NC 654: Introduction to Accounting Principles and QuickBooks

• Define and use basic accounting and business terminology.
• Demonstrate knowledge on choice of business entity to start a venture.
• Explain how the choice of business entity relates to federal taxation.
• Explain how QuickBooks accounting system is designed to satisfy the needs of specific businesses and users.
• Apply transaction analysis, input transactions into QuickBooks accounting system, process this input, prepare and interpret the four basic financial statements.
• Demonstrate proficiency with QuickBooks accounting system.
• Distinguish between cash basis and accrual basis accounting and their impact on the financial statements.
• Demonstrate knowledge of payroll processing and required employer tax forms.
• Identify and illustrate the principles of internal controls used to manage and control the firm’s resources and minimize risk using QuickBooks accounting system.
• Explain the content, form, and purpose of the basic financial statements.

Accounting

1. Introduction to Accounting and Business     
   1. Types of Business Entities
   2. Financial Statements
   3. Accounting Equation
   4. Business Transactions and Accounting Equations
2. Analyzing Transactions
   1. Double-Entry Accounting System
3. Accounting Cycle
   1. Flow of Accounting Information
   2. Closing of books
4. Accounting for Retail Businesses
   1. Merchandise Transactions
      1. Purchase Transactions
      2. Sale Transactions
      3. Freight
      4. Sales Tax
      5. Multiple-step Income Statement
5. Inventories
   1. Inventory Cost Flow Assumption
   2. Inventory Costing under Perpetual Inventory System
   3. Inventory Costing under Periodic Inventory System
6. Internal Control and Cash
   1. Cash Control
   2. Bank Reconciliation
   3. Petty Cash
7. Receivables
   1. Account Receivable
   2. Note Receivable
   3. Direct Write-off for Uncollectible Accounts
8. Long-term Assets
   1. Factors in Computing Depreciation Expense
   2. Straight-Line Depreciation Method
   3. Discarding Fixed Assets
   4. Selling Fixed Assets
9. Liabilities and Payroll
   1. Current Liabilities
   2. Installment Notes
   3. Payroll Liabilities

QuickBooks

1. Setting Up Company Files
2. Service Company
   1. Sales Activity
   2. Purchasing Activity
   3. Bank and Credit Card Reconciliation
3. Merchandising Activity
   1. Sales Activity
   2. Purchasing Activity
   3. Bank and Credit Card Reconciliation
4. Journal Entries
5. Reports
   1. Financial Statement
   2. Customer
   3. Vendor