Class SummaryFaculty ContactJames Hodge [email protected]Course DescriptionAn introduction to the basic theory and techniques of contemporary financial accounting. The objective is to identify the fundamentalprinciples of accounting, identify and analyze business transactions, prepare financial statements, and communicate this informationto users with different needs. Topics include the accounting cycle, transactions, and the preparation of financial statements forsingle-owner business organizations that operate as service companies or merchandisers. Students may receive credit for only one ofthe following courses: ACCT 220 or BMGT 220.Course IntroductionThis course provides the basic knowledge, skills, and abilities to record business events in an accounting information system. Thiscourse demonstrates how financial statements are prepared and their uses in the business environment, particularly the service andmerchandising industries. Presentations include business entities such as partnerships and corporations, and what distinguishes thecorporate structure from sole proprietorships and partnerships.Topics include identifying and recording transactions in the five basic accounts (assets, liabilities, owners' equity, revenue, andexpense), posting transactions to the general ledger, adjusting journal entries, and completing the accounting cycle. A strongemphasis is placed on journal entries as they relate to current and long-term assets and liabilities, and to the payroll recordingprocess.Note:This course is identified as a prerequisite for another course at UMGC. Successful completion of this course is required toadvance to the next course in a sequence. A grade of Withdrawal (W), Failure for non-attendance (FN), Failure (F) or Incomplete (I) willnot meet a prerequisite requirement. You may be barred from enrolling in or may be removed from courses for which you do not havethe necessary prerequisites. Keep track of your progress in this course. If you are uncertain about your standing, consult with yourinstructor. You should also work with an academic advisor to be sure you are aware of your options and are meeting all necessaryprogram requirements when planning your schedule.Course OutcomesAfter completing this course, you should be able to• define the fundamental principles of accounting to describe basic business transactions• identify and analyze basic business transactions to record them in an accounting information system• prepare financial statements and documents in the appropriate formats• identify and communicate with users of accounting and financial information to facilitate analytical decision makingAdelphi · Syllabus ·ACCT 220 6980 Principles of Accounting I (2218)ACCT-220Fall 2021Section 69803 Credits09/22/2021 to 11/16/20211 of 8
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