Accounting Simulation

Catalog description

Students assume the role of a business owner where he/she can directly experience the impact and importance of accounting in a business. At the end of the simulation course the student will have completed the entire accounting cycle for a service business merchandising business and a corporation using an Accounting Information System software (different from software used in ACCT 1115-Computerized Accounting). Emphasis placed on providing students with real-world opportunities for the application and demonstration of accounting skills by using Simulation Projects will enable them to build a foundation for understanding and interpreting financial statements. Topics include company creation chart of accounts customers transactions vendors transactions banking activities merchandise inventory employees and payroll financial statements preparation of payroll tax forms and preparation of income tax forms. Laboratory work includes theoretical and technical application.