Feb 24, 2020
ACCTG 215 - Accounts Receivable/Accounts Payable 5 Credits
Generally accepted accounting principles and standard business practices and their application in determining accounts receivable and accounts payable, including cash collections and payments, state and local taxes, and accounting systems and reports. Designed for students desiring an Accounting AAS degree or certificate.
Pre-requisite(s) ACCTG 121 min 2.0 or ACCT& 201 min 2.0
Designed to Serve Students desiring an AAS degree or Certificate specializing in accounting.
Active Date 2012-09-28
Grading System Decimal Grade
Class Limit 32
Contact Hours: Lecture 55 Lab 0 Worksite 0 Clinical 0 Other 0
Total Contact Hours 55
A. Accounting for Accounts Receivable and Accounts Payable Transactions
B. Accounts Receivable and Accounts Payable Financial Reporting
C. Analyzing Accounts Receivable and Accounts Payable Transactions
D. Processing Delinquent Accounts
E. Calculating and Reporting State and Local taxes
F. Operating Cycle and Internal Control
G. Accounts Receivable and Accounts Payable and the Cash Cycle
Student Learning Outcomes
Analyze AR/AP and assess the implications and consequences on cash resources and future operations. Discuss with management the impact of company AR/AP policies and procedures on cash resources. Maintain and protect basic information systems, accounting records, and customer and supplier information.
Analyze business transactions and determine when the transaction should be recorded as AR or AP, which customer accounts the transaction affects, and what dollar amounts to record using generally accepted accounting procedures
Communicate AR/AP accounting information that meet standards of accuracy and accepted accounting procedures when dealing with customers and vendors inquiries and the organizations’ other stakeholders when generating other reports. Protect basic information systems, accounting records, and customer and supplier information from unnecessary disclosure.
Develop AR/AP information as feedback to assess company plans and company performance by comparing those plans to actual results of company operations and determining the reasons and impact of the differences.
Perform duties individually or in teams using appropriate policies, guidance, ethical standards, and management directions.
Record the transaction in the accounting records using journal entries or “T” accounts and to determine the impact on the accounting equation after the transaction has been recorded.
Research accounting authorities and business practices, and develop recommendations for the treatment of AR/AP business transactions consistent with using generally accepted accounting procedures and ethical standards. Use an understanding of basic business principles and organizational priorities to make decisions about work being performed.
Summarize the recorded AR/AP accounting transactions to general ledgers (or “T” accounts) subsidiary ledgers,trial balances and work sheets, financial statements, annual reports, regulatory agency reports, state tax reports, or management reports.
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