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2015-16 College Catalog

Online Catalog

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

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.