Accounting I
This course introduces students to the basic principles and practices of accounting and the role of daily accounting activities in running a business. Emphasis is placed on understanding the basic accounting equation and the proper reporting of the culmination of business transactions at the completion of the account cycle. Other topics include financial reporting and analysis and an overview of the accounting information systems available within the business world today.
Skills you will gain
Examine the role of daily accounting activities in running a business
Demonstrate an understanding of the accounting cycle
Analyze financial reports and current accounting information systems used by businesses worldwide today
Course Content
| Title | Description | |
|---|---|---|
| ACC 2301 - Accouting I | ACC 2301 introduces students to the basic principles and practices of accounting and the role of daily accounting activities of running a business. Emphasis is placed on understanding the basic accounting equation and the proper reporting of the culmination of business transactions at the completion of the account cycle. Other topics include financial reporting and analysis and an overview of the accounting information systems available within the business world today. |
What will you learn?
Describe accounting and its role in business, the fundamental accounting equation and financial statement elements, and the importance of ethical decision making in financial reporting.
Identify what constitutes a business transaction and differentiate between common balance sheet account titles used in business.
Understand the purpose of a trial balance, explain the basis of the matching principle and recognize common income statement accounts to construct a simple income statement.
Explain the purpose and process of closing the books and identify and analyze the adjustments necessary at the end of the accounting cycle.
Describe the components and processing methods of an accounting information system. Define internal controls and explain why it is needed within an accounting information system.
Define internal controls and explain why it is needed within an accounting information system.
Identify the different types of receivables and account for the effects for uncollectible accounts.
Explain how to report inventory using the four inventory costing methods and illustrate the cost of goods sold equation.
Explain how to report the major types of liabilities and understand the difference between current and long-term liabilities.
Define, classify, and explain the nature of tangible and intangible long-lived assets.
Demonstrate how to calculate depreciation and amortization using the straight-line method.
Frequently asked questions
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