LSC Accounting I (Online Course Blackboard)

Topic 1 Accounting for Business Today

The Purpose and Use of Financial Information

Generally Accepted Accounting Principles (GAAP)

Business Ethics

Careers in Accounting

Topic 2 Recording Business Information

The Accounting Cycle

Transactions

Journalizing the Transactions

Posting to the Ledger

The End of the Accounting Period

The Unadjusted Trial Balance

Adjusting Entries

The Adjusted Trial Balance

Financial Statements

Closing Journal Entries

Post-Closing Trial Balance

Overview of the Accounting Cycle

Topic 3 Financial Statements

Fundamental Accounting Equation

Income Statements

Statement of Owner’s Equity

Balance Sheet

Financial Statements

Topic 4 Journalizing and Posting Transactions

Double-Entry Accounting—Debits and Credits

Using T-accounts

Entering and Analyzing Transactions

Preparing a Trial Balance

Topic 5 Preparing and Adjusting Entries

Accrual Versus Cash Basis of Reporting

Recognition and Matching Principles

Journalizing and Posting Adjusting Entries

Prepaid Expenses and Unearned Revenue

Topic 6 The Accounting Cycle

Preparing the Adjusted Trial Balance

Calculating Net Income or Loss

Journalizing and Posting Closing Entries

Preparing the Post-closing Trial Balance

The Accounting Cycle and Classification Structure

Topic 7 Assets: Cash and Controls

Cash Transactions

Establishing Internal Controls

Cash Receipts and Disbursements

Reconciling the Bank Statement

Topic 8 Assets: Sales and Receivables

Sales Journal and Accounts Receivable Ledger

Recognizing Accounts Receivable

Sales Returns and Allowances

Accounting for Bad Debts

Topic 9 Assets: Inventory Valuation

Accounting for Inventory—Physical Count, Costs, and Controls

Inventory Closing Methods

Valuing Inventory and Lower of Cost or Market (LCM)

Topic 10 Acquisition of Property, Plant, and Equipment

Acquisition of Property, Plant, and Equipment

Depreciation of Property, Plant, and Equipment

Disposition of Property, Plant, and Equipment

Accounting for Natural Resources

Accounting for Intangible Assets

Topic 11 Liabilities: Purchasing and Payables

Purchasing and the A/P Ledger

Recording Account Payables

Purchase Returns and Allowances

Topic 12 Liabilities: Notes Payable and Other Current Liabilities

Classifying Current Liabilities

Notes Payable

Taxes Payable

Accounting for Contingent Liabilities

Topic 13 Liabilities: Notes Payable and Other Current Liabilities

Employee Versus Contractor

Recording Wages Payable

Accounting for Employee Benefits—Health, Pension, and Vacation

Legal Responsibilities—Federal Withholdings and Reporting

Topic 14 Accounting Information Systems

Foundation Principles for Accounting Information Systems

Elements of an Accounting Information System

Use of Special Journals in an Accounting Information System

Use of the Sales Journal in an Accounting Information System

Use of a Cash Receipts Journal in an Accounting Information System

Use of a Purchases Journal in an Accounting Information System

Use of a Cash Disbursements Journal in an Accounting Information System

Technology Solutions for Small, Mid-Sized, and Large Companies

Topic 15 Review

This course focuses on ways in which accounting principles are used in business operations. Students learn to identify and use Generally Accepted Accounting Principles (GAAP), ledgers and journals, and steps of the accounting cycle. This course introduces bank reconciliation methods, balance sheets, assets, and liabilities. Students also learn about financial statements, including assets, liabilities, and equity. Business ethics are also discussed.After completing this course, students will be able to:

• Identify and apply Generally Accepted Accounting Principles (GAAP).

• Apply the steps of the accounting cycle.

• Post and analyze transactions using ledgers and journals.

• Demonstrate how to record adjusting entries for prepaid expenses and unearned revenue.

• Demonstrate understanding by completing an adjusted trial balance.

• Perform a bank reconciliation.

• Explain the purpose of the sales journal and the Accounts Receivable ledger and post entries to both.

• Record the costs associated with the acquisition of property, plant, and equipment.

• Explain the purpose of and prepare entries for the purchase order journal and accounts payable (A/P) ledger.

• Identify the fundamental principles of an accounting information system.