Must be taken in sequence. For ACCT 102 - A grade of 2.0 or better in ACCT 101 or permission of instructor. This course is an introduction to fundamental bookkeeping for a sole proprietorship. It focuses on learning how and when to record transactions and how and when to prepare financial statements. This course enables students to understand the accounting procedures required for merchandising businesses.
Students learn to prepare and record typical transactions for the purchase and sale of inventory.
Application of accounting output to managerial control and planning. For SFCC - ACCT 102. This enables students to prepare bank reconciliations, understand bank statements, account for petty cash and understand electronic fund transfers. This enables students to understand accounts receivable. The focus is on the proper recording of receivables, collection of receivables and writing off of receivables.