6. Generally Accepted Accounting Principles (GAAP)
7. Basic elements of financial position: assets. liabilities. owner’s equity. The accounting equation
8. Accounting transaction. The account. Double-entry accounting.
9. Types of accounts: personal and impersonal: natural. artificial (legal). Groups (representative): real and nominal: tangible and intangible: revenue. income and gain. Expense and loss accounts. The chart of accounts
10. The accounting cycle: definition and steps
11. The journal and journalizing. Types of journals. Distinction between journal and ledger
12. The ledger. Types of ledgers. Distinction between journal and ledger
13. Posting. The trial balance
14. Cash and accrual basis of accounting. Adjustment of prepaid asset accounts. Adjustment of asset accounts
15. Cash and accrual basis of accounting. Adjustment of plant asset accounts. Adjustment of liability accounts
16. Definition and purpose of closing entries. Steps in closing entries. The work sheet.
17. Cash and cash equivalents definition. Internal control of cash
18. Reconciliation per bank. Reconciliation per book
19. Petty cash
20. Accounting of accounts receivable
21. Uncollectible accounts receivable. Direct write-off method of accounting for uncollectible accounts
22. Notes receivable. Discounting notes receivable. Dishonored notes receivable
23. Property. plant and equipment definition. Capital expenditure. Initial valuation
24. Depreciation expense. Accumulated depreciation. Depletion expense
25. Depreciation methods
26. Expenditures after acquisition. Disposal of fixed assets
27. Intangible assets accounting
28. Amortization of intangible assets
29. Inventory definition. Cost of inventory
