ACC1004 Accounting

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ACC1004 Accounting

This course introduces key theories and models central to financial accounting systems, with an emphasis on distinguishing between bookkeeping and accounting. The focus is on understanding how accounting measures, records, and reports economic activities while also examining the differences between accrual and cash flow measures in interpreting accounting data.

In addition, the course aims to deepen knowledge of the purpose and practical applications of accounting, including an understanding of generally accepted accounting principles (GAAP). The principles of double-entry bookkeeping will also be explored in relation to these accounting practices.

Key Topics Covered Include

  • Develop a comprehensive understanding of corporate financial statements
  • Substantiate knowledge of effective cash management strategies
  • Articulate an understanding of the valuation of intangible assets, current liabilities, and long-term debt
  • Exhibit a thorough understanding of the stockholders’ equity section of the balance sheet
  • Apply the regulations concerning earnings per share for corporations with both simple and complex capital structures
  • Display proficiency in accounting for operating and capital leases, as well as income tax accounting
  • Construct a detailed statement of cash flows.

 

REFERENCE MATERIALS
for
Full-CLC Students

Based on your HESEAP application, you have been awarded full CLC for this course, classifying it as a test-out course, meaning no traditional instruction will be provided. Your CLC award signifies that you possess knowledge, whether gained through prior education or experience, equivalent to or surpassing what would typically be learned in a traditional college setting. Consequently, classroom attendance is not required; however, you are required to successfully pass a final exam for the course.

USILACS remains committed to fostering your academic success. Should you find a refresher necessary or wish to deepen your understanding of the subject, it is recommended that you explore a variety of free online educational resources on the suggested topics below.

Thousands of FREE Online College Courses:

Search Topics: Publications/Videos/Papers

The majority of the exam questions for this course are based upon
information contained in the below search topics.

Please note that USILACS is not the source of the above links; therefore, we do not have control over their accessibility. Some links may no longer be active, and in such cases, we encourage you to copy and paste the title into Google or YouTube to find an alternative source. Should you encounter an inactive link, feel free to contact our academic team at studentsupport@usilacs.org for assistance or to notify them so that the link can be updated.

Occasionally, the links may prompt you to download reference material in PDF format. While we have made every effort to ensure the safety of the sources, we encourage you to take precautions to verify the security of any downloads on your device.

Although comprehensive study materials have been provided, you can search for the topics and titles on Google and YouTube if additional resources are needed.

Tips for Success
Remember that the exams are open-book, meaning you can keep reference materials open in other tabs for easy access during the exam. Some reference materials are extensive, with hundreds of pages. To quickly find answers, follow these steps:

  1. Choose a keyword or phrase from the exam question.
  2. Open the reference material.
  3. Press ‘Ctrl’ + ‘F’ on your keyboard to open a search bar.
  4. Enter your keyword or phrase and click search. This will display all instances of that word or phrase within the document, allowing for more efficient navigation.

 

Course Content