10101106Accounting Fundamentals
Course Information
Description
Surveys accounting principles and practices with an emphasis on interpretation, rather than preparation, of financial statements. Presents basic business terminology, cash basis and accrual basis accounting, and ratio analysis. This class is not for students majoring in accounting.
Total Credits
3
Prior Learning Assessment
  • Transfer Credit (includes Certifications)
Course Competencies
  1. Identify the basic elements of financial statements
    Assessment Strategies
    through examination
    through selected homework
    Criteria
    you identify business accounting transactions
    you identify accounts as assets, liabilities, owner's equity, revenue or expense
    you record events with the accounting equation
    you explain the role of accounting in organizations
    you identify the major elements of financial statements

  2. Explain accounting for accruals
    Assessment Strategies
    through examination
    through selected homework
    Criteria
    you explain the concept of accrual vs cash accounting
    you identify accrual transactions
    you record accrual transactions under an accounting equation
    you explain the effects of end-of-period adjustments related to accruals
    you prepare simple financial statements for a business

  3. Record transactions
    Assessment Strategies
    through examination
    through selected homework
    Criteria
    you explain double-entry accounting systems
    you explain debit and credit functions
    you prepare T account transactions
    you explain closing entries
    you prepare a trial balance
    you record transactions in a general journal

  4. Explain accounting internal controls
    Assessment Strategies
    through examination
    through selected homework
    Criteria
    you explain purpose of internal controls
    you identify key elements of strong internal control
    you prepare a bank reconciliation
    you explain the use of petty cash fund

  5. Demonstrate accounting for cash
    Assessment Strategies
    through examination
    through selected homework
    Criteria
    you prepare a bank reconciliation
    you explain the use of the petty cash fund

  6. Analyze accounting for property, plant and equipment
    Assessment Strategies
    through examination
    through selected homework
    Criteria
    you explain the characteristics of property, plant, and equipment
    you explain the difference between current and long term assets
    you explain the basics of acquiring property, plant, and equipment
    you compute depreciation using different methods
    you explain the basics of disposing property, plant and equipment

  7. Analyze accounting for liabilities
    Assessment Strategies
    through examination
    through selected homework
    Criteria
    you explain accounting for warranty obligations
    you calculate discounts and interest on notes
    you explain difference between current and long term liabilities

  8. Analyze financial statements
    Assessment Strategies
    through examination
    through selected homework
    Criteria
    you describe the purpose of financial analysis
    you evaluate financial statements analysis techniques
    you calculate and interpret common ratios used in analysis
    you prepare vertical and horizontal analysis

  9. Explore managerial accounting concepts
    Assessment Strategies
    through examination
    through selected homework
    Criteria
    you describe the major characteristics of managerial accounting
    you classify costs
    you compute and analyze unit contribution margin

  10. Analyze cost/volume/profit
    Assessment Strategies
    through examination
    through selected homework
    Criteria
    you explain the purpose of CVP analysis
    you describe the application of CVP analysis
    you compute and interpret the contribution margin
    you compute the break even point for single and multiple products

  11. Prepare budgets
    Assessment Strategies
    through examination
    through selected homework
    Criteria
    you explain the importance and benefits of budgets
    you prepare a master budget
    you prepare a cash budget
    you prepare a flexible budget

  12. Use budgets
    Assessment Strategies
    through examination
    through selected homework
    Criteria
    you explain the importance and benefits of flexible budgets
    you prepare a flexible budget
    you use a flexible budget to assess operating results