ACCT 1010 Course Syllabus Summer 2013 - Course Syllabus...

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Course SyllabusACCT1010Principles of Accounting I3 Credit HoursCourse InformationCourse Description:Principles of Accounting I is an introduction to basic principles of accounting theory and practice. Topics covered include accrual basis accounting, the accounting cycle, preparation of financial statements for both service and merchandising business enterprises and internal controls. Other topics include accounting for cash, receivables, payroll, inventories, fixed assets, and current liabilities.Course Objectives:Upon successful completion of this course, students will:Analyze, journalize, and post business transactions and use appropriate accounting terminology.Prepare a multiple-step income statement, an owners’ equity statement, and a classified balance sheet.Analyze existing account balances, prepare end-of-period adjusting entries with or without a worksheet; prepare closing entries and a post-closing trial balance.Account for cash and petty cash including internal controls over cash.Account for merchandising companies including costing and internal control over inventory.Account for receivables; plant assets, natural resources and intangibles; current liabilities and payroll accounting.Prerequisites and Corequisites:Students should have the reading and writing skills appropriate and expected of college-level students. In addition, students should possess basic math skills including the ability to solve simple algebraic equations. Also, students must have a basic ability to navigate on the web as well as some experience with e-mail.Course Topics:Purpose and importance of accounting, users and uses of accounting, opportunities in accounting and related fields, why ethics are crucial to accounting, generally accepted accounting principles, the accounting equation, analyzing business transactions using the accounting equation, computing and interpreting return on assets, identifying and preparing financial statements.
Steps in the accounting process, source documents and their purposes, accounts and their use, ledger and chart of accounts, use of debits and credits and their role in double-entry accounting, impact of transactions on accounts and financial statements, computing debt ratio and its use in analyzing company performance, recording transactions in the journal and posting to the ledger, preparing and using a trial balance, preparing financial statements.Steps in the accounting process, source documents and their purposes, accounts and their use, ledger and chart of accounts, use of debits and credits and their role in double-entry accounting, impact of transactions on accounts and financial statements, computing debt ratio and its use in analyzing company performance, recording transactions in the journal and posting to the ledger, preparing and using a trial balance, preparing financial statements.

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Term
Summer
Professor
ROCC

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