NOCTI and Nocti Business Solutions (NBS) | Evaluated Learning Experience
Accounting Foundations (1091)
Varies.
September 2020 - Present.
Upon successful completion of the learning experience, students will be able to: describe career opportunities in the accounting profession; explain the need for a code of ethics in accounting and ethical responsibilities required of accountants; define assets, liabilities, equity, revenue, expenses, gains, and losses; describe methods for controlling and safeguarding cash; record transactions affecting accounts receivable, including uncollectible accounts, write-offs, and recoveries; identify inventory methods; determine the cost of inventory for businesses and apply appropriate valuation methods; identify, calculate, and record depreciation and depletion and explain the impact on the financial statements; apply transactions for accounts payable and other short-term debt; record transactions for long-term debt instruments; describe and record equity-related transactions; describe and record revenue-related transactions; analyze transactions involving accruals; describe and record expense-related transactions; analyze and describe how basic business transactions impact the accounting equation; explain the need for adjusting entries and record basic adjusting entries; complete the closing process; describe the users and uses of financial information; describe the information provided in each financial statement and how the statements relate; calculate component percentages; discuss the information that can be obtained from analyzing financial statements; prepare and calculate payroll withholdings, prepare and calculate gross pay and net pay.
NOCTI exams assess an individual's 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 Accounting Principles, Introduction to Accounting, or Foundations of Accounting (9/20) (8/24 revalidation).