Financial Accounting (ACCT2200)

1 Describe merchandising operations and inventory systems. 2 Record purchases under a perpetual inventory system. 3 Record sales under a perpetual inventory system.

1 Prepare a worksheet. 2 Prepare closing entries and a post-closing trial balance. 3 Explain the steps in the accounting cycle and how to prepare correcting entries.

1 Discuss how to classify and determine inventory. 2 Apply inventory cost flow methods and discuss their financial effects. 3 Indicate the effects of inventory errors on the financial statements.

1 Explain the accrual basis of accounting and the reasons for adjusting entries. 2 Prepare adjusting entries for deferrals. 3 Prepare adjusting entries for accruals.

1 Describe how accounts, debits, and credits are used to record business transactions. 2 Indicate how a journal is used in the recording process. 3 Explain how a ledger and posting help in the recording process.

Accounting The information system that identifies, records, and communicates the economic events of an organization to interested users. Accounting information system The system of collecting and processing transaction data and communicating financial information to decision-makers.