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ACCT 2010 Principles of Accounting I

A study of the basic principles of accounting as they apply to a sole proprietor, partnership and corporation. Prerequisite: Recommended completion of or placement test score into MATH 0920 or higher. (4 lect.)

Credits

4 credits

Transfer Status

Equivalent to UW

Major Topics

  • Accounting: The Language of Business.
  • Recording Changes in Financial Position.
  • Measuring Business Income.
  • Completion of the Accounting Cycle.
  • Accounting for Merchandising Activities; Classified Financial.
  • Statements Accounting Systems, Internal Control. and Audits.
  • The Control of Cash Transactions.
  • Accounts Receivable and Notes Receivable.
  • Inventories and the Cost of Goods Sold.
  • Plant and Equipment, Depreciation and Intangible Assets.
  • Liabilities Common to Most Business Organizations.
  • Accounting Concepts, Professional Judgment. and Ethical Conduct.

Outcomes

In order to successfully complete this course, the student will:

1. Correctly record economic transactions of a business in accordance with Generally Accepted Accounting Principles (GAAP).

2. Prepare sole proprietor, partnership and corporate financial statements in detail ie Income Statement, Statement of Retained Earnings, Classified Balance Sheet.

3. Correctly perform the end-of-cycle procedures for a business.

4. Calculate ending inventory and cost of goods sold under a perpetual merchandise inventory system using various methods i.e. First-In First-Out (FIFO), Last-In First-Out (LIFO), Average Cost.

5. Identify effective fraud and control systems for a business.

6. Correctly record transactions relating to receivables and the allowance method for bad debts.

7. Correctly record transactions relating to the valuation of assets and depreciation concepts.

8. Correctly record transactions relating to short-term liabilities and payables i.e. notes payable, sales tax, unearned revenues and payroll.

9. Correctly record transactions relating to long-term liabilities i.e. bonds.

10. Analyze corporate stockholder’s equity.

11. Perform the entire accounting cycle for a business under the accrual basis of accounting.

Other Information

Any information placed here must be adhered to by all instructors:

Please contact the on-campus instructor for the current textbook.