Basic Accounting Practices
Survey aspects of financial and managerial accounting with an emphasis on analysis and interpretation of financial statements and the application of key managerial accounting tools for decision-making. Not open to students with credit in ACC101. Designed primarily for Office Technology, Tourism Management, and Fashion Merchandising Management students.
Subject Code: ACC
Course Number: 106
Credits: 3
Lecture Hours 3
Course Learning Outcomes:
1. Define accounting and discuss its role in business.
2. Describe the importance of ethics in accounting.
3. Prepare basic financial statements, such as the Income Statement, Statement of Retained Earnings, Balance Sheet, or Statement of Cash Flows.
4. Analyze business transactions using financial accounting concepts.
5. Explain the importance of an internal control structure for a business.
6. Complete a bank reconciliation.
7. Calculate inventory sold using various costing methods.
8. Calculate depreciation using the straight line method.
9. Perform interest rate calculations.
10. Define key components of a company’s debt and equity financing structure.
11. Analyze the financial statements of a public company.
12. Perform break-even analysis.
13. Describe the factors which impact how a company determines the sales price for a product or service.
14. Prepare a sales, production, and cash flow budget.
Effective Term: Fall 2020
Tutoring Services
Tutoring for all GCC students is available free of charge by professional and peer tutors. We are offering tutoring online for: accounting, math, writing, chemistry, physics, general biology, anatomy & physiology, American Sign Language, and success skills.
