Accounting 1

What Will You Learn?

• Introduction to Accounting: Understanding the role of accounting in business, its objectives, and its importance in decision-making processes.
• Basic Accounting Principles: Learning the fundamental principles that guide accounting practices, such as the accrual basis of accounting, the matching principle, and the principle of conservatism.
• Financial Statements: Studying the preparation and interpretation of key financial statements, including the balance sheet, income statement, and statement of cash flows. You'll learn how to analyze these statements to assess a company's financial performance and position.
• Recording Transactions: Learning how to record business transactions using the double-entry accounting system. This includes understanding debits and credits, journal entries, and ledger accounts.
• Adjusting Entries: Understanding the process of making adjusting entries to ensure that financial statements reflect the accrual basis of accounting and accurately represent a company's financial position at the end of an accounting period.
• Accounting for Merchandising Transactions: Exploring accounting principles related to buying and selling goods, including inventory valuation methods and cost of goods sold calculations.
• Internal Controls: Understanding the importance of internal controls in accounting and learning about basic internal control procedures to safeguard assets and prevent fraud.
• Bank Reconciliation: Learning how to reconcile bank statements with company records to ensure accuracy in cash balances.
• Accounting for Receivables and Payables: Studying the accounting treatment of accounts receivable, accounts payable, and other short-term liabilities.
• Financial Ratios and Analysis: Introduction to financial ratio analysis as a tool for evaluating a company's liquidity, solvency, and profitability.
• Ethical Considerations in Accounting: Discussing ethical issues that may arise in accounting practices and exploring professional codes of conduct.