ACC-1001 Principles of Accounting I

Credits 3
This course is the first course in a university-parallel introductory accounting sequence. This course emphasizes generally accepted accounting principles, theories and their application in understanding inventory costing methods, internal control, accounts receivable, depreciation, liabilities, and stockholders’ equity. (Formerly Acc-2001 Students may not receive credit for both ACC-2001 and ACC-1001.)
Prerequisite(s): MAT 0071 and Reading readiness or ACC 1000 or ACC 1030 with C or higher
Course Outcomes
1. Identify basic accounting concepts and principles.

2. Prepare journal entries, adjusting entries and closing entries for the accounting cycle.

3. Prepare financial statements using relevant information.

4. Identify weaknesses in internal control systems.

5. Explain ethical issues in accounting.

6. Calculate the cost of funding the corporation through issuance of bonds including the amortization of discounts or premiums using straight-line and effective interest methods.

7. Assign costs to merchandise inventory.