Students will create invoices, create and analyze accounts receivable and payment aging reports, and develop financial statements and reports with the assistance of a software application. Students will be required to use computers to complete projects. Outside laboratory work is required. I Intensive consideration is given to financial accounting theory and the current application of generally accepted accounting principles. A significant amount of time is devoted to financial statement preparation and presentation.
Emphasis is placed on the balance sheet.
Each of the principal asset accounts shown on the face of the balance sheet is studied in detail. The accounting cycle, measurement of income, acquisition and disposal of assets, and the time value of money are some of the specific topics covered. This course is an in-depth study of the current income tax law and tax regulations. It provides the student with practical applications in the preparation of income tax returns for individuals with supporting tax schedules. Instruction is also given on partnership and corporate taxation.