FUNS 116 - Accounting for Funeral Service

Credits: 3

Description
The accounting for funeral service class will provide students with the basic accounting knowledge they will need to successfully complete funeral service contracts as well as evaluate reports with information on sales, expenses, and other items. Emphasis will be placed on sales contracts, basic accounting reports, and the role of ethics in accounting for business. Other topics include adjusting pre-need contracts at time of death and how to calculate bonus payments and other incentive pay.

Student Learning Outcomes

Define basic accounting terms, concepts, and principles.
Explain the difference between accounting and bookkeeping and why each is important for individuals, employees, managers, and employers.
Describe simplified financial statements and why they are important to funeral directors.
Create funeral service records and demonstrate proficiency in accounting.
Use simplified accounting software to enter data and generate reports in a mock funeral home.
Calculate a variety of funeral industry contracts including the adjustment of contracts already created using premiums and discounts, and the calculation of sales tax.
Complete a variety of basic accounting functions related to business.
Analyze the role of ethics in accounting as it relates to the funeral service industry.
Support a position on whether the classification of sales and expenses is or is not important in business and accounting.

Prerequisite: Instructor permission
Corequisite: None

Graded: Letter Grade