Learn the fundamentals of small business accounting and bookkeeping. Topics include analyzing transactions, inventories, receivables, and cash flow, financial statement analysis, budgeting, product pricing and capital investment analysis. Review and implement key accounting concepts and procedures including setting up new company, establishing a chart of accounts, beginning balance, customers, vendors and product/services. Recording operating activities: sales and cash receipts, purchases and cash payments, investing and financing activities, as well as payroll. Establishing budgets and preparing bank reconciliations, analysis and recording of adjusting entries, and preparation of financial statements and reports. This class may include students from multiple sections.
Course Outcomes
- Compare the functions of accounting in small business and the role of accounting information in making economic decisions.
- Analyze the processes for managing and tracking inventory transactions and sales.
- Explain the importance of accounting information withing the company, primarily management in financial performance for a period of time in terms of the relationship of revenues and expenses.
- Create a ledger, explain double-entry system of accounting and the purpose of a journal and its relationship to the ledger.
- Articulate the nature of net income, revenue, and expenses.
- Prepare a bank reconciliation and explain its purpose.
- Identify what matters in a great business plan, and characteristics of entrepreneurial leaders
- Adopt lean startup practices such as business model experimentation.