Generally Accepted Accounting Practices (GAAP)

Generally Accepted Accounting Practices (GAAP)

OBJECTVES:

1. Perform all the steps of the accounting cycle in accordance with GAAP for service and merchandising businesses.
2. Prepare financial statements for sole proprietorships, partnerships, and corporations.
3. Calculate quantities and dollar amounts of merchandise inventory and cost of goods sold using GAAP and IRS methodologies.
4. Provide for uncollectible accounts receivable and calculate the estimated amount of accounts receivable that will ultimately be collected.
5. Calculate depreciation, depletion, and amortization and calculate the book value of plant and intangible assets.
6. Broadly describe the principles of internal control over assets and the accounting profession’s Code of Ethics.
7. Discuss the income tax consequences resulting from the use of alternate GAAP methodologies.
8. Describe the differences among cash, accrual, and other comprehensive bases of accounting.
9. Make calculations and prepare journal entries for various end of period adjustments.
10. Make calculations and prepare journal entries for the issuance and redemption of debt and equity securities by corporations.

Course Outline:

• Introduction/Accounting: Information & Decision Making
• Accounting: Information & Decision Making
• Basic Financial Statements
• The Accounting Cycle: Capturing Economic Events
• The Accounting Cycle: Accruals & Deferrals
• The Accounting Cycle: Reporting Financial Results
• Merchandising Activities
• Financial Assets
• Inventories and the Cost of Goods Sold
• Plant and Intangible Assets
• Liabilities
• Stockholders’ Equity: Paid-In Capital
• Income and Changes in Retained Earnings
• Statement of Cash Flows
• Financial Statement Analysis