Principle Accountig_GAP01

Overall Course Objective

• Explain what accounting is
• Identify the users and uses of accounting
• Understand why ethics is a fundamental business concept
• Explain GAAP and the cost principle
• Explain the monetary unit assumption and the economic entity assumption
• State the accounting equation, and define assets, liability, and owner’s equity
• Analyze the effects of business transactions on the accounting equation
• Understand the four financial statement and how they are prepared

Major Topic:

• Accounting in Action
• The Recording process
• Adjusting the accounts
• Completing the accounting cycle
• Accounting for merchandising operations