what is an elementray level accounting course

by Prof. Luis Ankunding 6 min read

What are the accounting courses in college?

Elementary Accounting I. Learn the basics in financial accounting theory and practice. Topics include: recording, analyzing and summarizing procedures used to prepare balance sheets and income statements such as payroll, special journals, cash control, receivables and payables, inventory and depreciation.

What do you learn in Elementary Accounting?

The accounting courses often included in a 120- or 150-credit college accounting degree are: fundamentals of financial accounting. fundamentals of managerial accounting. intermediate financial accounting and reporting. advanced financial accounting and reporting. cost/managerial accounting. accounting systems. auditing, attestation and assurance.

What is the basic accounting course structure?

Accounting Courses – Prior to January 1, 2024. The Board requires that an applicant complete 30 semester hours or quarter hour equivalents of upper-level accounting courses. The courses may be completed in one of the following ways. Hold a baccalaureate or higher degree from a Board-recognized institution of higher education as defined in 511 ...

What is the Intermediate Accounting course?

The accounting courses can be undergraduate, or graduate level, or a combination of these, irrespective of the degree (s) you have. The accounting requirement is 24 semester hours (if all undergrad level) or 21 hours if all graduate level – that is ABOVE the basic and elementary level, as follows: Required accounting courses –15 hrs if undergrad (or 12 hrs if graduate level):

What is elementary accounting?

Topics include: recording, analyzing and summarizing procedures used to prepare balance sheets and income statements such as payroll, special journals, cash control, receivables and payables, inventory and depreciation. Note: This is the first required course in the Accounting Certificate.

Are there different levels of accounting?

Accounting offers many popular specializations, including auditing, financial accounting, forensic accounting, management accounting, and taxation. Other options include internal auditing and international accounting. The diversity of available options depends on the school.Nov 12, 2021

What are the two accounting classes?

The two main accounting methods are cash accounting and accrual accounting.

What is taught in an accounting course?

Accounting degrees commence with a general introduction to foundational accounting topics such as accounting systems and services, accounting techniques and software, accounting theory, auditing, financial accounting, introductory topics in business, IT skills, macro- and microeconomics, management accounting, ...

What are the 4 types of accountants?

Types of Accountants and What They DoCertified Public Accountant (CPA)Management Accountant (including “cost” and “staff” accountant)Chartered Accountant (CA)Auditor.Forensic Accountant.Government Accountant.Tax Examiner.Investment Accountant.More items...

What are the 3 types of accounting?

A business must use three separate types of accounting to track its income and expenses most efficiently. These include cost, managerial, and financial accounting, each of which we explore below.Jul 16, 2019

Is accounting a lot of math?

Accounting isn't hard-core math. It's basic addition, subtraction, multiplication, and division. Possibly some light, entry-level algebra, but that's it. You don't have to understand calculus.Aug 25, 2020

What do I need to know before studying accounting?

All accounting students are required to take courses in Algebra and Statistics in their first two years of study. These mathematic courses usually include College Algebra, Elementary Statistics and Business Statistics. As a student dives deeper into the major, they will come across many new math classes.

Is accounting worth studying?

Gaining qualifications in accounting not only makes you desirable for accounting roles but other areas of business too. Your studies will give you vital knowledge about business practices, such as financial regulations, legal responsibility, ethics and reporting.Feb 11, 2021

How many types of accounting courses are there?

A: The four types of accounting include Corporate Accounting, Public Accounting, Government Accounting and Forensic Accounting.Jul 17, 2021

Which accounting course is best?

List of the Top 10 Accounting & Finance CertificationsChartered Certified Accountant (ACCA) designation.Certified Financial Planner (CFP®) designation.Certified Management Accountant (CMA®) certification.Certified Public Accountant (CPA) certification.Chartered Alternative Investment Analyst (CAIA®) designation.More items...

Is accounting a hard course?

Getting your degree in accounting really isn't any more difficult than any other potential field of study. Just like any other program, you'll run into some elements of accounting that are complex, but you may also find some of it to be relatively intuitive, or even easy.Sep 2, 2021

What is accounting cycle?

Accounting is known as the language of business. Through a series of steps known as accounting cycle, it gathers information about business transactions, and collates and summarizes them to generate reports for a business entity.

What is the seventh step in the 9 step accounting cycle?

The preparation of the financial statements is the seventh step in the 9-step accounting cycle. However, we decided to present this first before getting into the whole process for you to have a picture of what we are trying to produce in an accounting system.

When are closing journal entries made?

Closing journal entries are made at year-end to prepare temporary or nominal accounts for the next accounting period. The amounts of nominal accounts in one period should be closed or brought to zero so that they won't be mixed with those of the next period.

What is an adjustment entry?

Adjusting Entries. Adjusting entries are made to update the accounts in the accounting system. Some accounts are not up-to-date hence requiring adjustments to get them to their correct balances. Adjusting entries are made for accrual of income, accrual of expense, deferrals, prepayments, depreciation, and allowances.

What is the basic accounting course?

The basic accounting course covers most of the simple and initial topics like debits and credits, accounting principles, accounting framework, the accounting equation and more. This section is for you if you are new to accounting or need a refresher course on fundamental accounting principles.

What are the three major categories of accounting?

Since the study of accounting includes such a broad range of topics and complexities, I decided to break up My Accounting Course into three major categories: basic, intermediate, and advanced. This accounting course structure is similar to the way most colleges set up their accounting courses and programs.

Auditing and Attestation (AUD)

For Auditing and Attestation, you may have guessed that an auditing course would be super helpful for succeeding on this section of the CPA Exam. You would be right! However, Auditing is not the only course that is super important for this section of the CPA Exam.

Business Environment and Concepts (BEC)

For Business Environment and Concepts, you may have guessed that business courses would be super helpful for succeeding on this section of the CPA Exam.

Financial Accounting and Reporting (FAR)

Now for Financial Accounting and Reporting, you probably guessed that you want to take courses in financial accounting; however, your guess would be incomplete. FAR covers more than just financial accounting. Content related to governmental accounting and not-for-profit accounting is highly tested on this section of the CPA Exam.

Regulation (REG)

Last but not least is Regulation. REG covers all things tax and business law. To succeed on this section of the CPA Exam, you should consider taking courses in Individual Tax, Corporate Tax, Financial Accounting I, Financial Accounting II, Business Law I, and Business Law II.