ACCT& 201 - Prin of Accounting I

Credits: 5
Variable Credit Course: No

Lecture Hours: 55
Lab Hours: 0
Worksite/Clinical Hours: 0
Other Hours (LIA/Internships): 0

Course Description: Introduction to financial accounting as an essential part of business decision making. The concepts of asset/liability valuation and reporting, income measurement, inventory systems, and the preparation and interpretation of financial statements are presented. Required for business majors transferring to 4-year business programs.

Prerequisite: ENGL 099 with a C or higher (or placement into ENGL& 101).
Meets FQE Requirement: No
Elective Requirements: Fulfills Academic Electives
Integrative Experience Requirement: No

Student Learning Outcomes

Define key terms associated with the practice of accounting and financial reporting.
Record business transactions for both service and merchandising organizations in accordance with Generally Accepted Accounting Principles.
Apply the concepts of accrual accounting to adjust accounts that span fiscal periods.
Complete the closing process including the preparation of financial statements to report net income, retained earnings, and account balances for a fiscal period.
Determine the cost of inventories in a perpetual inventory system using accepted inventory costing methods.
Record transactions specific to managing cash and accounts receivable.
Calculate key financial ratios used to evaluate business performance.

Course Contents

Accounting and its role in the business environment
Generally Accepted Accounting Principles (GAAP)
Transaction analysis for both service and merchandising corporations
Procedures for recording transactions within an accounting system
Accrual accounting procedures and the adjusting process
The closing process to complete the accounting cycle for a fiscal period
Financial statement preparation and analysis
Accounting for inventories using various costing methods (specific identification, FIFO, LIFO, weighted average)
Accounting for cash and related internal controls
Accounting for receivables and uncollectible accounts
Financial ratios for evaluating business performance
Ethics in accounting

Instructional Units: 5