Class SummaryFaculty ContactMatthew Bisanz [email protected]Course DescriptionAn introduction to the basic theory and techniques of contemporary financial accounting. The objective is toidentify the fundamental principles of accounting, identify and analyze business transactions, prepare financialstatements, and communicate this information to users with different needs. Topics include the accountingcycle, transactions, and the preparation of financial statements for single-owner business organizations thatoperate as service companies or merchandisers. Students may receive credit for only one of the followingcourses: ACCT 220 or BMGT 220.Course IntroductionThis course provides the basic knowledge, skills, and abilities to record business events in an accountinginformation system. This course demonstrates how financial statements are prepared and their uses in thebusiness environment, particularly the service and merchandising industries. Presentations include businessentities such as partnerships and corporations, and what distinguishes the corporate structure from soleproprietorships and partnerships.Topics include identifying and recording transactions in the five basic accounts (assets, liabilities, owners' equity,revenue, and expense), posting transactions to the general ledger, adjusting journal entries, and completing theaccounting cycle. A strong emphasis is placed on journal entries as they relate to current and long-term assetsand liabilities, and to the payroll recording process.Note:This course is identified as a prerequisite for another course at UMUC. Successful completion of thiscourse is required to advance to the next course in a sequence. A grade of Withdrawal (W), Failure for non-attendance (FN), Failure (F) or Incomplete (I) will not meet a prerequisite requirement. You may be barred fromenrolling in or may be removed from courses for which you do not have the necessary prerequisites. Keep trackof your progress in this course. If you are uncertain about your standing, consult with your instructor. You shouldalso 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 decisionmakingCourse MaterialsUniversity of Maryland University College • Adelphi • Syllabus •ACCT 220 6380 PRINCIPLESOFACCOUNTINGI (2185)ACCT-220Summer 2018 Section 6380 3 Credits 05/21/2018 to 07/15/2018
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