2020-2021 Catalog 
    
    Aug 10, 2020  
2020-2021 Catalog

ACC 131 - Principles of Accounting I

 ACC 2201.
Description: Principles and procedures of accrual accounting applied to preparation and interpretation of general purpose financial statements.

Credits: 3
Lecture: 3
Lab: 0

Course Content:
  1. The accounting cycle
  2. Accounting for merchandising operations
  3. Inventories and cost of sales-- perpetual inventory method
  4. Cash and internal controls
  5. Accounting for receivables
  6. Plant assets, natural resources, and intangibles
  7. Current liabilities and payroll accounting
  8. Accounting for corporations
  9. Long-term liabilities
  10. Reporting the Statement of Cash Flows
  11. Financial statement interpretation and analysis
  12. Ethics in business and accounting

Learning Outcomes:
  1. Identify and apply generally accepted accounting principles. (1-11)
  2. Perform general ledger bookkeeping for service and merchandising concerns. (1-4)
  3. Perform advanced general ledger bookkeeping for sole proprietorships and corporations. (5-9)
  4. Prepare and interpret financial statements for sole proprietorships and corporations. (1, 2, 10, 11)
  5. Define and assess financial scenarios for ethical concerns. (12)