Ashford University ACC 205 Accounting Study Guides and Answers
ACC 205 Accounting Study Guides and Answers
This course presents accounting principles and their application to various businesses. Covers income determination, asset valuation, and financial reporting. The course studies both service and merchandise operations including internal controls and analysis of financial statements.
This course is designed to give the beginning business student a general understanding of the purpose of accounting, the capacity to perform basic accounting functions, and a working knowledge in financial statement preparation.
MAJOR TOPICS TO BE INCLUDED:
• Transaction analyzing, journalizing and posting to ledgers.
• The cycle of actions required to identify, record, and summarize the financial
transactions of simple business enterprises.
• Special accounting techniques for merchandising businesses.
• Managing and accounting for cash receipts, payments, and merchandise
• Determining and recording the financial effects of internal value changes
within the business.
• Preparing financial statements for use by managers, owners, creditors, and
potential owners and creditors.
• Automated and electronic data processing.
• Managing and accounting for receivables and payables.
• Inventory valuation and cost of goods sold.
• Fixed asset valuations and depreciation.
• Payroll accounting.
• Partnership accounting
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