Professor Teaches Accounting Fundamentals

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1. Introduction to Accounting
• What is Accounting?
• Accounting Assumptions
• Assets, Liabilities, and Equity
• Accounting Principles
• The Accounting Equation

2. The Balance Sheet
• Accounting Equation and Balance Sheet
• Business Transactions and the Balance Sheet
• Classifying Assets and Liabilities
• The Balance Sheet in Action

3. Financial Statements
• Introduction to Financial Statements
• Revisiting the Balance Sheet
• The Income Statement
• Statement of Owner's Equity
• Generating Financial Statements
• The Accounting Period
• Business Entities and Financial Statements

4. Working with Accounts
• The General Ledger
• The Chart of Accounts
• Using Accounts for Transactions
• Understanding Debits and Credits
• Double Entry Accounting
• Account Balances
• Revenue and Expense Accounts

5. The Accounting Cycle
• Introduction to the Accounting Cycle
• Identifying Source Documents
• Recording Journal Transactions
• Posting to the General Ledger
• Generating a Trial Balance
• Recording Adjusting Entries
• Generating the Adjusted Trial Balance
• Preparing Financial Statements
• Recording Closing Entries

6. The Merchandising Business
• Merchandising vs. Service Business
• Determining Net Income
• Returns and Discounts
• Inventory

7. Accounting for Cash
• Introduction to Internal Controls
• Checking Account Controls
• Bank Reconciliations
• Cash Controls
• The Purchase Order System