ACCT& 201 - Principles of Accounting I

5.0 Credits
Theory of asset, liability, and stockholders’ equity accounts; construction of financial statements (was ACCT 201). Prerequisite: ACCT 101, high school bookkeeping or instructor’s permission and minimum placement in EAP 121 or BRDGE 093.

Course Objectives
Upon successful completion of this course, students will be able to:

Recognize accounting transactions and record them in journals using proper formats. [REASON]
Apply the concepts of accrual accounting to transactions that span fiscal periods. [REASON]
Trace the effects of those transactions to financial statements. [REASON]
Record accounting transactions for merchandising operations and understand how to cost inventories using a variety of methods. [REASON]
Journalize transactions specific to managing cash and account receivable. [REASON]
Record transactions for uncollectible accounts using generally accepted principals. [REASON]
Prepare financial statements including income statements, statements of retained earnings, balance sheets and statements of cash flow. [COMMUNICATE]
Journalize transactions involving definitely determinable and estimated liabilities. Identify contingent liabilities. Explain the effects of recording liabilities on financial statements. [COMMUNICATE]
Calculate and explain the significance of liquidity and profitability ratios. [REASON]