Author:
Robert N. Holt, Ph.D., C.P.A
Chapters:
Introduction to Accounting and the Accounting Model
Using the Accounting Model to Determine Net Income
Using the Accounting Model to Complete the Accounting Cycle
Adjusting the Financial Statements and Completing the Accounting Cycle
The Work Sheet and the End of Period Procedures
Accounts for Merchandising Businesses
Accounting Systems and Special Journals
Audience: Those individuals who require a thorough understanding of the details of the accounting process, from journalizing transactions to ledger entries to adjusting and closing entries and statement preparation.
Abstract: This course, which has been used successfully for several years by Fortune 100 training officers in week-long seminars, is now available to assist accountants, trainers, consultants, and other educators who require a vehicle by which to teach the accounting cycle.
The Financial Accounting Cycle begins with a series of definitions explaining what accounting is, who does it, and why it is necessary. Students are then introduced to the fundamental accounting equation, (Assets = Liabilities + Owner’s Equity) and to the accounts typically found in the books of a proprietorship, partnership, and corporation. The text then uses a novel teaching approach, developing the balance sheet as a means of introducing T-accounts, debits, and credits.
Chapter 2 teaches students about the income statement and owner’s equity along with the basics of establishing an accounting system. The appendix to Chapter 2 details the standard-setting process in the American accounting profession.
Chapter 3 solidifies the lessons of Chapters 1 and 2 with a series of transactions that the student must journalize and post to the general ledger and subsidiary ledgers. Chapter 3 also introduces closing entries.
Chapter 4 defines accrual accounting and integrates adjusting entries into the accounting process.
Chapter 5 describes accounting terminology associated with merchandising businesses. The appendix to Chapter 5 introduces accounting systems and special journals.