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May 19, 2025
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College Catalog 2018-2019 [ARCHIVED CATALOG]
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ACCT& 201 - Principles of Accounting I Credits 5 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 a variety of methods.
- Identify and record various Notes Payable and Notes Receivable transaction.
- Prepare various analysis ratios.
- Analyze the effects of purchasing, disposing, and valuing long term assets.
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