ACBO 9207 Basic Accounting Concepts II
ADVISE: ACBO 9206
or equivalent, ESL Level 6+
Basic accounting concepts and procedures introduce to students recording business transactions into special journals and subsidiary ledgers for accounts receivables and accounts payables, cash payments and payroll using a manual accounting system; students learn about banking procedures, bank reconciliations, accruals and deferrals and preparing classified financial statements.
After successful completion of this course, students will be able to:
- Outcome 1: Explain the Accounting Equation for sales and purchases
- Outcome 2: Explain cash and accrual methods of accounting.
- Outcome 3: Analyze and record business transactions into special journals, the general ledger and subsidiary ledger accounts.
- Outcome 4: Reconcile bank accounts and petty cash fund.
- Outcome 5: Compute and record payroll and payroll taxes and deposits.
- Outcome 6: . Calculate and record adjustments on the worksheet: accruals and deferrals
- Outcome 7: Prepare classified financial statements
- Outcome 8: Journalize and post adjusting, closing and reversing entries and prepare postc1osing trial balance