Introduction to Accounting

School of Business > Accounting > ACC 100

Welcome to Introduction to Accounting, ACC 1000. This course is being designed to introduce the basic skills needed in the field of accounting. As with all Wikiversity Courses, this is a continual joint collaboration among numerous sources, so please check back at regular intervals. Also, please feel free to use the discussion tab at the top of the page for any questions, comments, concerns, or ideas concerning this course.

Introduction to Accounting will be divided into sessions, each on its own page. Each session represents the material that would be in a single classroom period. This page is analogous to a syllabus that would normally be handed out at the beginning of the class.

Text

The Wikibook Accounting will be a reference throughout the coursework.

Goals

After careful study of the course, an interested learner should be able to:

1. Identify the importance of the Accounting Equation;
2. Identify the Normal Balance for both Balance Sheet and Income Statement Accounts;
3. Analyze Business Transactions using T-Accounts;
4. Identify the basic information to be conveyed in the four basic Business Statements;
5. Understand and Perform the 7 steps of the Accounting Cycle
6. Record end of period Adjusting and Closing Entries
7. Use the basic form for reconciling bank statements

Sessions

Session 1: Basic Principles and Concepts

Session 1 will focus on the overriding principles, basic ethics, and fundamental concepts of accounting.

Session 2: Accounts

Session 2 focuses on the Chart of Accounts, T-Accounts, Journals and Ledgers.