ACCT& 201: Principles of Accounting I

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Class Program

Accounting

Credits

Weekly Contact Hours

Course ID

092122

Meets Degree Requirements For

General Elective

Description

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

Graded

Course Learning Outcomes

Accurately identify, prepare, and analyze all steps in the accounting cycle.

Accurately prepare, analyze, and interpret financial statements for corporations, partnerships, and sole proprietorships.

Accurately compute, analyze, and discuss amounts related to cash, accounts receivable, and other short-term liquid assets, inventory, and long-term assets.

Accurately identify and use various portions of a corporate annual report, the purpose of which is to make reasoned and logical decisions.

Solve problems and provide written analysis of accounting and business related issues.

Apply the logic of generally accepted accounting principles and accounting theory to various business applications.

Communicate accurately and clearly about issues related to accounting and business, both individually and in groups.

Converse and communicate using the language of business.

Core Topics

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