01 Accounting and Business Environment

       Master the nature of a business; The role of accounting; Comprehend the accounting principles and the accounting equation; Understand the important of accounting professional moral.

1.Explain why accounting is the language of business

Know the flow of accounting information, as well as different users of accounting information; Distinguish financial accounting and management accounting；The types of organizations we are going to look at are proprietorships, partnerships, limited-liability companies and corporations.

2.Explain and apply underlying accounting concepts assumptions and principles

Introduce two institutions and accounting framework formulated by these two; Introduce the joint conceptual framework of accounting developed by the FASB and the IASB; Introduce some of the basic assumptions and principles, which are entity assumption, continuity assumption, the historical cost principle and the stable-monetary-unit assumption.

3.Apply the accounting equation to business organizations

Introduce asset, liability and owner's equity, including the definition and relationship between them. Introduce Accounting equation.

4. Evaluate business operation by the financial statement and analyze the relationships among them

Learn to evaluate business operations through the financial statement and try to understand the underlying relationship between these financial statements.

02 Transaction Analysis

      Master the account’s characteristics and trial balance; Comprehend the rules of debit and credit and Double Entry accounting.

1.Explain what a transaction is and differentiate between different types of accounts

The definition of transaction and account; Common accounts and the differences between them.

2.Analyze the impact of business transactions on accounts

The use of T-account; Introduce the rule of debit and credit, as well as additional Stockholders’ Equity Accounts--revenues and expenses.

3.Construct and use a trial balance

The definition and use of trial balance; Analysis of accounts , common account formats, normal balance of account and method of correcting accounting errors.

03 The Adjusting Process & 04 Completing the Accounting Cycle

     Mastering special words and phrases; the matching concept and the accrual basis of accounting; Comprehending why adjustments are necessary and list the characteristics of adjusting entries; Understanding the adjustment process.

1. Explain how accrual accounting differs from cash-basis accounting

The definition of Accrual Accounting and Cash-basis accounting, as well as the differences and defects about theses two accounting bases; The definition and impacts of The Time-Period Concept.

2.Apply the revenue and expense recognition principles

The recognition principles of the revenue and expense and some special situations that need pay more attention.

3.Adjust the accounts

Introduction about the basic principle about the adjusting process.

4.Close the books

Definition of closing books; Prepare the closing entries; Classifying Assets and Liabilities Based on Their Liquidity.

05-06 Merchandising operation and Inventory

      Mastering special words and phrases; different inventory method in different time; account for inventory; gross profit percentage and inventory turnover; Comprehending the effect of different inventory method for accounting information.

1.Show how to account for inventory

Introduction the basic principles about sale price and cost of inventory;make it clear that Calculation and disclosure about inventory;Introduction and recording process about the periodic system and the perpetual system.

2.Apply and compare various inventory cost methods

The calculation about inventory cost; Introduction and comparison about four generally accepted inventory methods，which are specific unit cost, Average cost, First-in, first-out (FIFO) cost, Last-in, first-out (LIFO) cost.

3.Explain and apply underlying GAAP for inventory

Introduction about disclosure principle; Apply Lower-of-Cost-or-Market Rule when inventory is reported in the financial statements.

4.Compute and evaluate gross profit (margin) percentage and inventory turnover

Calculation and evolution of gross profit percentage and inventory turnover.

08 Internal Control & Cash

        Mastering special words and phrases; the basic principle of internal control and the Bank Reconciliation; Comprehending the internal control.

1.Explain fraud and components of internal control

Describe Fraud and its Impact, as well as types of common fraud; Explain the objectives of internal control; The content of The Sarbanes-Oxley Act.

2.Introduce components of internal control

Introduction about five components of internal control: Control environment, Risk assessment, Information system, Control procedures and Monitoring of controls; technology development of internal control.

3.Internal Control Procedures

Internal control procedures Internal control procedures and some special process need more attention; The limitations of Internal control-costs and benefits.

4.Design and use a bank reconciliation

Introduction about documents used to control a bank account; Make a bank reconciliation.

5.Evaluate internal controls over cash receipts and cash payments

Introduce the process about two cash resources: over the counter and through the mail; Controls over Payment by Check; The use of petty cash.

09 Receivables

       Mastering special words and phrases; GAAP for proper revenue recognition; accounting entry for short-term investment and the allowance method; How to design the internal control for accounts receivable; Comprehending the principle of allowance method.

1.Account for short-term investments

Introduction about three categories of investments in securities: trading securities, held-to-maturity securities, and available-for-sale securities; Measurement and reporting about these short-term investments.

2.Apply GAAP for proper revenue recognition

Introduction about two shipping terms--FOB destination and FOB shipping point ; Recording for sales discounts, sales return or allow.

3.Account for and control accounts receivable

Introduction the basic principles about Receivables and management about the risk of not collecting.

4.Evaluate collectability using the allowance for uncollectible accounts

Introduction and basic principle of allowance method and direct write-off method; Different requirement for measuring uncollectible accounts expense under GAAP and IFRS.

5.Account for notes receivable

Relevant concepts about notes, like maturity date, maturity value, principal and term; Account for notes receivables; Methods to speed up cash flow from receivables; Introduction of factoring.