ACCT& 201 - Principles of Accounting I

Credits: 5
LEC hours per week: 5
Addresses the fundamentals of accounting theory and practice, including: study of the accounting cycle, use of special journals, and use of accounting in management decisions. Formerly: ACCT 201.
Course Outcomes:

Explain the accounting cycle.
Describe revenue and expense recognition in relation to the accrual basis of accounting under Generally Accepted Accounting Principles.
Apply proper accounting vocabulary while describing financial transactions.
Demonstrate understanding of journalizing, posting, and balancing accounts.
Prepare general purpose financial statements from an adjusted trial balance.
Evaluate specific accrual accounting and internal control issues with regard to inventory, cash, and accounts receivable.

Course Topics:

Analyzing Transactions
Matching concept and the adjusting process
Completing the Accounting Cycle
Accounting systems and Internal Control
Inventories
Risk Management
Management of Business Entities

Course Attribute(s): Listed Elective