ACC211 Course Competencies (S09)

ACC211 Course Competencies (S09) - Northern Virginia...

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Northern Virginia Community College – Annandale Course Information: EFFECTIVE Aug. 2007 Acronym/Number: ACC 211 Title: Principles Of Accounting I Credits: 3 Credit Hours PREREQUISITE (S): No Prerequisite COURSE DESCRIPTION: Presents accounting principles and their application to various businesses. This course covers the accounting cycle, income determination, and financial reporting. Studies services, merchandising, and includes internal controls. COURSE COMPETENCIES: The student will be evaluated based upon the following course competencies: Chapter 1: Accounting In Action 1. Explain What Accounting Is. 1.1 Describe the three basic activities. 1.2 Describe the broad groups of users of accounting information. 2. The Building Blocks of Accounting 2.1 Understand what Generally Accepted Accounting Principles (GAAP) refers to and its role in accounting. 2.2 Understand the monetary unit and economic entity assumptions 3. The Basic Accounting Equation 3.1 Understand the basic accounting equation 4. Using the Basic Accounting Equation 4.1 Understand the increase and decrease affects a transaction will have on the basic accounting equation. ** 4.2 Be able to perform transaction analysis ** 5. Financial Statements 5.1 Know the four financial statements prepared by organizations ** 5.2 Be able to explain the information to be derived from each of the four financial statements. ** 2/28/2011 1 7:32:47 a2/p2
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Chapter 2: The Recording Process 1. The Account 1.2 1.3
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ACC211 Course Competencies (S09) - Northern Virginia...

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