General description
This is the first course in accounting. The course begins with the definition of accounting, types of Businesses, Accounting Principles , Accounting Assumptions ,basic concepts of accounting and covers basic accounting topics such as accounting cycle; Basic Accounting Equation, Completion The Accounting Cycle, Accounting For Merchandising Operations, accounts hierarchy (account classes, account groups, accounts, subsidiary accounts); journal entries related to sales, purchases, collections, payments, and expenses; posting; accounting of value added tax; payroll accounting; accounting of current assets (except Adjusting inventories that will be covered in the subsequent course), Accounting For Commercial Bills, trial balance, preparation of financial statements, and closing/opening entries, Income Statement , Balance Sheet , Statement of Owners Equity .