BA 2510 - Introduction to Accounting

• Describe the role of accounting in business strategy and innovation.
• Create and analyze all four financial statements for all types of companies including service, merchandising, and manufacturing.
• Identify and demonstrate how transactions affect the financial statements for service, merchandising, and manufacturing companies.
• Identify and implement accounting processes for receivables, inventory and fixed assets.
• Identify cost behavior and implement cost-volume-profit analysis

• None

• Introduction to accounting including the financial statements
• Balance sheet
• Income statement
• Statement of retained earnings and cash flow statement
• Transaction processing,
• Accrual accounting
• Classified balance sheet and multi-step income statement
• Inventory
• Receivables
• Fixed assets
• Cost accounting basics for a manufacturing company
• Contribution margin income statement and cost-volume-profit analysis
• Cash flow statement

• Demonstrate the flow of transactions through the accounting system.
• Explain debits and credits
• Prepare journal entries, t-accounts and trial balance
• Demonstrate the difference between cash basis and accrual basis accounting
• Prepare adjusting entries
• Demonstrate the closing process
• Create a classified balance sheet
• Demonstrate the accounting processes for a merchandising company
• Create a multi-step income statement
• Demonstrate how merchandise inventory cost are determined under perpetual inventory systems and different costing methods
• Explain how valuation methods affect the financial statements
• Explain lower or cost or market is implemented
• Explain the advantages and disadvantages of allowing trade credit
• Demonstrate the adjustment process for bad debts
• Describe fixed assets
• Demonstrate depreciation methods and how they affect the financial statements
• Demonstrate the accounting for the disposal of fixed assets
• Explain the differences in accounting between service business, merchandise business and manufacturing.
• Identify components of the cost of goods manufactured.
• Describe product vs period costs
• Identify variable and fixed costs
• Demonstrate a contribution margin income statement
• Explain and demonstrate the uses of cost volume profit analysis
• Create a statement of cash flows
• Describe and calculate free cash flow