introduction to Double-Entry Bookkeeping
Accounts
Rules of Debits and Credits
Introduction to Journals and Ledgers
Journals
Ledgers
Introduction to the Recording Process
Create Journal Entries
Post to the Ledger
Calculate Account Balances
Prepare a Trial Balance
Putting It Together: Recording Business Transactions
Discussion: Baker’s Breakfast Bars
Assignment: Recording Business Transactions
Why It Matters: Completing the Accounting Cycle
Introduction to the Adjusting Process
Adjusting Journal Entries
Types of Adjusting Journal Entries
Introduction to Creating Adjusting Journal Entries
Adjusting Deferred and Accrued Revenue
Adjusting Deferred and Accrued Expense Items
Adjusting for Errors
Introduction to Preparing an Adjusted Trial Balance
Posting Adjusted Journal Entries to the Ledger
Using the Worksheet
Introduction to Preparing Financial Statements
Income Statement
Statement of Owner's Equity
Balance Sheet
Statement of Cash Flows
Practice: Preparing Financial Statements
Introduction to Closing the Books
Closing Entries
Post-Closing Trial Balance
Reversing Entries
Putting It Together: Completing the Accounting Cycle
Discussion: Closing the Books in QuickBooks
Assignment: Completing the Accounting Cycle
Why It Matters: Accounting for Cash
Introduction to Establishing Internal Controls
Internal Controls
Cash Receipts
Cash Disbursements
Introduction to Accounting for Petty Cash
Voucher System
Journalizing Petty Cash Transactions
Practice: Journalizing Petty Cash Transactions
Introduction to Preparing a Bank Reconciliation
Reconciling Items
Bank Reconciliation
Reconciling Journal Entries
Practice: Preparing a Bank Reconciliation
Introduction to Accounting for Credit Card Transactions
Record Sales and Purchases by Credit Card
Internal Controls for Credit Card Transactions
Introduction to Financial Statement Presentation
Cash and Cash Equivalents
Putting It Together: Accounting for Cash
Discussion: Counter Culture Cafe
Assignment: Accounting for Cash
Why It Matters: Receivables and Revenue
Introduction to Revenue Recognition
Recognizing Revenue under the Accrual Basis
Journalizing Revenue and Payments on Account
Introduction to Uncollectible Accounts
Direct Write-Off of Bad Accounts
Estimating Bad Debt Expense
Estimating Uncollectible Accounts
Practice: Estimating Bad Debt Expense and Uncollectible Accounts
Accounts Receivable Aging Analysis
Practice: Accounts Receivable Aging Analysis
Factoring Accounts Receivable
Introduction to Notes Receivable
Recognizing Notes Receivable
Accrued Interest Revenue
Collecting Payments on Notes Receivable
Practice: Notes Receivable
Introduction to Reporting Receivables on the Financial Statements
Financial Statement Presentation
Disclosures
Putting It Together: Receivables and Revenue
Discussion: Maximizing Revenue
Assignment: Manilow Aging Analysis
Why It Matters: Merchandising Operations
Introduction to Merchandising Business
Merchandisers versus Service Enterprises
Cost of Goods Sold
Gross Profit
Introduction to Periodic Inventory System
Periodic Inventory System Compared to Perpetual
Purchases under a Periodic System
Sales under a Periodic System
Practice: Periodic Inventory System
Cost of Goods Sold: Periodic System
Introduction to Perpetual Inventory System
Purchases under a Perpetual System
Sales under a Perpetual System
Practice: Purchases and Sales under a Perpetual System
Internal Controls over Inventory
Putting It Together: Merchandising Operations
Discussion: Inventory Controls
Assignment: Merchandising Operations
Why It Matters: Inventory Valuation Methods
Introduction to Inventory Cost Flow Assumptions
Inventory Cost Methods
Specific Identification
Weighted Average
Practice: Weighted Average
FIFO
Practice: FIFO
LIFO
Practice: LIFO
Effects of Inventory Cost Methods
Introduction to Conservatism in Reporting Inventory
Lower of Cost versus Net Realizable Value
Lower of Cost or Net Realizable Value Applied
Adjusting Journal Entries for Net Realizable Value
Multi-Step Income Statement
Effects of Common Errors
Accounting Principles and Disclosures
Putting It Together: Inventory Valuation Methods
Discussion: LIFO, FIFO, Specific Identification, and Weighted Average
Assignment: Inventory Valuation Methods
Why It Matters: Property, Plant, and Equipment
Introduction to Plant Assets
Capitalization versus Expensing
Determining Total Cost
Journalize Purchases of Plant Assets
Introduction to Depreciation Expense
Define Depreciation
Straight-Line Method
Accelerated Methods
Units-of-Production Method
Journalize Depreciation
Book Value
Practice: Depreciation Expense
