This course is the first of two designed to introduce the theoretical and practical foundations in accounting. Topics include accounting concepts and principles; income measurement; business transactions; adjusting and closing entries; financial statement preparation; the accounting cycle; merchandising operations; and accounting systems.
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Upon successful completion, the student will be able to:
Evaluate the nature and purpose of accounting information including its limitations and basic concepts.
Apply generally accepted accounting principles in the analysis and recording of business transactions.
Apply the basic principles of double-entry bookkeeping to the recording of transactions for both a service and a merchandising business.
Prepare a trial balance.
Analyze and record adjusting entries for both service and merchandising operations.
Complete a worksheet.
Generate financial statements (Income Statement, Statement of Retained Earnings and the Balance Sheet) for a service and a merchandising business in compliance with Accounting Standards for Private Enterprises (ASPE).
Close the books.
Describe and differentiate the three forms of business organization.
Evaluate Accounting information systems and appreciate the need for internal control.
Effective as of Fall 2011
FMGT 1105 is offered as a part of the following programs:
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