First semester principles of accounting. Introduces concepts and procedures for financial accounting. Emphasis on accounting cycles, recording, summarizing, and interpreting accounting data through presentation of formal financial information. Includes discussion of cash, accounts receivable, and inventory.
Prerequisites
MATH 055 with C or better or equivalent Math Placement Test. Please note: ACCT 101 and ACCT 102 will satisfy the requirement for ACCT 201. AAS Accounting majors must take ACCT 101 and ACCT 102.
Course Competencies
- Identify various employment opportunities in accounting.
- Identify and describe basic accounting concepts and principles.
- Discuss the effect of business transactions on the fundamental accounting equations using the double entry accounting system for both service and merchandising entities.
- Compare and contrast the cash basis and accrual basis of accounting.
- Analyze account balances and prepare period end adjusting and closing entries.
- Explain the purpose of and prepare the four primary financial statements.
- Identify, analyze, and record merchandising transactions, including the calculation of cost of goods sold and gross profit.
- Record transactions using special journals and subsidiary ledgers.
- Describe the basic accounting principles and methods used in accounting for cash, inventory, and receivables.
- Discuss the importance of ethics in the business environment.
Course Textbooks
Larson, Kermit D. & Chiappetta, Barbara (22th Ed.) (2015). Principles of Financial Accounting. (With working papers) McGraw-Hill/Irwin, New York, NY.
Practice Set – Klondike Jewelry.
