ACCT& 201 - Principles of Accounting I

5 Credits
Students develop skills in recording transactions to specific areas of accounting including: accounts receivable, inventories, plant and equipment, asset valuation, notes receivable and notes payable. Emphasis is on preparing general journal entries in accordance with Generally Accepted Accounting Principles (GAAP).

Course Outcomes

Identify a group of basic business transactions and prepare the related journal entries.
Construct an income statement, statement of owner’s equity, and a balance sheet.
Post transactions to the general ledger and special ledgers.
Create a bank reconciliation, petty cash fund and change fund and prepare the related journal entries.
Calculate the cost of inventories and depreciation using First-In, First Out, Last-In, First Out and Weighted Average methods.
Identify and record various Notes Payable and Notes Receivable transaction.
Account for Accounts Receivable Transactions using the Allowance Method and Direct Write off method.