Description
Topics in analyzing source documents, recording business transactions in a journal and posting entries in a ledger. How to prepare a trial balance, gather adjustment data and complete a worksheet are covered, as well as how to prepare financial statements and post-closing entries.
Note: General Accounting is a prerequisite for;Analyzing Financial Statements.
Learning Objectives
- Describe the basic accounting cycle and define the basic elements used such as asset, liability, owners equity, revenue, and expense accounts and posting debits and credits
- Post to the general journal and general ledger, and prepare adjusting entries
- List the steps in the accounting cycle; prepare a post-closing trial balance and interim statements and the statement of owners equity
- Prepare a classified income statement and balance sheet, compute working capital and current ratio and journalize closing entries for a business
- Identify and perform functions relative to bank accounts and cash funds
