ACC-1001 Principles of Accounting I

Credits: 3
This course is the first course in a university-parallel introductory accounting sequence. Students are introduced to the basic accounting concepts and principles. Students prepare and interpret journal entries and financial statements. Students are introduced to internal controls and ethical issues and are equipped to recognize weaknesses in both areas. In addition, students assess costs and calculate expenses associated with inventory and long-term assets. Lastly, students determine the cost of financing corporations using both current and long-term liabilities, including bond issuance through the amortization of discounts or premiums.

Course Outcomes

Identify basic accounting concepts and principles.
Prepare journal entries, adjusting entries and closing entries for the accounting cycle.
Prepare financial statements using relevant information.
Identify weaknesses in internal control systems.
Explain ethical issues in accounting.
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.
Assign costs to merchandise inventory.