Principles of Accounting Level 1

Are you good with computing numbers and analyzing financial data? Whether you dream of working for a large company or envision owning your own business, accountants are in demand. Our Principles of Accounting Level 1 course provides students with the opportunity to explore basic accounting systems, processes, and the resulting financial statements. Additionally, the students will closely examine accounting rules, procedures, and controls that are applicable to cash, receivables, and inventory. Included in this program is accounting for investments in long-term productive assets. Our curriculum provides a thorough introduction to financial accounting and the responsibilities one should be prepared for in the world of accounting.

Principles of Accounting I Module 1
Introduction to Accounting

• Stereotypes of an Accountant
• Entity Concepts
• Core Accounting Principles
• The Language of Business
• Disciplines of Accounting
• Financial Accounting
• Key Concepts
• The Financial Reporting Model
• Usefulness of Accounting in Careers and Life
• The Importance of Ethics

Principles of Accounting I Module 2
The Accounting System

• System Design
• Accounts Debits
• Accounts Credits
• Transaction Analysis
• General Journal
• Charts of Accounts
• Source Documents
• Thinking About Automation
• No Guarantee of Correctedness
• Critical Thinking About Debits and Credits

Principles of Accounting I Module 3
Income Measurement and the Accounting Cycle

• An Emphasis on Transactions and Events
• The Periodicity Assumption
• Revenue Recognition
• Expense Recognition
• Adjusting Entries
• The Adjusting Process for Revenues
• The Accounting Cycle
• Reporting Periods and Worksheets
• Cash Basis of Accounting
• Historical Cost Principle

Principles of Accounting I Module 4
Cash, Receivables, and Controls

• Concepts of Cash
• Cash Management and Control
• Bank Reconciliations
• Petty Cash Funds
• Cash Short Account
• Accounts Receivable
• Selling on Credit
• Interest Charges
• Direct Write-Off Method
• Allowance Techniques for Uncollectible Accounts

Principles of Accounting I Module 5
Inventory

• Recording Purchase of Asset
• Gross Profit
• Categories of Inventory
• Inventory Costs
• Freight
• Cost Assignment
• Perpetual Systems
• Comparing Methods
• The Importance of Accuracy
• Physical Inventory

Principles of Accounting I Module 6
Plant Assets

• Property, Plant and Equipment
• Typical Vs. Mega Company Balance Sheet
• Ordinary and Necessary Costs
• Special Rules
• Materiality Issues
• Depreciation
• The Straight-Line Method of Depreciation
• The Double-Declining-Balance Method of Depreciation
• Revisions in Depreciation
• Asset-Related Costs Subsequent to Acquisition

Principles of Accounting I Module 7
Current Liabilities

• Operating Cycle
• Accounts Payable
• Notes Payable
• Accruals
• Prepayments, Deposits, and Collections for Others
• Estimated Liabilities
• Being a Better Borrower
• Concepts in Payroll Accounting
• Calculating Gross and Net Pay
• Payroll Journal Entries

Principles of Accounting I Module 8
Corporate and Partnership Equity

• The Corporation
• Initial Public Offering
• The Partnership
• The Sole Proprietorship
• Accounting for Sole Proprietorships and Partnerships
• Basic Accounting Considerations
• Corporate Equity Transactions
• Corrections of Errors
• Changes in an Accounting Method
• Retrospective Adjustment

Principles of Accounting I Module 9
Analysis

• Common-Size Financial Statements
• Ratio Analysis
• Liquidity Analysis
• Debt Service Analysis
• Turnover Analysis
• Profitability Analysis
• Other Measures
• Earnings-Per-Share
• Recap and Summary Illustration
• Calculation of Ratios