BAM 110 Introduction to Accounting
3 Semester Units
Introduction to Accounting reviews the basic approach to accounting with an emphasis on recording, measuring and communicating the accounting data of business. Basic accounting concepts will be explored, including the effects of transactions on financial statements, payroll accounting, accounting for professional and merchandising operations and state and federal income tax deductions.
Upon successful completion of this course, students will be able to:
- Prepare an income statement, a statement of owner’s equity, and a balance sheet.
- Understand the concept of journalizing: analyzing and recording business transactions into a journal.
- Learn how to deposit, write, and endorse checks for a checking account.
- Calculate gross pay, employee payroll tax deductions for federal income tax withholding, state income tax withholding, FICA (OASDI, Medicare), and net pay.
- Understand how to record and post purchase and sale transactions.
- Calculate depreciation using one of four methods: straight line, declining balance, units of production, and sum of the years’ digits.