BUAC 1020 - Shawnee State University BUAC1020-Accounting...

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Shawnee State University BUAC1020—Accounting Principles Four credit hours will be earned upon successful completion of course Prerequisite of Course : Successful completion of BUAC1010 Optional Materials : Contrasting color of pen for self-correction of assignments; folder to keep handouts, etc organized; Students may wish to use Excel spreadsheet to complete many of the assignments Course Objectives : The purpose of BUAC1020 is to continue the understanding of internal controls for basic financial elements and to enhance and broaden those concepts learned in the first semester of accounting. In addition to the development of accounting systems for the remaining assets, the students will become aware of the various current obligations a firm incurs from ordinary trade practices, payroll systems, and other situations. The students will be introduced to the various controls and approaches a company may use to measure/value elements according to GAAP. The course will also introduce to the student the concepts of cost-behavioral analysis and how they can be used for decision-making purposes. Also, the course will address the recording and reporting of data that is unique to a manufacturing entity and how cost accounting differs from financial accounting . It will help prepare the student for more advanced courses in business and accounting which requires an understanding of specialized areas of accounting theory and analytical applications. Accounting is a tool which management must be able to use in aiding the decision-making process. This course will address issues in managerial/cost accounting as well as financial accounting. It will place special emphasis on the basic accounting principles promulated by the AICPA with the focus on their application to the corporate form of organization. : While taking this course, the student will be expected to achieve certain goals. Obtaining these goals will help assure the student’s success in this course and broaden their foundation for future accounting/business courses the student must take. Student goals expected to be achieved per chapter are: Chapter 9—Receivables Understand the nature of uncollectible receivables and how to properly account for events ranging from accepting the receivable; partial collections; uncollectible write-offs using the allowance method Accurately present the receivables on a balance sheet according to the Full Disclosure Concept of GAAP Chapter 10—Fixed Assets and Intangible Assets Define the characteristics of a fixed asset and the composition of its cost basis Provide examples of internal control procedures that apply to fixed assets Distinguish between capital and revenue expenditures
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Properly record the events which reflect the life cycle of a fixed asset from its
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BUAC 1020 - Shawnee State University BUAC1020-Accounting...

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