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DESCRIPTION

This course provides basic knowledge of financial and managerial accounting.  Focuses on the generation and use of accounting information within the firm for planning and controlling operations, and the recording, categorization and reporting of financial information for decisions by those inside and outside the business enterprise.

OBJECTIVES

1. Identify the four basic accounting reports.
2. Analyze transactions using the rules of debit and credit.
3. Post journal entries to the general ledger.
4. Differentiate between accrual basis and cash basis accounting.
5. Calculate adjusting entries.
6. Prepare an adjusted trial balance.
7. Prepare a financial statement worksheet.
8. Prepare classified income statements and balance sheets, and the statement of retained earnings.
9. Prepare closing entries, reversing entries, and a post-closing trial balance.
10. Analyze the impact of elements in the cost of goods sold calculation.
11. Record the transactions that involve the purchase and sale of merchandise.
12. Calculate ending inventory value using the LIFO, FIFO, and average cost methods.
13. Examine the impact of inventory valuation methods on net income or net loss.
14. Summarize strengths and weaknesses of an internal control system.
15. Recommend improvements to internal control systems.
16. Prepare a bank reconciliation

PREREQUISITES

None

TEXTBOOK(S)

Financial and Managerial Accounting: Information for Decisions (6th Ed.)

Publisher: McGraw-Hill (2013)

Author(s): Wild, J., Shaw, K., & Chiappetta, B.

ISBN: 978-0078025761

* Disclaimer: Textbooks listed are based on the last open revision of the course. Prior revisions and future revisions may use different textbooks. To verify textbook information, contact Academic Affairs academics@uofriverside.com