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Dec 06, 2024
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2024-2025 WWCC College Catalog
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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
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