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MODULE 1 - Introduction to Accounting and Elements of Accounting.pdf

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Property of and for the exclusive use of SLU. Reproduction, storing in a retrieval system, distributing, uploading or posting online, or transmitting in any form or by anymeans, electronic, mechanical, photocopying, recording, or otherwise of any part of this document, without the prior written permission of SLU, is strictly prohibited.1FINANCIALACCOUNTING ANDREPORTINGCOURSE LEARNING OUTCOMESAt the end of the module, you shouldbe able to:1.define accounting;2. knowthebriefhistoryofaccounting;3. identifytheelementsofaccounting;4. understandtheeffectsoftransactionsonaccountingequation; and5.know how to prepare the financialstatements.AE 112-MODULE 1(Introduction toAccounting)
Property of and for the exclusive use of SLU. Reproduction, storing in a retrieval system, distributing, uploading or posting online, or transmitting in any form or by anymeans, electronic, mechanical, photocopying, recording, or otherwise of any part of this document, without the prior written permission of SLU, is strictly prohibited.2You have to understand accounting and you have to understand the nuances of accounting.It's the language of business and it's an imperfect language, but unless you are willing to put inthe effort to learn accounting - how to read and interpret financial statements - you reallyshouldn't select stocks yourself.”Warren BuffettCOURSE INTRODUCTIONThis course provides an introduction to accounting, within the context of businessand business decisions.Students explore the role of accounting information in thedecision-making process and learn how to use various types of accounting informationfound in financial statements and annual reports.This course starts with a discussion ofaccounting thought and the theoretical background of accounting and the accountingprofession.The next topic is the accounting cycle-recording, handling, and summarizingaccounting data, including the preparation and presentation of financial statementsformerchandising and service companies.Moreover, it continues with transactions, financialstatements, and problems peculiar to the operations of partnerships and corporations asdistinguished from sole proprietorships. Topics include accounting for partnership formationand operations; share capital issuances, treasury shares, other related transactionsaffecting accumulated profits.Emphasis is placed on understanding the reasonsunderlying basic accounting concepts and providing students with an adequatebackground on the recording, classification, and summarization functions of accounting toenable them to appreciate the varied uses of accounting data.
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Term
Fall
Professor
ANITATESHER

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