ACCT 115 - Principles of Accounting I
4 Credit: (4 lecture, 0 lab, 0 clinical) 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; payroll; 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. While this course is offered spring and fall semesters, those students who need both ACCT 116 and ACCT 115 to complete their program should only take this course during the fall semester.
OFFERED: fall and spring 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.
Goal 7: Account for liabilities and payroll.
- Correctly present current liabilities.
- Calculate gross payroll.
- Calculate payroll withholding.
- Compute employee net pay.
- Compute employer’s payroll tax liabilities.
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