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ACCT100M - Bookkeeping for Small Business (2-2-3)

This hands-on class teaches the bookkeeping required for a small business. Basic accounting is taught using QuickBooks™ software. A semester-long practice case gives students the opportunity to input routine transactions and prepare monthly financials for a small business. Topics covered are sales, receivables, uncollectible accounts, payables, inventory, payroll, general ledger, depreciation, cash management, monthly bank reconciliations and financial-statement reporting. Students learn how to compute payroll, prepare payroll checks and prepare federal and state payroll reports. Students also learn how to start up a business, file the necessary paperwork at the federal and state levels and obtain a general knowledge of a Schedule C for individual tax reporting purposes. Different forms of businesses are reviewed, with emphasis on bookkeeping for a sole proprietorship. Proper insurance coverage is also reviewed to include business liability and workers’ compensation insurance. Note: This class cannot be taken by accounting majors as part of their Accounting degree or Accounting certificate program.