ACCT 115 - Principles of Accounting I4 Credit (4 lecture, 0 lab) 4 Contact Hours [Reading Level 3 and Math Level 2 ]
This introduction to accounting fundamentals covers the meaning and purpose of accounting statements; the theory of debits and credits; accounts payable and receivable; the trial balance; adjusting and closing entries; and accounting for notes, deferred and accrued items. Approximately 10-12 hours per week of study time is required for success in this course.
OFFERED: fall semesters
Course Goals; Objectives; Competencies
Goal 1: Maintain the general ledger.
- Journalize original transactions in the general journal.
- Journalize adjustments in the general journal.
- Journalize closing entries in the general journal.
- Post journal entries to the general ledger.
- Prepare special journals.
Goal 2: Prepare financial statements.
- Prepare a simple income statement.
- Prepare a statement of owner’s equity.
- Prepare a balance sheet.
Goal 3: Apply basic cash management techniques.
- Journalize the establishment of petty cash.
- Journalize the replenishment of petty cash.
- Prepare bank reconciliation.
- Journalize bank reconciliation adjusting entries.
Goal 4: Account for receivables.
- Calculate allowances for uncollectible accounts.
- Journalize allowances for uncollectible accounts.
- Calculate simple interest on notes receivable.
- Determine due dates on notes receivable.
Goal 5: Account for merchandising activities.
- Calculate cost of merchandise sold.
- Calculate gross profit.
- Prepare a multiple-step income statement.
- Calculate inventory using the FIFO method.
- Calculate inventory using the LIFO method.
- Calculate inventory using average cost method.
Goal 6: Account for fixed assets.
- Calculate the basis of fixed assets.
- Calculate depreciation using the straight-line method.
- Calculate depreciation using the double declining balance method.
- Calculate depreciation using the units of production method.
Add to Portfolio (opens a new window)
|