Introductory Financial Accounting - ACC 100/CACC 100/AFA 100

Explore the qualitative characteristics that guide financial statements under gaap, including faithful, relevant, comparable, verifiable, timely, and understandable information that supports decision making.

Analyze business activities with a logical approach to the accounting cycle. Trace each transaction across assets, liabilities, equity, revenues, expenses, and dividends using two critical and two enhancing questions.

Trace how the basic accounting equation balances as owner’s capital, loans, and credit cards affect assets, liabilities, and equity, and how revenue, expenses, and dividends adjust retained earnings.

Compute beginning assets and ending balances by applying the accounting equation, determine profit, retained earnings, and equity changes from revenues, expenses, and owner contributions.

Identify accounts and indicators for typical transactions, perform cash flow analysis, and compute ending balances and equity changes using revenues, expenses, contributions, and dividends.

Format the income statement with a three-part title, period ending, and profit before tax. Organize revenues and expenses by magnitude, apply subtotals.

Analyze November transactions for Tablet World Inc., including opening balances, purchases, discounts, freight, returns, end-of-month adjustments, and their effects on inventory, accounts payable, and prepaid insurance.

Analyze chapter three accounts through the expanded accounting equation. Record assets, liabilities, owner's capital, revenues, and expenses from practical transactions.

Learn to prepare and analyze key financial statements—income statement, balance sheet, and cash flow statement—classify assets, liabilities, and equity, and compute basic ratios.

Explore inventory costing choices for a one-of-a-kind jewelry business, evaluating specific identification, FIFO, and average cost methods, their drawbacks, and when ending inventory may occur.