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National College Credit Recommendation Service
NOCTI and Nocti Business Solutions (NBS) | Evaluated Learning Experience
Financial and Managerial Accounting (2120)
NOCTI and NBS proctored test centers throughout the United States.
September 2014 - Present.
Instructional delivery format:
Students will be able to: define the theory of double entry accounting; journalize accounting transactions, adjusting entries, and closing entries; reconcile a bank statement; reconcile and replenish petty cash funds; use merchandise inventory systems; prepare and analyze transactions using the perpetual method; prepare cost of goods sold and income statements for a merchandising company; prepare adjusting entries based on physical inventory; define LIFO, FIFO, and weighted average methods; identify the components of the four basic financial statements from an adjusted trial balance; prepare and analyze an income statement, balance sheet, and cash flow statement; prepare and analyze a statement of equity; calculate and analyze financial ratios; generate and interpret spreadsheets, charts, and graphs; use accounting software; explain internal control measures for the protection of company assets and financial records; explain the importance of business ethics; define and use terminology related to accounting; explore careers in accounting; discuss cash and accrual accounting; identify regulatory bodies, such as the SEC, IRS, FASB, and IASB; differentiate between methods of business formation, such as sole proprietorship, partnership, and corporation; calculate the amount of uncollectable accounts through aging of accounts receivable; explain stock transactions, such as issuance, treasury stock, and various forms of dividends; calculate and record depreciation using straight line and accelerated methods; explain bond transactions, such as issuance, interest payments, amortization of premium or discount (using effective interest method) and redemption entries; describe time value of money and application of those principles; prepare budget reports to make business decisions; determine relevant cost and revenue data for decision-making purposes; explain cost volume profit analysis and cost accounting systems, such as job order costing, activity based costing, and variable costing; discuss standard costs and calculate variances; calculate predetermined overhead rates and over/under applied overhead; discuss capital budgeting methods such as NPV, IRR, and payback and basic cost concepts, such as fixed, variable, and mixed costs.
NOCTI and NBS exams assess individuals' end-of-program knowledge and skills in an online proctored proficiency examination format.
In the lower division baccalaureate/associate degree category, 3 semester hours in Financial and Managerial Accounting (9/14) (11/18 revalidation).