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Jul 27, 2024
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ACCT& 201 - Principles of Accounting I
5.00 Credits
Introduction to the theory and practice of financial accounting. Topics include: completion of the accounting cycle, preparation of financial statements for service and merchandising companies. Minimum placement into AENGL 93 or ENGLP 93 and completion of ACCT 101, high school bookkeeping or instructor permission.
Course-level Learning Objectives (CLOs)
Upon successful completion of this course, students will be able to:
- Demonstrate knowledge of Generally Accepted Accounting Principles (GAAP) that govern final accounting including the Principles, Assumptions, and Constraints for preparing financial statements.
- Recognize, classify and record transactions in journals using proper formats.
- Record accounting transactions for merchandising operations and understand how to cost inventories using a variety of methods.
- Journalize transactions specific to managing cash and accounts receivable.
- Record transactions for uncollectible accounts using generally accepted accounting principles.
- Prepare financial statements for service and merchandising companies including income statements, statements of retained earnings, and balance sheets.
- Calculate and explain the significance of liquidity and profitability ratios.
Course Typically Offered
Full Year
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