Introduction to Journalizing Asset Disposal
Asset Retirement
Asset Sale
Practice: Asset Sale
Asset Exchange
Introduction to Reporting PP&E
Classified Balance Sheet
Disclosures Related to Plant Assets
Putting It Together: Property, Plant, and Equipment
Discussion: Cooking the Books
Assignment: Property, Plant, and Equipment
Why It Matters: Other Assets
Introduction to Natural Resources
Natural Resources and Depletion
Compute Depletion
Journalizing Adjusting Entries for Depletion
Practice: Natural Resources
Introduction to Intangible Assets
Goodwill, Patents, and Other Intangible Assets
Amortization
Journalizing Entries for Amortization
Practice: Intangible Assets
Introduction to Other Current and Noncurrent Assets
Short-Term Investments
Long-Term Investments
Other Current and Noncurrent Assets, Including Notes Receivable
Introduction to Reporting Other Assets
Reporting Natural Resources
Reporting Intangible Assets
Reporting Other Current and Noncurrent Assets
Putting it Together: Other Assets
Discussion: Other Assets
Assignment: Other Current and Noncurrent Assets
Why It Matters: Current Liabilities
Introduction to Current Liabilities
Examples of Current Liabilities
Accounting for Current Liabilities
Introduction to Accounts Payable
Accounts Payable
Subsidiary Ledgers and Controls
Introduction to Payroll
Payroll Transactions
Payroll Journal Entries
Practice: Payroll Journal Entries
Introduction to Other Current Liabilities
Product Warranties
Practice: Accounting for Current Liabilities/Product Warranties
Contingent Liabilities
Practice: Contingent Liabilities
Introduction to Reporting Current Liabilities
Putting it Together: Current Liabilities
Discussion: Current Liabilities
Assignment: Calculating Payroll at Kipley Co
Why It Matters: Non-Current Liabilities
Introduction to Long-term Financing
Long-Term Financing Options
Entries Related to Notes Payable
Time Value of Money
Introduction to Bonds Payable
Types of Bonds
Issue Bonds
Bond Valuation
Amortizing Premiums and Discounts
Effective Interest Rate
Introduction to Leases
Finance and Operating Leases
Journal Entries
Introduction to Reporting Long-Term Liabilities
Putting it Together: Non-Current Liabilities
Discussion: Off-Balance Sheet Financing
Assignment: Non-Current Liabilities
Why It Matters: Accounting for Corporations
Introduction to Corporations
Forming a Corporation
Characteristics of Corporations
Categories of Corporations
Corporate Benefits and Limitations
Introduction to Capital Stock Transactions
Issuing Stock
Common and Preferred Stock
Treasury Stock
Introduction to Distribution of Earnings
Dividends
Stock Dividends
Stock Splits
Balance Sheet Presentation
Statement of Stockholders’ Equity
Putting It Together: Accounting for Corporations
Discussion: Home Depot
Assignment: Collins Mfg Stockholders’ Equity
Why it Matters: Statement of Cash Flows
Introduction to Statement of Cash Flows
Purpose of the Statement of Cash Flows
Elements of the Statement of Cash Flows
Practice: Elements of the Statement of Cash Flows
Direct and Indirect Methods Compared
Cash Flows from Operations (Direct Method)
Introduction to Indirect Method of Preparing a Statement of Cash Flows
Cash Flows from Operations (Indirect Method)
Cash Flows from Investing
Cash Flows From Financing
Introduction to Preparing a Statement of Cash Flows
Preparing a Statement of Cash Flows
Practice: Preparing a Statement of Cash Flows
Using a Worksheet (Indirect Method)
Non-Cash Activities and other Required Disclosures
Putting It Together: Statement of Cash Flows
Discussion: Facebook, Inc.
Assignment: Kachina Sports Company Cash Flows
Why It Matters: Financial Statement Analysis
Introduction to Objectives of Financial Statement Analysis
Financial Statement Analysis Defined
Sources of Information
Introduction to Liquidity Measures
Working Capital
Current Ratio
Quick Ratio/Acid-Test Ratio
Cash Turnover Ratio
Introduction to Operating Efficiency Measures
Inventory Turnover
Accounts Receivable Turnover
Asset Turnover
Introduction to Measures of Profitability
Return on Assets
Return on Equity
Gross and Net Profit
Earnings Per Share and Price-Earnings Ratio
Dividend Payout Ratio
Free Cash Flow
Introduction to Measures of Solvency
Debt to Equity Ratio
Debt to Total Assets Ratio
Times Interest Earned
Introduction to Comparative Analysis of Financial Statements
Horizontal Analysis
Vertical Analysis
Practice: Financial Statement Analysis
Putting it Together: Financial Statement Analysis
Discussion: Financial Statement Analysis
Assignment: Coca Cola FSA
Let’s practice a bit more.
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