The textbooks required are:
- Quick Business Math by Steve Slavin, Publisher: Wiley, John & Sons, Incorporated Pub. Date: August 1995
- Small Business Accounting by Lita Epstein, Publisher: Wiley, John & Sons, Incorporated Pub. Date: July 2008
Students must have their textbooks by the first class session.
The student will demonstrate:
- Understanding of the Accounting Equation – Assets = Liabilities plus Equities
- Understanding a chart of accounts and how to build one
- Mastery of the eight steps of the accounting cycle:
1. Transactions
2. Journalizing
3. Posting
4. Trial Balance
5. Adjusted Trial Balance
6. Financial statements
7. AJEs
8. Closing
- How payroll is calculated including gross pay and tax considerations. The student will demonstrate the rules of contractor vs. employee status and how to apply them.
- How to prepare bank reconciliations and how to make adjustments.
- How to choose the appropriate method of accounting for the business and how to choose a fiscal year.
- Understanding various business entities and an introduction to the equity section of the balance sheet.
- Understanding of fraud, ethics and internal control in the small business environment.
Part One
- Introduction to Bookkeeping
- Bookkeeping Terminology
- Accounting Equation
- What is a Transaction?
- Single Entry Bookkeeping vs. Double Entry System of Entry
- Debits and Credits – History and Explanation
- The Journal
- T Accounts
Part Two
- Posting to the General Journal
- Introduction to General Ledger
- Posting from the General Journal to the General Ledger
- Special Journals:
Subsidiary and Controlling Journals: A/R & A/P
- Sales and Sales Returns and Allowances
- Fiscal Periods – Accounting Periods Calendar vs. Fiscal
- What Period of Time is a Balance Sheet vs. Income Statement
- Closing the Accounting Period
- Trial Balance
- Worksheet for Adjusted Trial Balance
- Adjusting Entries
- Final Trial Balance
- Creation of Financial Statements
- Formal Closing of Records
Part Three
- Bank Reconciliation
- Payroll
- Sales Tax
- Types of Business Entities
- Fraud and Internal Control
Part Four
- Two Class Final Project – Create Financial Books for Company for Three Months of Activity
