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This course introduces you to the accounting terms and skills needed to perform the accounting procedures used by medium-scale businesses and partnerships.

Principles of Accounting I or equivalent skills

This course contains 21 lesson units and 2 tests.

Unit 1 - Promissory notes, the nature of promissory notes, computing the interest

Unit 2 - Recording transactions involving notes receivable in the formal accounting records, the notes receivable account, the accrued interest receivable account, the interest revenue account, the notes receivable register

Unit 3 - Recording transactions involving notes payable in the formal accounting records, the notes payable account, the accrued interest payable account, the interest expense account, the notes payable register

Unit 4 - The periodic system of accounting for inventory, the perpetual system of accounting for inventory

Unit 5 - Taking a physical inventory, costing inventories, evaluating inventories

Unit 6 - The asset method of accounting for prepaid expenses, the expense method of accounting for prepaid expenses

Unit 7 - Long-term assets, depreciation, amortization, depletion, methods of depreciation

Unit 8 - Recording transactions involving long-term assets in the formal accounting records

Unit 9 - The internal accounting control function of accounting systems

Unit 10 - Applying the principles of internal accounting control to the expense cycle, the voucher system

Unit 11 - Applying the principles of internal accounting control to the revenue cycle

Test 1 - Test covering units 1 through 11

Unit 12 - Basic concepts of accounting, widely accepted accounting practices

Unit 13 - Sole proprietorships, partnerships, corporations, accounting for owner's equity in a sole proprietorship

Unit 14 - Setting up a partnership, opening entries, compensation of partners, partners' share of profits and losses, dissolving a partnership, preparing the statement of owner's equity for a partnership

Unit 15 - Applying the principles of accounting to a medium-scale retail business, the chart of accounts, books of entry, routine procedures

Unit 16 - The end-of-year summary work sheet and the end-of-year operating expense work sheets for a medium-scale retail business

Unit 17 - The adjusting entries, the closing entries, and the reversing entries for a medium-scale retail business

Unit 18 - The income statement and supporting schedules for a medium-scale retail business, analyzing the income statement

Unit 19 - The balance sheet and supporting schedules for a medium-scale retail business, the statement of change in financial position for a medium-scale retail business, analyzing the balance sheet

Unit 20 - Interim financial statements, preparing the first interim statements after the annual report

Unit 21 - Preparing subsequent interim statements

Test 2 - Test covering units 12 through 21

[Who is Akersoft] [Akersmart Library] [Akersoft Customers] [Why CBT]

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