NOCTI and Nocti Business Solutions (NBS) | Evaluated Learning Experience
Accounting Foundations (1091)
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; Prepare and calculate 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).