MS 354 - Principles of Accounting

3 lecture hours 0 lab hours 3 credits

Course Description
This course focuses on the preparation and understanding of the four basic financial statements - income statement, statement of retained earnings, balance sheet and statement of cash flow. Specific topics include basic double entry accrual accounting and the special requirements in accounting for managing cash, receivables, investments, inventory, fixed assets, liabilities and equity. The Great Plains computer software program is used to illustrate how computers facilitate the accounting process. Students are required to complete a transaction-based term project using both manual and computer techniques. (prereq: none)

Course Learning Outcomes
Upon successful completion of this course, the student will be able to:

Understand the underlying concepts of accounting including the accounting cycle, accrual accounting, accounting for current assets, fixed assets and current liabilities
Understand the accounting process and prepare the financial statements for a small business
Be knowledgeable users of financial statements
Have an introductory-level understanding of computerized accounting systems and how to use those systems

Prerequisites by Topic

Sophomore standing
MS 183/MS 184 Introduction to Computer Methods and Applications
MS 221 Microeconomics
MS 331 Business Law

Course Topics

Technical expertise: The accounting equation Processing accounting information Accrual and cash-basis accounting Balance sheet Income statement Statements of equity
Working knowledge: Cash reconciliations Accounts receivable Inventory processing Inventory management Fixed assets and depreciation Great Plains accounting software
Appreciation for objective: Cash flow statement Internal controls Short-term investments Contingent liabilities Long-term debt Equity

Coordinator
Carol Mannino

Announcement

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Milwaukee School of Engineering

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MS 354 - Principles of Accounting