Accounting Cycle

Students are introduced to the field of financial accounting through defining the foundational activities, tools, and users of financial accounting. Students learn to use the accounting equation and are introduced to the four major financial statements. Additional topics include ethical considerations, recording business transactions, and the application of credit/debit [...]

Students prepare statements relevant to year end accounting processes synthesizing what they have learned in the previous two courses. Specific topics include adjusting entries, closing entries (with a focus on the adjustment to retained earnings), the preparation of an income statement, retained earnings statement, and a balance sheet, and [...]