Students learn to record financial information and prepare financial statements for service and merchandising organizations. Procedures for calculating and recording ending inventory, depreciation, bad debt and payroll are presented. In addition, students learn methods of analyzing and controlling cash receipts and disbursements. In this lab students use PC software packages to perform accounting functions on a practice set of accounting records and financial statements for a proprietorship. This course examines partnership and corporate accounting.
Students learn to record and classify financial information and analyze quantitative data.
Additionally they learn to calculate working capital and prepare a Statement of Cash Flows. Methods of acquiring funds, including the sale of stocks and bonds, are also examined. In this lab students use PC software packages to complete assignments that require performing accounting functions on a practice set of corporate accounting records and financial statements. This course focuses on the way in which financial statements reflect business operations results. It also emphasizes use of financial statements in the decision-making process in the merchandising, manufacturing and service sectors.