Course Abstract Details

XACCT-101, Principles of Accounting 1

Credits: 3

Course Description

ACCT-101, Principles of Accounting 1, is an intensive study of the development of the accounting cycle, preparation of financial statements, and accounting for sole proprietorships. This course emphasizes generally accepted accounting principles and their application in understanding inventory costing methods, internal control, accounts receivable, depreciation, and liabilities. 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

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

1.Define and apply basic generally accepted accounting principles (GAAP). (ACCT PG 4, BUAD PG 1)
2.Prepare and post routine journal entries and prepare a trial balance. (ACCT PG 4, BUAD PG 1)
3.Prepare a multiple step income statement, statement of owner's equity, and a classified balance sheet. (ACCT PG 3)
4.Calculate cost of goods sold and gross profit when applying various methods of assigning costs to inventory under a perpetual inventory system. (ACCT PG 4, BUAD PG 1)
5.Define and apply fundamental principles of internal control. (ACCT PG 4, BUAD PG 1)
6.Prepare a bank reconciliation. (ACCT PG 4, BUAD PG 1)

7.Calculate bad debt expense under various methods and prepare the journal entries related to uncollectible accounts receivable. (ACCT PG 4, BUAD PG 1)
8.Calculate the accrual of interest on notes receivable and prepare the related journal entries. (ACCT PG 4, BUAD PG 1)

9.Apply various methods of depreciating plant and equipment. (ACCT PG 4, BUAD PG 1)
10.Account for current liabilities and payroll. (ACCT PG 4, BUAD PG 1)
11.Account for the issuance of bonds, including premiums and discounts. (ACCT PG 4, BUAD PG 1)
12.Amortize bonds using the effective interest method. (ACCT PG 4, BUAD PG 1)
13.Demonstrate quantitative literacy by using accounting models to define, represent, and solve mathematical problems. (ACCT PG 1, GE GOAL 3)
14.Use critical thinking to analyze financial transactions. (ACCT PG 2, GE GOAL 2)

Learning Goals

The abbreviations in parentheses represent Learning Goals which have been identified for this course and program of study:

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