ACCT 1010 - Principles of Financial Accounting I
4 Credits
This course covers the fundamental accounting concepts and principles which are used in a business environment to provide reports on the economic condition of a sole proprietor organization. The focus will be on the accrual method of accounting, utilizing Generally Accepted Accounting Principles (GAAP) to analyze and record transactions. The ultimate objective is to understand the effects of these transactions in order to provide timely and relevant information in the form of financial statement. This course provides detailed information on topics of the accounting cycle, journalizing, posting, trial balances, adjusting entries, financial statements, cash reconciliations and internal control.
Learning Outcomes
Journalize and post transactions for business understanding the concepts of debit and credit. Balance the accounting equation and understand its component parts. Understand ethical and internal control issues pertaining to business. Prepare financial statements and evaluate financial performance. Understand “generally accepted accounting principles-GAAP” used in accrual accounting for revenue and expense recognition in business. Complete the accounting cycle and application to period close.
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