The development of the accounting cycle. No deficiency in Basic Math. Including payroll, merchandise sales and purchases, cash receipts and payments, worksheet, adjusting and closing entries, and annual financial statements. Reinforces the accounting procedures learned in ACCT 110. Students gain experience in reading and analyzing typical source documents and in determining what information to record from those documents.
Students use the computer to enter typical financial transactions.
This class is to be taken after or concurrently with ACCT 120 or equivalent. Practice in all payroll operations including preparation of payroll tax returns will be provided. An introductory course in the preparation of individual federal income tax returns, including overview of history, economics, social aspects, equity, and structure of the federal tax laws of the United States. Emphasis on principles of double-entry accounting and the preparation of financial statements in the context of a single proprietorship. No deficiencies in math or reading.