PART 1 FINANCIAL ACCOUNTING

Module 1 -- Recording Business Transactions

Understand the basic principles of double entry accounting
Understand the nature and accounting of a merchandising business and how it differs with a service business
Analyze and record transactions in the accounts such as purchases and sales
Prepare chart of accounts for a merchandising and service business
Use T accounts to analyze transactions into debit and credit parts
Compute total balances of accounts
Prepare trial balance and learn its purpose

Module 2 -- Drafting Financial Statements

Understand how the matching concept relates to and supports the accrual basis of accounting
Analyze and clarify why adjustments are necessary
Make adjusting journal entries that will update the marching process
Use six (6) column worksheet and prepare an adjusted trial balance
Use worksheet serves as a device for collecting and summarizing data
Prepare classified financial statement form a worksheet
Prepare the adjusting and closing entries
Post the adjusting and closing entries
Prepare a post-closing trial balance
Prepare a multi-step and single-step income statement, statement of owners equity and balance sheet for a
merchandising and service business
Complete the accounting cycle
Prepare Financial Statements

Module 3 -- Maintaining Financial Records

Understand how Special Journals, Controlling Accounts and Subsidiary Ledgers are used to summarize classes
of business transactions
Record Sales on account transaction in a Sales Journal
Record Cash Receipts transactions in a Cash Receipts Journal
Record Purchases on account transactions in Purchases Journal
Record Cash Disbursements transactions in a Cash Payments Journal
Record Other transactions and adjustments in a General Journal
Post and reconcile subsidiary account balances with controlling account
Learn the basic steps in computerizing an Accounting System using Microsoft Excel
Use voucher system to control expenditures
Prepare a voucher and record transactions in a Voucher Register

Module 4 -- Reconstructing Incomplete Records

Establish internal controls to safeguard assets most especially cash
Understand Single-entry Bookkeeping systems
Reconstruct incomplete records and looking for missing information
Audit and review the accounting records of a business entity
Convert cash basis of accounting to accrual basis of accounting
Locate, analyze, and correct the errors committed
Prepare of correcting entries, if necessary
Recast of financial statements, if necessary or practical
Detect the presence of frauds or misappropriations
Reconcile a bank statement and prepare necessary entries
Prepare reconstructed financial statements
Analyze and interpret the financial statements prior to making an informed decision