ACCT& 201: Principles of Accounting I

Class Program
Weekly Contact Hours
Course ID
Meets Degree Requirements For
General Elective

Covers current generally accepted accounting principles, theories and procedures used in financial accounting and reporting. Key topics covered include an introduction to preparing and using financial statements, corporate annual reports, the accounting cycle for service and merchandising businesses, cash, financial assets, inventory, plant and equipment, and other long-term assets.

Grading Basis

Course Learning Outcomes

Core Topics

  1. Generally Accepted Accounting Principles.
  2. Financial Reporting – Corporate annual reports.
  3. Financial Statements – Income Statement, Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, Statement of Stockholders’ Equity.
  4. The Accounting Cycle including measurement issues, journal entries, posting, adjusting entries, closing entries, and reversing entries.
  5. Accounting for a service business.
  6. Accounting for a merchandising business.
  7. Short-term liquid assets including cash, accounts receivables, notes receivables, and short-term investments.
  8. Merchandise Inventory including cost-flow assumptions and inventory estimation.
  9. Long-Term assets including property/plant/equipment, investments, and intangibles.