HSAI Essential Skills

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Essential Skills for Accounting I

First Semester

Students will be able to:

  • Explain the purpose of an accounting system.
  • Demonstrate an understanding of the fundamental accounting equation.
  • Classify items as asset, liability and owner’s equity.
  • Describe the purpose of revenue, expense and drawing accounts and their effect on owner’s equity.

Second Semester

Student will be able to:

  • Journalize business transactions.
  • Post transactions form the journal to the ledger.
  • Prepare a trial balance.
  • Explain the closing process.
  • Prepare financial statements.
  • Use multiple journals in business transactions
  • Use subsidiary ledgers in sales transactions
  • Prepare financial statements for larger businesses
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