• Forms of business organization: sole proprietorships, partnerships, corporations: accounting practices of sole proprietorships, partnerships and corporations: accounting for corporate income taxes, salaries paid to owners, owner’s equity in corporate balance sheet, the issuance of capital stock, retained earnings, accounting for dividends.
• Financial Assets: Cash, reporting cash in the balance sheet, the statement of cash flows, cash management, internal control over cash, cash disbursements, bank statements, reconciling the bank statement, petty cash funds, The cash budget as a control device
• Plant asset and Depreciation, Intangible Assets: Major categories of plant assets, accountable events in the lives of plant assets: acquisition of plant assets, Depreciation: Straight line method, The declining balance method, MACRS: the tax method, disposal of plant and equipment, intangible assets: amortization, goodwill, patents, trademarks, franchises, copyrights, natural resources
• Liabilities Common to Most Business Organizations: Current Liabilities, Long-Term Liabilities, special types of liabilities, evaluating the safety of creditor’s claims, estimated liabilities, loss contingencies, and commitments
• Stockholder’s Equity statement: Measuring Corporation Income, Reporting unusual Items, Earnings Per Share, Cash Dividend, Treasury Stock, Stock Split;
• Measuring Cash Flows: Statement of Cash Flows and Classification of cash flows, preparation of Cash Flows.
• Practical Application of Peachtree Software
The objective of this course is to discuss advance topics after completion of course I of financial accounting. Topics include accounting of assets, accounts receivables, plant and equipment and liabilities of business sector.
Course Learning Outcomes
After the completion of this course, the students will be able to:
• Understand and describe the appropriate books of account for different types of accounting transactions and be able to prepare a trial
balance from these books of account.
• To prepare and maintain a range of control accounts appropriate to the books of account.
• To prepare journal entries and deal with the treatment of suspense account items. Understand, calculate and interpret a range of basic
financial ratios appropriate to a set of financial statements, particularly in the key areas of profitability, solvency/liquidity, asset utilization and
Financial Assets – Accounting for Uncollectable accounts lec 7
Plant Assets Natural Resources and Intangible Assets lec 8-9
Plant Assets Natural Resources and Intangible Assets lec 10-13
Plant Assets Natural Resources and Intangible Assets - Depreciation Method (MACRS)
Liabilities (Current Liabilities Types of Current Liabilities Payroll taxes payable Unearned revenue Current maturities of long term debt) lec 15-16
Stockholder equity: Paid-in Capital lec 22-23
Cash Flow Statement Lec 24-26
Introduction to Peachtree lec 27
Application of Peachtree Software - accounting premier lec 28-29
Peachtree example file to understand the dynamics of accounting software lec 30
Practical Application of Peachtree Software - Company information and General Journal lec 31
Application of Peachtree Software - Vendor and inventory introduction Vendor and inventory default lec 32
Vendor and inventory – setting up sell prectice lec 33
Vendor and inventory – Ordering and Receiving inventory lec 34
Vendor and inventory – Working with Assemblies lec 35
Vendor and inventory – Taking Inventory and Adjusting Quantity lec 36
Vendor and inventory – Reporting on Inventory lec 37
Book Title : Accounting: the Basis for Business Decision
Author : Walter Meigs and Robert Meigs
Edition : 11 or 15th
Publisher : McGraw-Hill Inc
Book Title : Accounting: an intuitive approach
Author : M. Arif and Sohail Afzal
Edition : latest
Publisher : Azeem Academy