Accounting and Payroll Diploma

The component will provide a complete overview of the overall Financial Accounting program. Core concepts covered include: Identifying and describing the forms of business organization; Generally Accepted Accounting Principles; Identity, Explain and Prepare the Financial Statements; Analyze transactions by using the accounting equation.

In this course, you will learn the following: Describe Asset, Liability & Equity accounts; Analyze transactions using double-entry accounting; Prepare trial-balance, explain its use and prepare financial statements from it; Record transactions in the general journal and post them to a general ledger; Define the accounting cycle.

Explains how the adjusted entries match the revenues and expenses to the appropriate time period; Explain the use and prepare the adjusting entries required for prepaid expenses, depreciation; unearned revenues; accrued revenues, and accrued expenses; Prepare an adjusted trial balance and use it to prepare financial statements; Identify and explain the steps required in the accounting cycle; Explain the purpose of closing entries and use closing entries to prepare a post-closing trial balance.

In this course, you will learn: Financial Statements disclosure; The classified statement of Financial Position; Notes to Financial Statements; Auditor’s Report; Management’s Responsibility Report.

In this course component, you will learn the following: Describe Merchandizing and explain the financial statement component of sales, cost of goods sold, merchandize inventory and gross profit; differentiate between perpetual and periodic inventory systems; Analyze and record purchase transactions for a merchandizer; Analyze and record sales transactions for a merchandizer; Record adjustments to merchandize inventory.

In this course component, you will learn the following: Describe Merchandizing and explain the financial statement component of sales, cost of goods sold, merchandize inventory and gross profit; differentiate between perpetual and periodic inventory systems; Analyze and record purchase transactions for a merchandizer; Analyze and record sales transactions for a merchandizer; Record adjustments to merchandize inventory.

Define Internal control and explain how it is applied to cash; Explain and journalize petty cash transactions; Explain the purpose and prepare a bank reconciliation, and record related adjustments; Explain, calculate and record related adjustments; Explain, Calculate and record estimated uncollectible accounts receivable and subsequent write-offs and recoveries; Explain and record short-term notes receivable and calculate related interest.

Describe how the cost of property, plant, equipment is determined; Explain, calculate and record depreciation using the units-of-production; straight line, and double-declining balance methods; Explain, calculate, and record depreciation for partial years; Explain, Calculate and record revised depreciation for subsequent capital expenditures; Explain, calculate and record the impairment of long-lived assets.

Identify and explain the difference between current and non-current liabilities; Record and disclose known current liabilities; Record and disclose estimated current liabilities; Explain, calculate, and record non-current debt.

Describe the nature of bonds and the rights of bondholders; Describe how bonds, premiums and discounts are recorded in the accounting records and disclosed on the statement of financial position liabilities.

In this unit, you will learn the characteristics of proprietorship; Describe how the financial statements of a proprietorship are different from those of a corporation; Describe the characteristics of a partnership; Account for a partnership’s profits and losses and prepare a statement of partner’s capital; Account for admission or withdrawal of partners from a partnership; Account for the liquidation of a partnership.

Explain the purpose of the statement of cash flows; Prepare a statement of cash flows; Interpret a statement of cash flows.

Describe ratio analysis; and explain how liquidity, profitability, leverage, and market ratios are used to analyze and compare financial statements; Describe horizontal and vertical trend analysis, and explain how they are used to analyze financial statements.

Identify and explain characteristics of corporate form of organization and classes of shares; Evaluate relative financing effects of bonds; common shares and preferred shares; Evaluate relative financing effects of bonds; Record and Disclose preferred and common share transactions including share splits; Record and disclose cash dividends.

Students will be required to implement their knowledge and skills in a practicum provider location. They will be required to work on an accounting project as per the directions provided by the Practicum provider. This will add value and improve their overall experience.