Carroll Community College

ACCT-101, Principles of Accounting 1

Credits: 3

Course Description

Principles of Accounting 1Principles of Accounting 1 is an intensive study of the development of the accounting cycle, preparation of financial statements, and proprietorships. Current assets, property, plant, and equipment and current liabilities are studied in detail. Students will use Excel to analyze and interpret accounting data and will collect financial information through Internet research. Prerequisite: exemption/completion of READ-091 plus MAT-097. CLEP exam accepted. Three hours lecture each week. Three credits. Three billable hours.

Course Objectives and Grading Information

Course Objectives: Upon completion of this course, the student will be able to:

1. Define and apply basic generally accepted accounting principles (GAAP).

2. Prepare and post routine journal entries and prepare a trial balance.

3. Prepare a multiple step income statement, statement of owner's equity and a classified balance sheet and understand their limitations and the impact on them from choices such as depreciation methods, inventory methods and methods of accounting for bad debts.

4. Demonstrate a basic understanding of the following specific areas by: - calculating cost of goods sold and gross profit when applying various methods of assigning cost to inventory under a perpetual inventory system. - defining and applying fundamental principles of internal control -preparing a bank reconciliation. - calculating bad debt expense under various methods and preparing the journal entries related to uncollectible Accounts Receivable. - calculating the accrual of interest on Notes Receivable and preparing the related journal entries. - applying the various methods of depreciating plant and equipment. - journalizing the acquisition and disposal of plant and equipment accounting for current liabilities and payroll.

5. Use Excel to solve accounting problems. This will involve using templates at the beginning of the course. By the end of the course students will be creating their own spreadsheets to solve problems.