Mar 23, 2023
ACCT-201 Principles of Accounting ICredits 4 / 4 Contact Hours
Pre-requisite: Placement into ACRD-090, ACRD-091 or ACRD-092, completion of ELAP-110 with a minimum grade of 2.0, or successful completion of ACRD-080. Pre-requisite: MATH-082 or higher; or placement into MATH-115 or higher.
Principles of Accounting I concentrates on financial accounting. Topics include accounting theory, financial reporting, basic accounting cycle, and accounting for cash, inventories, receivables, payables, plant assets and
stockholders’ equity. The course will also include an introduction to accounting data analytics.
- Analyze the impact of external transactions on the accounting equation.
- Assess whether the impact of external transactions results in a debit or credit to an account balance.
- Record transactions in a journal using debits and credits, post to T accounts, and prepare a trial balance.
- Demonstrate the purposes and recording of adjusting and closing entries.
- Post closing entries and prepare a post-closing trial balance.
- Reconcile a bank statement.
- Account for notes receivable, interest revenue, and record an allowance for future uncollectible accounts.
- Determine the cost of goods sold and ending inventory using different inventory cost methods.
- Calculate depreciation of property, plant, and equipment, amortization of intangible long-term assets, and account for the disposal of long-term assets.
- Account for notes payable and interest expense and employee/employer payroll liabilities.
- Account for the issuance of bonds, common stock, and treasury stock.
- Describe retained earnings and record cash dividends.
- Prepare and analyze the stockholders’ equity section of a balance sheet and the statement of stockholders’ equity.
- Prepare the operating and investing activities section of the statement of cash flows using the indirect method.
- Perform vertical & horizontal analysis and use ratios to analyze a company’s risk & profitability.
- Demonstrate ability to use data analytic skills to provide guidance in making better business decisions.