ACCT 111 Principles of Accounting I

Upon completion of this course, students will have a comprehensive understanding of basic accounting theory, practice covering the accounting cycle, and a knowledge of basic accounting for partnerships. With emphasis on accounting concepts and principles, students will perform the fundamentals of recording, summarizing, and analyzing the transactions of a business. Students will be involved in the preparation and interpretation of working papers and financial statements. The fundamentals of accounting for payroll and assets (cash, notes and accounts receivable, inventories, plant and equipment, and intangibles) will be performed by students.

Credits

3

Prerequisite

Eligible to enroll in ENGL 121, and eligible to enroll in MATH 070

Hours Weekly

3 hours weekly

Course Objectives

1. Describe accounting and its function in business.
2. Apply accounting concepts, principles, and procedures to record, sort, and classify accounting information and prepare financial statements.
3. Research and analyze financial statements to interpret the effectiveness of business decisions and actions.
4. Describe the value and use of accounting information to management, investors, government, and the general public.

Course Objectives

1. Describe accounting and its function in business.

   Program Goal(s)

   Degree: Accounting - A.A. Degree (Transfer)

   1. Evaluate accounting transactions, applying accounting concepts and principles, to determine appropriate valuation for recording and reporting purposes. Using this assessment, perform each step in the accounting cycle.

2. Apply accounting concepts, principles, and procedures to record, sort, and classify accounting information and prepare financial statements.

   Program Goal(s)

   Degree: Accounting - A.A. Degree (Transfer)

   3. Demonstrate the ability to organize, process, and report relevant managerial accounting information for use in planning and decision-making.

3. Research and analyze financial statements to interpret the effectiveness of business decisions and actions.

   Program Goal(s)

   Degree: Accounting - A.A. Degree (Transfer)

   2. Examine financial statements to evaluate the profitability, liquidity, and solvency of a business organization using applicable vocabulary and analytical skills.

   Degree: Accounting - A.A. Degree (Transfer)

   4. Analyze ethical business practices.

4. Describe the value and use of accounting information to management, investors, government, and the general public.

   Program Goal(s)

   Degree: Accounting - A.A. Degree (Transfer)

   3. Demonstrate the ability to organize, process, and report relevant managerial accounting information for use in planning and decision-making.

   Degree: Accounting - A.A. Degree (Transfer)

   4. Analyze ethical business practices.