ACC 105 - Survey of Accounting

3 Credits, 3 Contact Hours
3 Lecture Periods 0 lab periods

 

Introduction to both financial and managerial accounting topics. Includes concepts and relationships involved in preparing and analyzing financial statements; and basic decision making for internal financial managers. 

1. Illustrate how accrual-based accounting is utilized to record business transactions, both during the month and month-end adjustments, for service, merchandising, and manufacturing businesses utilizing the accounting equation.
2. Prepare an Income Statement, Statement of Retained Earnings, and Balance Sheet for a company.
3. Explain the importance of the Sarbanes-Oxley Act and understand the objectives and elements of internal control, including preparing a bank reconciliation.
4. Analyze the financial performance of a company using ratio analysis.
5. Utilize cost-volume-profit and incremental analysis in business decisions.
6. Describe the primary purpose and steps involved in budgeting, and prepare a sales and cash budget.

1. Introduction to Financial Accounting
   1. Accounts, Financial Statements, the components and their interrelationships
   2. Accounting Equation
2. Accounting for Accruals and Deferrals
   1. Steps in the accounting cycle
   2. Accrual and Deferral effect on financial statements
3. Accounting for Merchandising Businesses
   1. Inventory transactions
   2. Perpetual inventory transactions
   3. Accounting for:
      1. Sales Returns
      2. Sales Allowances
      3. Sales Discounts
      4. Purchase Discounts
   4. Multistep Income Statement
4. Internal Controls, Cash, and Ethics
   1. Sarbanes-Oxley Act
   2. Reconciliation between Company’s cash account and bank statement
5. Accounting for Receivables and Inventory Cost Flow
   1. Estimating uncollectible accounts expense
   2. Notes Receivable and accrued interest
   3. Credit card sales
   4. Inventory Cost Flow Methods: FIFO, and Weighted Average
   5. Classified Balance Sheet
6. Accounting for Long Term Assets
   1. Depreciation methods
   2. Disposal of assets
   3. Intangible assets
7. Accounting for Liabilities
   1. Notes payable and interest expense
   2. Other current liabilities
   3. Overview of bonds
8.  Proprietorships, Partnerships, and Corporations
   1. Forms of business organizations & characteristics
   2. Stockholders’ Equity
   3. Dividends
9. Financial Statement Analysis
   1. Ratio Analysis
   2. Horizontal and Vertical Analysis
10. Introduction to Management Accounting
    1. Differences between Managerial and Financial Accounting
    2. Cost classifications
    3. Cost of Goods Manufactured
11. Cost Behavior
    1. Identify cost behaviors and calculate total costs: Fixed, Variable, and Mixed
    2. Prepare Contribution Margin income statements
    3. Calculate break even numbers
    4. Calculate Sales for target net income
12. Cost Accumulation, Tracing, and Allocation
    1. Direct vs Indirect costs
    2. Identify and utilize cost drivers
    3. Allocate indirect costs to jobs utilizing predetermined overhead rate
13.  Relevant Information for Special Decisions
    1. Special orders
    2. Make/buy
    3. Eliminate segments
    4. Retain or replace equipment
14. Planning for Profit and Costs Control
    1. Budgeting process and benefits
    2. Preparing Sales and Cash budgets
    3. Pro forma financial statements