Liberty ACCT 211 Financial Principles Entire Class
Buy Guided Liberty ACCT 211 Financial Principles Entire Class
Details of Course
- A study of basic transactions, general ledger accounts, books of original entry, closing and adjusting entry processes, trial balances, financial statements, accounting for assets, liabilities, sole proprietorship, equity, revenues, and expenses.
For information regarding prerequisites for this course, please refer to the Academic Course Catalog.
This is a foundation course in principles of accounting designed primarily for accounting or business students as part of integrated business education and is also useful for any major who wishes to understand the language of business.
Measurable Learning Outcomes
Upon successful completion of this course, the student will be able to:
- Correctly apply terminology used in accounting, which is the language of business.
- Analyze business transactions in order to record these business transactions in the accounting records according to generally accepted accounting principles.
- Demonstrate his/her ability to complete the accounting cycle for both service entities and merchandise entities.
- Compile and analyze the four basic financial statements—Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows—according to generally accepted accounting principles.
- Analyze and record transactions related to stocks, bonds, and investments.
- Integrate biblical principles related to financial accounting.
Course Assignment Outline
Textbook readings and lecture presentations
Course Requirements Checklist
After reading the Course Syllabus and Student Expectations, the student will complete the related checklist found in the Course Overview.
Read & Interact Assignments
The student will be required to read and interact with the textbook. There are points associated with each of these assignments.
Homework Assignments (25)
The student will be assigned homework to complete in Connect. The homework will consist of exercises, problems, and SmartBook/LearnSmart activities. All assignments for a given module: week are divided into weekly folders inside the Connect system of Liberty University
Individual Learning Project Assignment Summary
The student will submit a solution to a problem that will be provided in Connect. For this problem, financial statements will be prepared and submitted within Connect.
Quizzes No (4)
- There will be 4 cumulative quizzes to be completed through Connect. The questions will be true/false and multiple-choice and will vary in number depending on the quiz.
- The quiz will cover all of the material covered within the course up to the Module: Week of the quiz.
Acct 211 Liberty University: The Three Areas of Accounting and How They Affect Your Business
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Acct 211 liberty university
The practice of acct 211 liberty university involves gathering and analyzing financial information for a business or other organization. The principle of financial accounting is the process of compiling financial statements for an organization that describe its financial condition, as well as documenting its transactions and balance sheet. A variety of accounting principles are used in the creation of these documents. Accountants primarily use two methods to record financial transactions: the cash method and the accrual method. The cash method is used when a company receives payment for goods or services within 30 days of the invoice date. The accrual method is used when payment will be received later than 30 days after the invoice date. Using one method or another impacts how an accountant records transactions and affects which accounting standards must be met.
Double-entry accounting has been around since the 1300s, but it is also the method used today. This method is necessary because a company’s revenues are not always equal to its expenses. When a company incurs expenses that exceed its revenues, the company must record a debit to its accounts payable account. While revenues exceed expenses, the company credits the accounts receivable account. This system allows for the calculation of net income by subtracting expenses from revenues. Double-entry accounting makes it possible for accountants to record transactions in precise detail. This method requires that for every transaction, two ledgers be updated.
Receivables and Payable
Receivables are money that customers owe a company for goods or services that have already been provided. For example, a landscaping company charges customers a small fee to come out and give a written estimate on how much it would cost to landscape their property. The company’s employees then deliver the estimate to the customer and provide them with an itemized list of what will be done and what the price will be. A landscaping company then has a couple of options for how to record that transaction in their accounting system. The company can initially record the transaction as a sale, then expect the customer to pay upfront. Or, the company can record the transaction as a receivable, or an IOU. Accountants initially record the transaction as a sale, then record the sales amount again as a receivable when the customer pays. When the customer later pays the landscaping company, it creates a debit to the accounts receivable account and a credit to the cash account. This method works best when the customer pays close to the time that the landscaping company provided the service. If it takes a month for a customer to pay the landscaping company, an accountant can use the accrual method to account for it.
Consolidation and Mergers
A company that acquires another company records the purchase in its books as an asset acquisition. For example, a corporation purchases another company that produces widgets. Because the corporation paid cash for the company, it records the purchase of the widgets in its books as a cash transaction. Consolidation occurs when a parent company owns a significant portion of a subsidiary company. The parent company can record the investment in the subsidiary company as an asset. If a subsidiary corporation purchases another company, it records the purchase as an asset acquisition in its books as well. A parent company or subsidiary company can merge with another company as well. A merger occurs when a company purchases another company and combines the operations of both organizations. The company purchasing another company records the purchase as an asset acquisition in its books.
Asset Recognition and Measurement
Accountants use their knowledge of their organization’s cash flow to determine when an asset is ready to be recognized. This process involves the creation of a balance sheet that documents the amount of cash and the number of assets a company has. An accountant can then use the amount of cash the company has to pay for the asset. An asset’s value is usually recorded at the time of purchase. In certain cases, though, an asset’s value can be re-evaluated. An asset’s value can also be based on its usefulness to a company, which is known as its “intrinsic value.” The amount of time a company owns an asset is called an asset’s useful life.
Earnings Per Share
A company’s board of directors and accountants must understand the number of assets on a company’s balance sheet. A company’s assets include property, such as buildings and machinery, and intangible assets, such as patents, trademarks, and copyrights. When calculating earnings per share, accountants take the net income of a company and divide it by the number of shares outstanding. The net income is the amount of income a company has after all expenses are deducted from its revenue. A company’s earnings per share are an indication of how much money owners receive for the stock they own. The earnings per share of a company can fluctuate from one year to the next.
Financial statements are documents that include a company’s balance sheet, income statement, and cash flow statement. Financial statements can be found online for public companies and are often required as part of an annual audit. Private companies also use annual audits to review their financial statements. The balance sheet shows the number of a company’s assets, such as cash and inventory, and liabilities, such as the amount of money a company owes its creditors. The income statement shows the amount of money a company makes during a specific period. The cash flow statement shows where a company’s money is coming from and going.
Accounting principles and practices have evolved since the 1300s, and they continue to evolve today. New technologies have changed the way businesses record their financial transactions. Accountants are responsible for managing their company’s finances and making sure financial statements are accurate. Accounting professionals must be knowledgeable about their industry and government regulations. They must also understand their organization’s financial situation so they know when it’s appropriate to record a transaction in their books as an asset or a liability.
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