Equivalency Details

Introduces accounting concepts, principles, and practices followed in the preparation of external financial reports. Alternative accounting treatments and policies relative to asset valuation, liability measurement, and income determination are discussed. Emphasis on interpretation, uses, and limitations of financial reports.

This course presents the accounting cycle covering both service and merchandising activities of a sole proprietorship. It also, analyzes a business transaction from a journal entry through the preparation of the financial statements (income statement, statement of owner equity, and the balance sheet) to closing journal entries. The course includes but is not limited to, perpetual inventory, accounts and notes receivable, and accounting for plant and intangible assets.