This course covers the basic accounting cycle for service and merchandising businesses. Topics include the analyses of business transactions, recording transactions in a variety of journals, payroll procedures and preparation of financial reports.
- Apply the accounting equation and the double-entry framework.
- Analyze financial transactions.
- Record transactions for service and merchandising businesses.
- Identify and use special journals.
- Complete a worksheet.
- Analyze and record adjusting entries.
- Perform the closing process.
- Prepare financial statements.
- Explain generally accepted accounting principles.
- Display knowledge of basic payroll terminology.
- Display knowledge of accounting procedures for cash and bank accounts.